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Overpriced Pre-loveds? Why am I irritated?

C

caf

Brilliant_Rock
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Joined
Nov 26, 2013
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1,796
Sometimes I see an overpriced preloved item on PS (and LT) and wonder if the seller knows. I do see PS’ers who give hints that the item is overpriced or suggest ways to verify that pricing is in line. I appreciate their tact and helpfulness. But often that advice is ignored. Then those items linger for months and years - overpriced and unloved. Continually relisted without any reduction in price.

Why does this irritate me? It’s not my jewelry. I’m not buying an overpriced item. And yet I’m irritated. Help me out. Why?

FYI - Irritation is not my normal state.
 
You are probably looking for a good bargain in preloved. They do exist but sometimes a seller is bound by the price that they originally paid for the item. They are probably looking for a reasonable return and if that is not possible, they will simply keep the item. Pennies on the dollar in terms of selling diamond jewelry is not apt to happen. However, I understand your frustration on some level! Diamonds are one of those items that may devalue due to being used, but seldom change their condition … unlike a used car or sofa or table.
 
MissGotRocks said:
You are probably looking for a good bargain in preloved. They do exist but sometimes a seller is bound by the price that they originally paid for the item. They are probably looking for a reasonable return and if that is not possible, they will simply keep the item. Pennies on the dollar in terms of selling diamond jewelry is not apt to happen. However, I understand your frustration on some level! Diamonds are one of those items that may devalue due to being used, but seldom change their condition … unlike a used car or sofa or table.
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Yes, I think you’ve hit on part of it. But I’m all for someone keeping items if they can’t get the price they want. That is their prerogative.

I think part of it is the continual relisting over and over again (on LT) of the same items that are overpriced and aren’t selling that gets me. I’m all for “bumping” your items on PS. Because most sellers who “bump” also recognize the market.

I may be unconsciously thinking that the relisting sellers think buyers aren’t educated and are looking for a “sucker.” Whereas @MissGotRocks sees sellers who have money into an item and can’t sell for less. We come at it from two different perspectives. But her comments were useful in reminding me of where some sellers come from sometimes.

My irritation is reduced.
 
This is interesting, mainly because I have a few items I’d like to sell and it’s SO difficult deciding how to price things. Luckily my pieces were bought preloved so I didn’t pay full retail anyway, but can I ask for my money back?
 
OK my response is not bling related and I hope that is OK...I see that with other items as well. These items just won't sell. It doesn't irritate me but I wonder if the seller gets that people are not going to pay full price for a used item that has been altered...not talking about jewelry of course. I never say anything because it is not usually appreciated so I move on and find something that is a bargain if I am looking. If I wanted to pay full price I would buy it new. The seasoned sellers know and will cut their prices accordingly and they are the ones who get a (quick) sale.
 
As a rule, I price at about 60% of what I paid retail, but if I bought pre-loved on LT, and have not damaged the item, I tend to list at about what I paid to begin with. In that view, it becomes almost a jewelry rental system :D.

Not sure if anyone else does this, but I tend to collect more than what I actually wear. I am very, very thankful for LoupeTroop.

@missy
I wonder about that too. I get annoyed when a retail seller finds LT and spams 30 low quality items in a row. I notice they do not tend to return after a blistering listing campaign.
 
I buy and sell a lot and I know exactly what you mean! Sometimes I will see a moissanite or lab diamond listed for WAY more than anyone would ever pay, and I see them pricing based on what they paid, not what the market price is. Sometimes you can get close to what you paid if the current market allows, sometimes you take a huge loss. I can’t tell you how many times I want to email a seller and be like “you’re not going to get $3000 for your 1 carat moissanite!”

Again, it seems to me it’s just sellers hoping to get what they *paid* rather than checking the current market value

Edited to add: also most people make you offers lower than what you listed for so maybe they’re potentially adding that differential in as well.
 
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It’s like watching someone make a bad choice when you want them to succeed. You feel for the potential buyers missing out, and it’s frustrating when sellers ignore the advice.
 
Napol said:
It’s like watching someone make a bad choice when you want them to succeed. You feel for the potential buyers missing out, and it’s frustrating when sellers ignore the advice.
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Omg!! Yes!! I always want to reach out to those people and just be like “do you not know what the market looks like??” Because I wonder if they’re wondering why their stuff isn’t selling and they’re like “well this is what the appraisal says it’s worth” or whatever, but it’s just so much higher than the market will bear. I think people who are not educated with Jewelry I think they can get back what they paid or what the appraisal says and don’t realize the appraisals can sometimes be double what you even paid!

I always say to myself “it’s worth what someone is willing to pay for it”
 
caf said:
Yes, I think you’ve hit on part of it. But I’m all for someone keeping items if they can’t get the price they want. That is their prerogative.

I think part of it is the continual relisting over and over again (on LT) of the same items that are overpriced and aren’t selling that gets me. I’m all for “bumping” your items on PS. Because most sellers who “bump” also recognize the market.

I may be unconsciously thinking that the relisting sellers think buyers aren’t educated and are looking for a “sucker.” Whereas @MissGotRocks sees sellers who have money into an item and can’t sell for less. We come at it from two different perspectives. But her comments were useful in reminding me of where some sellers come from sometimes.

My irritation is reduced.
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Well, the relisting I can't explain. Doing the same thing over and over hoping for a different outcome - well, you know what they say!
Glad your irritation is somewhat diminished but I can truly appreciate what you are saying!
 
As humans we tend to assume that the things we know are general knowledge, and that everyone should know them, too, and that if they don't, they must be stupid. And then we have the tendency to huff and puff at other people's perceived stupidity because they lack the knowledge we posses.

I have no idea when and why we developed this evolutionary mechanism, but I've noticed it's quite common. I'm guilty of it, too.

So when I see someone post an engagement ring with a lab diamond of only a little over a carat for 4-5-6k, I too think "hon, who do you think is gonna buy that ring of yours? Nobody, that's who." Or my other favourite, posting an appraisal for insurance purposes and then claiming that selling the item for 50% of the appraised value is the once-in-a-lifetime deal.

Often people don't know better. There is a strong bias towards believing you own something very valuable and very expensive when, in reality, you don't. I remind myself this and then move on.

And that one item that keeps getting relisted on LT every other week for the exact same price for years now, even after the seller was advised here on the forum that their asking price is not on par even with the retail market right now... Yeah, I've become proficient with ignoring that one. It has become just another visual design element of LT's home page.
 
I don't let it bother me if someone doesn't want to lower their price. I'm assuming if it doesn't sell at the higher price in a certain amount
of time that the seller has other plans for it (keep it, give it to a daughter, etc.)

The only time I bought something pre-loved and sold it again (pre-loved), I sold it for less than I paid. I feel like I wore it or
owned it for some time and I should pay for that time/wear.
 
Those listings irritate me too, the continual relisting without even lowering the (overpriced) asking price.

I remember hearing somewhere (in jest) a wife wanted her husband to sell his fancy car, and he ruefully did so... far too high of what it was worth, knowing it would not sell but that he could say "Honey look, I've listed it! I even relist it every week!" to get her off his back while he enjoys his car.

I've also listed things on fb marketplace that sat for a year or more (they were very under priced I assure you) and then one day poof, they sell! So if you're willing to wait then it can't hurt to just list it and sit on it.

Still though.... grrr lol.
 
I've felt the same way. Of course we know sellers can set their prices however they want. But I'd expect a fair price for a secondhand item to be a nice chunk off what that item would reasonably cost retail, like one-third less or more.

I would never bother even going to a site in the first place, if I knew they'd be charging the same, only slightly less, or even more, for secondhand items as the item would reasonably cost new. Especially when they say things like, "I'm only trying to get back what I spent" like they're doing us a favor lol. So I guess the annoyance is just from violated expectations.
 
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Sellers vary, and don't have to meet my standards for selling ethics.
Free country, and all.

Some patient, maybe even savvy, sellers know that uneducated suckers DO exist, especially in the jewelry market.
Every day we see how many PS NOOB are painfully uneducated.
So the uneducated probably comprise the majority of shoppers for 'preloved' bling too.

Maybe that's why I don't really share the annoyance expressed here.
As a well-informed bling consumer, I'd just move on and ignore those listings.
 
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just to echo what has already been said, it is frustrating when the same item is repeatedly listed for the same price over and over and for sellers to think they will get what they originally paid for the item. They should expect to take a haircut, and if they aren't willing to, I don't see the sense in listing something for a price that they won't get. It makes me think of the houses that are on the market for months and months at the same price. If they won't sell within a reasonable period of time for the first price, chances are it's too high.
 
kenny said:
Sellers vary, and don't have to meet my standards for selling ethics.
Free country, and all.

Some patient, maybe even savvy, sellers know that uneducated suckers DO exist, especially in the jewelry market.
Every day we see how many PS NOOB are painfully uneducated.
So the uneducated probably comprise the majority of shoppers for 'preloved' bling too.

Maybe that's why I don't really share the annoyance expressed here.
As a well-informed bling consumer, I'd just move on and ignore those listings.
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unfortunatly before i knew better (before i joined PS) i was that Nob
 
I think for some pieces a higher price is deserved but you can’t pay retail price and expect the same or more, you know because things go up over time, at resale.
With gold stuff like chains and bracelets I look at scrap and add like 15% for workmanship. I figure that’s fair.
But I couldn’t sell any of my Moissy rings for what I paid because prices have plummeted. I’d be lucky to get $300 for a ring I paid $1,700, so I’ll keep it and enjoy it.
Strangely though I’m looking at selling some of my watch collection but I prefer to sell to people who want a gorgeous vintage watch but gold prices mean I have to put a big price on it or it will be snaffled into the melting pot before I can blink. So high gold prices are putting me off selling because I don’t feel comfortable with asking so much.
 
Lookinagain said:
just to echo what has already been said, it is frustrating when the same item is repeatedly listed for the same price over and over and for sellers to think they will get what they originally paid for the item. They should expect to take a haircut, and if they aren't willing to, I don't see the sense in listing something for a price that they won't get. It makes me think of the houses that are on the market for months and months at the same price. If they won't sell within a reasonable period of time for the first price, chances are it's too high.
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Just to say I like your typo lol - a haircut!
 
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I'll admit, I'm a hinter. In these instances, I try a gentle "reality check" by posting a comp. After that, I feel like I've done my due diligence/ good deed and move on.
 
I read through this again and I have follow up thoughts lol! I guess because I do a lot of selling… like sometimes I buy something and just change my mind, but I know I put time and effort and possibly assumed risk to purchase something, and there’s no rule that I have to sell it for less than I paid for it. That’s capitalism… lol!

sometimes yeah I sell something at a big loss, sometimes I’ll sell it for what I paid because it’s still worth that, and there was one piece I actually sold for more than I paid, and again, some things can and do appreciate or you are assuming risk or put time into searching for a piece, maybe you got a good deal but then realized you didn’t actually want it but it was too good a deal to pass up. There’s no rule that you have to list it for less than you paid. You don’t have to buy it if you don’t think it’s a bargain!

I agree with @Avondale that we have a lot of knowledge here, but I guess I would think that if you are going to sell something and you found loupetroop you kind of look around at what the going rate is… like you wouldn’t just list your house for what you’re insuring it for or what you paid for it , you would see what the market was doing and price accordingly, I agree that some people are uneducated but I just find it shocking that people would not look around in the place where they are listing it to see what they should price it at

But to echo the other posters I don’t get annoyed I just kind of shake my head and skip over it. But I definitely don’t feel like people who sell things are required to sell it for less than they paid for it, like I said it’s worth what someone is willing to pay for it. If you have something one of a kind or rare or just due to inflation and appreciated value, you’re more than welcome to sell it for more than you paid in my book
 
This is a great discussion. I value this forum and feel it’s a community of like-minded members. How would you all feel about responding to someone who “bumps” pricing repeatedly on an over-priced item? I personally would value the feedback as guided advice.

I have successfully sold some items on LoupeTroop to members fairly quickly while others will sit. I lower the price to gain interest. I had an oval blue sapphire that was listed for over a year to the point I forgot about it. A member on here was looking for a sapphire for an engagement ring for her son’s future fiance’. She reached out on PriceScope with a WTB listing and I reponded with my LoupeTroop link. I ended up selling it for 40% less than the original asking price. I learned a lot in the process because some members helped me.
 
This is such a fascinating subject. People interested in the psychology of it may want to read about "Endowment Effect".
There is lots written about it, and studies done, but here is a brief description:

This bias occurs when we overvalue something that we own, regardless of its objective market value (Kahneman et al., 1991). It is evident when people become relatively reluctant to part with a good they own for its cash equivalent, or if the amount that people are willing to pay for the good is lower than what they are willing to accept when selling it. Put more simply, people place a greater value on things once they have established ownership. This is especially true for things that wouldn’t normally be bought or sold on the market, usually items with symbolic, experiential, or emotional significance. Endowment effect research has been conducted with goods ranging from coffee mugs (Kahneman et al., 1990) to sports cards (List, 2011). While researchers have proposed different reasons for the effect, it may be best explained by psychological factors related to loss aversion (Ericson & Fuster, 2014).
Source: https://www.behavioraleconomics.com/resources/mini-encyclopedia-of-be/endowment-effect/
 
Avondale said:
It has become just another visual design element of LT's home page.
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The way I snorted at this observation - my nostrils will have earl grey embedded in them for eternity :lol:
 
Hey! Just chiming in to say that everything I have listed on LT is waaaay underpriced, fabulous and rare, and will be absolute steals , not to mention solid investments, for the savvy PSer who spots these bargains
P.S. This is how I’m spending my time today (on the internet) instead of taking down the Halloween decorations
 
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The comment that bugs me most on LT is when sellers post "just asking what I paid." Do you have a return policy? No. Are you a verified seller? No. Has it had one more owner, who may or may not have treated it pristinely? Yes. So why do you think I should pay what you paid? Sends me bonkers.

On the flip side, I always sell my pieces way below what I paid. 30-40% off is standard for me - which is the case with a colored gem I'm currently selling, at just over 40% off what I paid for it. And which is why I didn't bother responding when someone offered me another 20% lower than my asking price. Lady. Please. Treat my beautiful gem with some respect!
 
Where do people sit with pricing branded, luxury items when you have been the first owner (I mean VCA, Cartier etc)? Retail prices on those things rise continually (my Tank is now priced 50% above what I paid, for example). If selling, is it reasonable to ask for what you paid??
 
Snowdrop13 said:
Where do people sit with pricing branded, luxury items when you have been the first owner (I mean VCA, Cartier etc)? Retail prices on those things rise continually (my Tank is now priced 50% above what I paid, for example). If selling, is it reasonable to ask for what you paid??
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Personally, I usually price used items at a discount (like 25-30% or more) off their current retail price.

That makes more sense to me than considering what you originally paid for an item. Because, for ex., a piece could have been bought for pennies on the dollar of its current retail price if you bought it many years ago. Or, as in the case of lab diamonds, the retail price could have dropped considerably from what you paid several years ago.
 
mrs-b said:
The comment that bugs me most on LT is when sellers post "just asking what I paid." Do you have a return policy? No. Are you a verified seller? No. Has it had one more owner, who may or may not have treated it pristinely? Yes. So why do you think I should pay what you paid? Sends me bonkers.

On the flip side, I always sell my pieces way below what I paid. 30-40% off is standard for me - which is the case with a colored gem I'm currently selling, at just over 40% off what I paid for it. And which is why I didn't bother responding when someone offered me another 20% lower than my asking price. Lady. Please. Treat my beautiful gem with some respect!
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Definitely. I do get annoyed when I feel like I'm being super generous in the first place just to get the sales done and someone comes in all eager to play hardball with me on top of that. Even when you state "non-negotiable." It's like it activates their prey drive or something. :lol-2:
 
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