Ebay Acquisitions & Trades: 9/27/02
~Mitchell’s First Version Tournament Reel~
Thoughts & Comments
Thoughts & Comments
During
the course of events, there is always a defining moment that forever changes
the status quo from naiveté to true understanding. Well, the
age of innocence has forever been changed and the harsh reality of competitive
bidding has taken center stage. For those Mitchell fanatics, Friday,
Sept 20, was a day that will forever affect how we do business! The event
that precipitated this commentary occurred on Ebay, and will undoubtedly set
the stage for a completely new level of competitive highs with financial excursions
teetering on the abyss!
One of the few Mitchell tournament casters made during the 1960’s was auctioned off on Ebay. Early estimates placed the final price to be approximately 10%-15% higher than the average high price set from comparable auctions and sales of similar versions. The price was estimated to be between €1.100,00 and €1.300,00 Euros. (Euros are used because it has been established as a World currency more in balance with World economics).
Upon conclusion of the auction, a new high of €2.200,00 Euros established a record that surpassed the previous recorded price by double, which was set less than a month prior! When prices escalate as dynamically as this one did, it presents a paradox in terms of “value rating” for any rare commodity. A quick assessment as to why, brings home an old truisms. Values for select reels and other tackle, combined with the effects of supply & demand, will defy all logic and escalate upwards unaffected by economic climate. This is well illustrated in all areas of antiquities. This phenomenon has final caught up to our hobby and will become a factor when doing business. (We call this the Picasso syndrome.)
It is without hesitation that we speculate that the €3.000,00 Euro Mitchell is not far away. We will further assume prices for select Mitchells will continue to increase, in most cases 10-15% above averaged highs, over the course of time. There are a number of factors that could destabilize the current trend but we have not seen signs of this. Mitchell collectors are entering a new era that transcends traditional views on bidding and acquisitions. Overall, increased reel values are sure to continue. Remember, we are now dealing with “main stream” collectables.
In 1971, a Japanese gentlemen paid a record high of $1.5 Million for a Picasso. He was accused of overindulging by paying in excess of what it was worth and possibly destabilizing the market. His reply was, “ reserve your comments to the person who buys this from me.” I think you see the point. That same painting was sold in 1983 for $27.5 Million!
As collectors and investors of Mitchells, we have a vested interest in the trends our hobby presents. Collectively, we see no end to higher prices. We also conclude the possibility of additional rare Mitchells coming available as a result of this auction thereby prompting more “heavy” investment for these models. As an entity of hobbyist, we are precariously inching closer to the precipice of which there may be no return. Soon we may be borrowing the line from that Japanese fellow who purchased the Picasso.
One of the few Mitchell tournament casters made during the 1960’s was auctioned off on Ebay. Early estimates placed the final price to be approximately 10%-15% higher than the average high price set from comparable auctions and sales of similar versions. The price was estimated to be between €1.100,00 and €1.300,00 Euros. (Euros are used because it has been established as a World currency more in balance with World economics).
Upon conclusion of the auction, a new high of €2.200,00 Euros established a record that surpassed the previous recorded price by double, which was set less than a month prior! When prices escalate as dynamically as this one did, it presents a paradox in terms of “value rating” for any rare commodity. A quick assessment as to why, brings home an old truisms. Values for select reels and other tackle, combined with the effects of supply & demand, will defy all logic and escalate upwards unaffected by economic climate. This is well illustrated in all areas of antiquities. This phenomenon has final caught up to our hobby and will become a factor when doing business. (We call this the Picasso syndrome.)
It is without hesitation that we speculate that the €3.000,00 Euro Mitchell is not far away. We will further assume prices for select Mitchells will continue to increase, in most cases 10-15% above averaged highs, over the course of time. There are a number of factors that could destabilize the current trend but we have not seen signs of this. Mitchell collectors are entering a new era that transcends traditional views on bidding and acquisitions. Overall, increased reel values are sure to continue. Remember, we are now dealing with “main stream” collectables.
In 1971, a Japanese gentlemen paid a record high of $1.5 Million for a Picasso. He was accused of overindulging by paying in excess of what it was worth and possibly destabilizing the market. His reply was, “ reserve your comments to the person who buys this from me.” I think you see the point. That same painting was sold in 1983 for $27.5 Million!
As collectors and investors of Mitchells, we have a vested interest in the trends our hobby presents. Collectively, we see no end to higher prices. We also conclude the possibility of additional rare Mitchells coming available as a result of this auction thereby prompting more “heavy” investment for these models. As an entity of hobbyist, we are precariously inching closer to the precipice of which there may be no return. Soon we may be borrowing the line from that Japanese fellow who purchased the Picasso.
The Staff:
Larry, Luc & Dennis
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