Average Bazaar price does NOT mean average selling price!

[FeroceFV]

I keep running into people who quote the price they see in the bazaar as the selling price, especially when they are trying to sell stuff to me. If I had a cp for every time this happened, I'd buy myself a full suit of Heraldic.

[Lilosh]

Errrr..... If 100 people are selling something on a given server, 90 percent of them will be selling it in the bazaar.


Which kinda means that, yes, the average price in the bazaar is the average price.



This, of course, assumes that the person saying "It sells in the bazaar for 90k" isn't referring to the one time they were there and saw some guy selling his HQ brute hide for 1k.


-Lilosh

[Serenya]

Actually, he has a point. With some items, the average price in the bazaar is the 'not selling' price..... After all, when I see four people selling jord meat for 50pp each, and I can't sell the resulting pies for 10pp each, I suspect that 50pp is NOT the average selling price, but is in fact the wishful thinking list price at which it will not sell........

[Delfontes]

I have that same problem...

When someone is trying to sell something in a zone or auction channel, I'd expect the price to be under what it is at in bazaar.

Sure it may sell for 3k, in bazaar after sitting for a week. If you're looking for quick cash using auction channel, you shouldn't expect to get what anyone can go to bazaar and click to get at that very moment.

Most recently I was looking for a Tae Ew War Maul for my monk, 33/36, in bazaar was at 2500-3500. Some guy was auctioning that he was selling it, I offered 2k, and he accepted. Just wish that happened more often.

[Mridule]

my take on it

I think what the original poster means is that the items that remain in the bazaar for a while are usually on the high side. For example...

On my server I usually buy any Flawless Rockhopper hide I see that is 200pp or less (233 tailoring and counting). There is one seller that has 15+ of them for sale at 1000pp which I would never pay. I check the bazaar usually twice a day so the somewhat reasonable priced hides don't stay up for a sale very long becaus I buy them. Only the overpriced hides (strictly my opinion) stay visable to the /bazaar comand.

So if somebody was trying to figure out a price for the hides by browsing prices they might get an exagerated idea of the price because all the see is the non-selling high priced hides. I think this is what he is getting at.

Just my two cp

[Perseverence Rewarded]

I see this happening all the time.

Trader X has "item" priced at 1K. "item" hasn't sold in 1 week.
Trader Y has same "item" priced at 999pp. Again "item" hasn't sold in 1 week.
New Trader Z comes along with "item" and /auc's "800pp - 200pp cheaper than all others".
"Item" normally sells for 250pp but sells quickly and Traders X,Y and Z aren't dedicated traders watching prices often enough to see this.

[PinyonTreedotter]

I see several people in The Bazaar trying to sell stuff at very high prices. Most of us tradeskillers have ceiling prices for the raw components. If I was desperate to sell to a client, my ceiling price would be higher.

I presume the people who list items for high prices do so because:

1) They don't know the real value of the item.
2) They hope to sell to someone who needs it right now!
3) They hope to be the only one in the Bazaar selling it when someone is looking who doesn't know the true value of the item.
4) They are trying to drive the price up. Sellers often will do a search to get a reasonable price.
5) They are hoping to inflate the apparent price on one toon while working a trade with another toon. (a scam)
6) They are getting paid back for a loan. *
7) That's what they paid for the item a year ago, and they will be darned if they are going to sell it for less.

Knowing whento buy is as important as knowing what to buy.

The asking price in the Bazaar is not the same as the selling price in the Bazaar.


* I sometimes loan money to a friend. I will then put up some piece of junk for 10,000pp (or whatever the loan amount is) and they can buy it from my trader to pay me back.

[Magrath]

Average Bazaar price does NOT mean average selling price!

Indeed. Average Bazaar price is the average not selling price. :? None of the items you see there have sold, so how could it be the average sale price? It does reflect the average asking price, though, so it's usually a reasonable place to begin negotiation.

[Reflan]

There's no substitute for knowing the market. Just like there's no substitute for gullibility. The bazaar prices of the moment are just information points, nothing more.

I regularly see people in our /market channel selling for more than what is in the bazaar. People do nutty things. And, many things go in cycles. Regular items, but especially tradeskilled ones. Misty thicket picnics vary from 7pp to 15pp. Sometimes everyone chases the price down to 7pp and sometimes we all get sick of getting less than half price when 15pp is actually pretty easy to get with the tiniest bit of patience, and everyone without saying anything just leaves it at 15pp until someone else jumps in and tries to make money off the market swings again. The "market price" is sometimes half or twice what you might think, then. Happens on so many items.

The main thing is, when someone tries to get your price down by telling you the "market price," you're a sap if you don't realize that your buyer is in a way your competitor. Every dollar you lose is a dollar he makes, so he generally has every temptation to tell you whatever it is that will make you lower your price. He's the LAST guy you should ever trust to tell you what the real price is. Some of these guys will insistently tell you something sells for this or that price, but that doesn't mean you have to sell it for any price than the one you want. He's not obligated to buy, and you're not obligated to sell. That's why it's a "free" market. Sometimes you lose, sometimes you win.

[Kingbobb]

The Bazaar is a great economic model. It really demonstrates the idea of "price discrimination." Put in simple terms. price discrimination theory states that each buyer has a different set of purchasing preferences based on what he values each good at. It's why we see sales of "2 for X" at the grocery store. Something you'd never pay regular price for you'll buy in bulk when you can "buy one, get one free."

I sell Fierce Heraldic, pretty much matching the other smiths selling the same on E'Ci. Prices go up and down each week, and fluctuate depending on what time of day it is. I can raise my prices during the day, as there's less competition, but sometimes have to lower prices during the evening.

I think my funniest event was, after a week of not moving any inventory, I saw prices go up, raised mine, then sold my inventory, while my competitor, who allowed me to raise my prices by posting higher than me, didn't. Sometimes it pays to have a trader with a name close to "A"....

[Figg]

bazaar price isnt a reasonable start price imho. i regularly offer (and get quite a few) of "tuft dire wolf fur" for 10p each, 250p per stack. 1 guy started putting them up at 20p. they may or may not have sold, i didnt buy. then went to 50p then 100p.even saw someone try 1k now keep in mind it takes 36 tufts IF NO FAILS in subcombines not to mention other ingredients (3 BDs, 3 plat threads, acorn oil).
so someone checking bazaar might see 1 at 1k, 28 at 100p, 8 at 50p and then check again another time and see none (traders LDed or playing a different toon) and think they "go" for those prices. meanwhile im still buying them at 10p each (15p here and there if i have a waiting order). anything over 15p and i either pass on them or put a forage mule to work on 2nd PC.
another example is blue diamonds. i find them most often for 325p +/- 25p. there are still many listed at 700p-1kp. there are usually another 10-80 priced at 400-650p at any time of the day or nite. i cant see anyone saying "sure i will buy the 1 for 1k"