In a fascinating turn Mel C of the famous singing group the Spice girls missed payment on her storage unit and found items from her early career ending up on eBay of all places.
I have no doubt a huge sum of money changed hands as this stuff was very private and personal and also worth a fortune. Some of the items found in the locker are shown in photos below including costumes, art, cds and audio visual rare material. At the end of the day the artist seems to have got it back so I’m glad as all this stuff was part of her career.
A shorter write up this time. Day two results were down monetarily as some suspected who talked to me that to make a splash the better more expensive items were kept to the first day. I have no idea how accurate that statement was but surely the dollar numbers at least back that up with day 1 bringing in $3,737,600 approximately and day 2 results approx $906,200. These figures were gotten by adding the results from icollector so do not include items sold later or unpaid items.
The number of items listed on Icollector was 372 lots total (day 2)and 82 unsold at the end of day 2.
There were undoubtedly a few great deals on day 2. The two Firefox lots brought just $1000 dollars each and both were eminently splittable. I’ve listed the top items sold in the following two photographs.
Day 3 information will be collated and up next week.
So yesterday was the first day of the 3 day event held in Los Angeles and I wanted to break down a few numbers for posterity. These numbers are publicly available (I got mine from Icollector.com) but have to be manually added (which I have done) the problem is the Icollector software tends to make errors (ie after adding I noticed a few unsold lots in the body of the sold lots so that will throw the number of items off by 2-3) so I may be off in a few small amounts so take this information as having been added up by myself and of course the usual issues like items that were sold after the event, items unpaid for and cancelled etc could result in my numbers being somewhat inaccurate.
First up the catalog was as usual, beautiful. 3 days of auctions basically means that its right there with some of the thickest books ever made for a sale and the total lots of around 1300 items before any were pulled means you could beat a whale to death with it.
As usual Propstore did a great job of authenticating most of the items but a few snuck through including a Batman belt buckle which was brought up on facebook and swiftly dealt with within a day and removed from sale. I’m sure there were some other items but I didn’t get to see what they were but as usual the public is a second line of defense on many of these issues and I’m glad to see that they were taken care of.
So bearing all this in mind what were day 1’s numbers. Well there were 430 items offered and approx 131 items went unsold with 299 sold according to the Icollector. This meant that total sales were $3,737,600 just shy of FOUR MILLION DOLLARS. I know. I had to reread that myself too. The first 50 items on icollectors front page from most to least expensive added up to $2,242,000 alone. The top 5 items of those accounted for $850,000 of the total take and they were the Indiana Jones hat at $300,000. The TNG flute at $190,000. The Jason goes to hell mask at $180,000. The Muppets heads at $95,000 and the Aliens Pulse rifle at $85,000.
Now lets break that down even further. Propstores fees are 25% plus there maybe ancillary ones for icollector that some charge if purchased through that platform. But for sake of this article lets use that. I will not be dealing with other credit cards charges, shipping or taxes. Yep if you have ever dealt with these you are going to be noting that the final hammer price is never the end of the story….not by a long shot. So how much money did Propstore make on the sale of the day one items. Well typically most auction houses charge the seller 15%. This is by no means set in stone but I can count 2-3 on my fingers that do. So on $3,737,600 if we divide by 100 and times that by 15 we get the amount the sellers approximately paid out to the Propstore which is $560,640 for selling those items yesterday. The buyers pay 25% according to the icollector page so whats that. Well doing the same thing we get $934,400 as the amount of money made from that 25%. Then we add them together.
That total is $1,495,040.
And that folks is why the auction services aren’t going anywhere soon. That is 40% of the overall take.
So I know that’s kinda a lot to take in but I think there’s some very important points to be made out of these numbers. Lets dive into those.
One: Everyone is making bank. Unless your item didn’t sell. In which case you may try to sell it after the auction but if your in that approximately 30% of the items that didn’t at auction its going to be much harder to ask for that amount again or higher as theirs now a public record of it not selling at the price estimated at.
Two: why do you keep seeing companies wanting stuff put in their auction. See above.
Three: Whats the best way to get two people fighting over your item in sale? Have it new to market, brilliant clear photographs, great authenticity and an advertising budget in the hundreds of thousands.
Four: There are some incredible deals going through smaller auction houses and event sales like Vipfanauctions, and even to an extent Juliens and Heritage plus other dealers out there. Just cross reference some of those items for yourself and take advantage of those when you see them.
So there are some thoughts on day 1. Perhaps I will do day 2 in the next week followed by three but I already see alot less items are being passed on day 2 when I had a quick peak.
Good luck to you if your bidding and congrats to Propstores LA and London team for pulling off another great event.