Shopsmith Forums

I have an opportunity to buy a Shopsmith from an estate sale. For the description I have been given it is a Shopsmith 520 complete with all the SPTs planner scroll saw etc. I'm told it includes everythng Shopsmith sold including a Shopsmith wall clock. I haven't been able to get a look at it yet but I'm supposed to get some photos today and will post these as soon as I can. I have to decide before Monday 25 August or it goes to auction. So I wanted to get this posted to get some input as rapidly as possible.

Assuming the description is accurate and the tools are in good to excellent condition. What do you think is a good price to offer? Should I let it go to auction and bid on it?

I don't need everything everything. My thoughts are to take what I need out of the pile and sell off the rest. They don't want to part it out.

I would offer $1,500.00.

I would think this way, from what I have seen on CL, and I dont go to ebay much so a bit unfamiliar with there prices, I would on an average, if "clean", figure about 175-200$ for each SPT, that is what they "ask" on the average.
Does it have a DC system? They seem to ask around $250-300.
Then the 520 itself, a real 520 or upgraded to 520? $500+?
The rest of the bling without knowing how much is just frosting!!
Only one in the area on CL at the moment and I think a bit high, but in the Chicago area. I hope this helps!
http://rockford.craigslist.org/tls/4590554886.html

RLkleeney,
I after thought the SPT $ iI suggested may be a bit low, especially with a planer in there, they go used for over 300$.
BUT if they go to auction, depending on the make up of the audience, if they get low bits, unless they set a minimum base selling price, they take a risk of getting less then what the value is. IMHO that, at the pre auction opportunity that you have, gives you a bit more room to offer low.

Having not put eyes on it I agree with Fred offer $1500 and see what happens. A picture is worth a thousand words and in this case is priceless. A full 520 shopsmith with all accessories in very good condition could bring a good deal more then $1500. Just know what your top dollar is and be prepared to walk away if need be. No full systems don't come by as often but Shopsmiths do. I did it the hard way and bought several to get what I wanted and sold the rest. Fred gave me some good advice when I started "another bargin will come along you just have to be patient". He was and is 100% correct. I now have everything except the clock, but I did get a coffee mug ! Good luck and hope this is exactly what you are looking for and at the price you want.
Happy Hunting

$1500 may be a bit low, but if you want to low ball it, it's a good starting place. If only one chance is given prior to auction, I would offer $2500, if you really want the unit.

My 510 with PowerPro and SPTs and other power tools would not move for less than 3 grand.

Really it all depends on the buyer's wants and the sellers need to rid of the stuff.

A potential problem is auctioneers typically do want to sell each piece separately. They usually get more that way. The buyer set is critical. However they run the risk of no interest on some items and sell them too cheap. Same thing could happen with the full lot.

So it is a gamble if it goes to auction.

What is it worth to you to get it for sure?

Sorta like sniping on e-bay. Determine your max $ and go with that. At least if your offer is declined, you will have another shot at the auction.

This a little off subject but I have to agree that auctions can go many ways with no hints as to interest or what the final price will be.

If you go to a lot of auctions and get to know the auctioneer ways and he get familiar with you and especially if they find you a "good buyer" things can go much nicer for you.

Many years back 3 of us got to together and formed JEB Sales. We went to auctions almost every weekend through the spring/summer/fall buying things to resell. We did this for several years and I have no idea how many sales we covered but it was a large number. Sometimes even a couple of them a day.

Since our expectations were to buy low and sell higher it limited our over bidding. We would get there early, (some times they have viewing days before the sale) and discuss how high we would be willing to go and who would do the bidding etc. Of course some times we wanted thing for our selves so it was possible to be bidding against each other.... the auctioneer would notice this and give us a chance to save ourselves with a little break in the action so to speak.

We made very little money but had a great time. The "J" was for Jim who passed this past May. He had moved to Florida some 20 plus years ago and we lost contact. The "B" Berry called me the "E" to let me know about a week ago. We had lost contact too so it was nice to here from him with even the bad news.

So back to the story at hand. As it has been said you need to pick your top offer and try to go no higher if you are sure that is all you are willing to pay.... If you really want it then make that a slowing point while you see how much higher it goes. Keep in mind someone planning to resell it will most likely have a lower value on then an end user will, he has to think about a profit you do not.

Of course they are crazy people there too. I've tried to get things for what I was sure was a fair price only to see it go for 10 times more then that. If you are bidding against that person it's time to move on.

Of course if your original offer gets you the machine then no matter how much you paid, it was a deal you could live with and no chance you will be tempted to go higher during the bidding.

I'm happy with fair prices, I'm not all that excited about it being the lowest amount ever paid for a unit or people telling me I paid too much. I paid what I though was fair, that good for me and the seller.

Sorry this got off subject a bit but Jim has been on my since the call. I forgot how much I missed him.

Ed

JPG40504 wrote:A potential problem is auctioneers typically do want to sell each piece separately. They usually get more that way. The buyer set is critical. However they run the risk of no interest on some items and sell them too cheap. Same thing could happen with the full lot.

So it is a gamble if it goes to auction.

What is it worth to you to get it for sure?

Sorta like sniping on e-bay. Determine your max $ and go with that. At least if your offer is declined, you will have another shot at the auction.

I talked to the seller yesterday briefly. He was supposed to send me photos and information on the auction. So far crickets.

The seller is very busy right now with lots of family issues, a big job change, and his fathers estate. This may be a complete waste of time. He has been telling me he would get the information to me for three weeks.

He told me yesterday that he was probably going to sign the papers to let the auction company liquidate the the estate this weekend. The auction company is going to take 30% of the sale price so I was really hoping to get a chance to make an offer befor this happened. He told me that if I wanted it he would pull it out of the auction but without seeing it I don't want to do this.

The seller was in charge of my department at one time and there is a good chance that I might wind up working for him again. So I'm tip toeing around that as well. Letting it go to auction might be the best thing for me If I could bid on individual pieces.

Looks like this isn't going to happen. In spite of repeated promises to send photos, auction info etc I have yet to receive anything.