This is a link to a Gibson TB2 up for auction here. It has a buy now price of NZ$10,000/US$6495.
I have asked the question why the seller thinks it is worth what they are asking but to date there has not been a response.
What usually happens in these cases (but not certain in this one) that an elderly family member has passed away and the instrument has been sitting under the bed for years. No one knows anything about banjos so it get taken (usually) to a modern music store (who also know next to nothing about banjos also, especially vintage ones). The store notices two things about it...1. it is a Gibson, 2. it is old. There = LOTS OF MONEY! They may have even looked 'online' (after all Aunty Google knows everything). However they have approached it, the estimated value is greatly inflated, especially for NZ. There is absolutely ZERO demand here for tenor banjos and very few people interested in that sort of money as a start for a 5 string conversion. This is why these do not sell.
I can’t speak a word for NZ. But in the US, that particular instrument would go for around a little more than 1/2 the current asking price. Highest I’ve seen one go for in perfect shape was 4200 a few years ago.
Style 2 banjos from the 30’s are indeed very rare, that may possibly be the only one in NZ, but the asking is above rational.
You pretty much called in on the pricing process. I HAve tried in the past to coach one or two “Experts” in correctly pricing instruments so that they ha e a chance to sell, and we’ll, the phrase “wasted words” comes to mind. “Cousin Bob said....My Buddy sold....” so sits the 10,000 NZ Gibson.
That particular instrument will sit for some time. The sellers will get a number of offers way below asking. They won’t take them and around and around in circles until something comes up or another family member gets ahold of it and they fire sale it.
How much is a trifle ? US v. Metric
You can always go down. It's tougher to go up. I always liked the story of the boy who had a puppy for sale. A passer-by asked the price. The boy replied, "$10000" A couple of weeks went by and finally the passer-by noticed the puppy was gone. He asked the boy if he sold the puppy. The boy said, "No. I traded him for two $5000 cats,"
Edited by - beegee on 01/30/2023 05:55:05
Even fully converted it would'nt sell for that.
quote:
Originally posted by Earl-PickerHow much is a trifle ? US v. Metric
Both.
quote:
Originally posted by beegeeYou can always go down. It's tougher to go up. I always liked the story of the boy who had a puppy for sale. A passer-by asked the price. The boy replied, "$10000" A couple of weeks went by and finally the passer-by noticed the puppy was gone. He asked the boy if he sold the puppy. The boy said, "No. I traded him for two $5000 cats,"
Now that's a funny story!
Sometimes location produces less supply and/or more demand OR people have more money in some areas and dont consider a few thousand much.
In AZ we have Californians pay twice our asking price on a house frequently because many of them sell a 1500 sqft for 900k and can buy almost anything here for 500k or even 250k.
I ship every dirt bike I sell to my buddy in san fran area where he gets sometimes twice what I can get in AZ.
This item did not sell @NZ10,000. It has been relisted at NZ$7,000/US$4,544
It may be true that it's easier to lower a price than to raise it. However, I once knew an antique dealer who had a sideboard that wouldn't sell. He raised the price, and sold it the very same week.
I suppose at his earlier price prospective buyers didn't think it was any good.
I had a house in Tucson AZ that I listed at the cheapest price in the neighborhood. No offers after 1 month while most all the expensive houses sold. I saw no difference between mine and those so I relisted for 50% higher. Sold in 2 days.
Turns out real estate agents dont show you bargains.
It has now been relisted at NZ$5,500/US$3469
Old Crow Whiskey was low priced and most people considered it rock gut. At one point sales were lagging badly. They had a board meeting to see what they could do to increase sales. All they did was raise the price and sales went up, dramatically.
I have a friend who is a master leatherworker. In fact, he is the one who made the beautiful leather case that Monroe carried his mandolin in. He was going out of his mind trying to fill Christmas orders one year, so he tripled his prices. He got more work than ever.
