Lynn’s eBay Ezine Volume III, Issue Number 13

This ezine is published once a week.

April 5, 2007, Volume III, Issue 13

‘Break the $5 Rule and Spend More–or Not?‘

by Lynn A. Dralle, ‘The Queen of Auctions’

When I left the comfort of my grandmother’s antique store and ventured off to California and my very own eBay business in October of 2002, it was scary! I sold things that I inherited from the store for about a year and then I decided I had better find more inventory sources.

I started going to garage sales. I had no idea what I was doing. I had run my grandmother’s store for almost ten years but we only bought things when people brought them in through the front door. I was venturing into uncharted waters.

I made a few $100 mistakes in the beginning. At one sale, there was a lovely wicker baby buggy that was priced at $175. I remembered that baby buggies had sold for big bucks in our antique store. I offered the lady $100. She accepted. Too bad for me.

I listed that thing at least five times before it finally sold for–you guessed it….$99.00. I probably lost $25.00 on this deal with all the eBay fees etc. Not to mention my time. Please notice that things that used to sell for big bucks in an antique store do not necessarily sell for much on eBay at all. People always ask me “because you ran your antique store and grew up in the business, don’t you think you have an advantage?” Not!

If you know anything about me, I do not like to lose–at all! My grandmother always said, “Sell for gain.” Sounds simple, doesn’t it?

Well, after about six months of buying at garage sales and taking some big hits, I came up with my $5 rule. If I know nothing about the item, $5 is my max. If I know just enough to be dangerous, $20 is my limit. This way, I don’t lose too much. If it is more than $20, I must use Internet access or a lifeline before purchasing. A lifeline is a friend that is always home and always on their computer. My brother is sick of being my lifeline.

Since inventing this $5 rule in 2003, things have changed. I now feel more confident in my eBay buying and often spend hundreds of dollars. But usually, when I spend more than $100 it is on multiple items–not just on one piece. I will not spend more than $100 on a single item without doing research.

But, are you ready for another mistake? This one actually appears as a story in my new book. (We have changed the book’s name to The 3rd 100 Best Things I’ve Sold on eBay–Ka-Ching! Thank you to Stephanie O’Leary (bella_luna2) for the title!)

So, I am at a very high-end estate sale and there is a huge painting that has a price on it that says “Rare Painting $50”. I am a sucker for the word RARE. I ask to learn more and they tell me that it is from a very famous store and if I buy it and call them on Monday, they will tell me the name of the store. Sold!

My ‘rare’ painting