I can tell that a lot of sellers are running a business instead of a hobby. But for the most part, since I have a hobby, I tend to figure whatever I spend to buy something is gone. I try to get something for the item I bought but no longer use, but I'm not to concerned about it with that in mind.
As long as you are happy. Enjoy.
7 years ago, fearing this day was not too far in the future, motivated me to sell my entire collection, especially since I had a buyer for the whole lot and was willing to pay 50% on the dollar for what I paid for each item (yes I am a records keeper so I knew my outlay).
Another motivation, and most likely the biggest one to me personally, was that I (being 72) knew my son would not have a clue as to value or even how to sell the stuff.
- walt
Walt -- not sure I understand your thread in connection with the post.
Anyway the DuPage GATS show is now the best monthly Midwest Show.
UNTIL IT CLOSED!!!
Congratulations on your buying spree. Did you get them all from one dealer or from multiple sellers? I was there and anything postwar that I looked at had a price of $20-30, plus an additional 0 on the end.
I did get an MTH CNW RSD4/5 dummy for $35 and 3 Weaver ps1 boxcars for $60($5 off each). Best deal was 12, 3 rail diecast trucks of unknown origin for $10. Good condition just needs a heavy cleaning.
What. Just. Happened. was a reality check for those folks who still believe that toy/model trains have inherent value. There is no more reason to expect to get a positive ROI on a train than on any other used consumer goods.
Very well said palallin, the days of buying something with the intention of retiring on the sale of it are long gone. I liquidated most of my 40 year tinplate collection three years ago for about .65/$1. I saved a couple of pieces thinking I may want to run them someday but plan on selling out by the end of the year. I do not have any family members interested in trains and do not want my heirs to be burdened with them after I ride off into the sunset. I have a number of 2 rail scale items that I will enjoy until that day but I do not think I will be purchasing any more trains in my lifetime.
I think a lot of sellers may be facing reality and selling for whatever they can get. Like all of you I haven't been to a train show for probably close to 2 years, but one thing I noticed was how overpriced a lot of stuff was there in my eyes, ordinary pw stuff going for ridiculous prices (like some of the engines the OP said were 20-30 bucks, for like 10 times that). I overheard one of the sellers talking to another, and the seller grumbling that "people didn't know what they were looking at, they want stuff for a song, I got a lot invested in this stuff". While I understand someone wanting to try and make a profit or not take a big loss, you also have to be realistic, too. The equipment in question was ordinary PW, in okay shape. As to why would someone buy new traditional sized stuff, lot of that has to do with it being a)new, not touched by others and by) might run better with a DC can motor than an open frame or c)was never made (Lionel never made stuff Menards is producing, especially the more whimsical stuff)...wonder if I can get Menards to make billboard reefers featuring "Wacky Packages" ads? (like Crackola Crayons and Dr. Ono brain cleaner)......
@necrails posted:I hope we see the same prices at the edison greenberg show this weekend.
One more tax-related note. This statement reminded me. Perhaps you can use the Greenberg Guide as evidence of what value is, so as to show losses, or at least no profits, for tax purposes. I haven't looked at a Guide in quite a few years, but given what Greenberg Guide values generally were (high), that would be good news for most people selling trains who want to show no profit.
All I can say is...WOW.......
Peter
I’m sorry for the delay in replying. I’ve got such personal problems to deal with, with trains everywhere and in need of tinkering. My wife also pointed out there was a box on the floor of the back seat that I forgot about. My dad is rolling over in his grave because I bought so many trains that I can’t even keep track of where they all went!
To answer an earlier question, I did find some deals on MTH and K-Line. Two dummy GP’s and an ICG caboose for $80, and what is this kind of car called? Used to haul molten metal? $12 and four trucks made it something I couldn’t pass up.
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@Sam Jumper postedTo answer an earlier question, I did find some deals on MTH and K-Line. Two dummy GP’s and an ICG caboose for $80, and what is this kind of car called? Used to haul molten metal? $12 and four trucks made it something I couldn’t pass up.
You got an MTH PREMIER hot metal car. I have 7 of them on my layout, paid an average of $25 about 10-15 years ago.
20 years ago, people would pay top dollar for factory sealed Lionel that had never seen the light of day. I think those days are over.
@Oman posted:20 years ago, people would pay top dollar for factory sealed Lionel that had never seen the light of day. I think those days are over.
I amnot so sure about that Keith. I think Mint in Box Lionel PW will still command a good buck. It is the mediocre and beat up stuff where the prices have fallen.
@AlanRail posted:Walt -- not sure I understand your thread in connection with the post.
Anyway the DuPage GATS show is now the best monthly Midwest Show.
UNTIL IT CLOSED!!!
Alan, I think what Walt was trying to say is he is glad he sold his collection before the bottom totally dropped out. I could be wrong though....
@Hudson J1e posted:I amnot so sure about that Keith. I think Mint in Box Lionel PW will still command a good buck. It is the mediocre and beat up stuff where the prices have fallen.
Agreed. The number of PW collectors has declined, so the mid-low stuff end is prevalent and going cheap. But from the looks of the auction site lately, anything rare, in mint condition, or even hard to come by is fetching top dollar. I just sold a PW box only for $500
As a retired IRS agent, let me clarify a couple of comments mentioned earlier. First, Congress (via the IRS) required the Form 1099-K reporting of sales (per person) on the auction sites in excess of $600, and that required reporting is on your gross sales because gross income is always taxable. There is a whole set of rules as to how it is taxed and how much is taxed, but to oversimplify it, unless you are in the business of buying and selling, you are selling a personal (non-business) capital asset which means you will not get much (if any) benefit if you sell at a loss. Finally, you will always bear the burden of proving (can take many forms) the value of any reductions against that income for tax purposes, but don't expect a lot of sympathy if your "proof bag" is empty.
Bottom line, you will be taxed (somehow) on all income from sales, but will only be able to deduct (for the most part) shipping costs, fees, etc. if you are in the business. However, acquisition costs/basis (if proven) will always reduce the taxable amount.
Chuck
Now, back to the OP's topic; looks like a very nice haul. Congratulations!
Alan asked "Walt -- not sure I understand your thread in connection with the post."
Didn't the original post ask about why prices were so low? I thought my thought fit. Apologies if not.
walt
@Sam Jumper posted:I’m sorry for the delay in replying. I’ve got such personal problems to deal with, with trains everywhere and in need of tinkering. My wife also pointed out there was a box on the floor of the back seat that I forgot about. My dad is rolling over in his grave because I bought so many trains that I can’t even keep track of where they all went!
To answer an earlier question, I did find some deals on MTH and K-Line. Two dummy GP’s and an ICG caboose for $80, and what is this kind of car called? Used to haul molten metal? $12 and four trucks made it something I couldn’t pass up.
So there were some decent scale deals. I'll try and go in September and see what I can find.
@Hudson J1e posted:I amnot so sure about that Keith. I think Mint in Box Lionel PW will still command a good buck. It is the mediocre and beat up stuff where the prices have fallen.
The price curve from average grade Postwar to Mint has gotten very steep. I recently bought a group of 9 postwar freight cars on eBay for $50. Good ones! The lot included a 6456 glossy red hopper with yellow letters (a rather hard to find variation), 6424 flat with original autos, a 6468 boxcar, 3359 operating dump car, among others. Two hours of cleaning and they were all C-7 to C-8. Look great on the layout.
On the other hand, I recently saw a boxed 1872 General go for nearly $600. The number of collectors is declining, but those that remain want only top quality.
