What Would You Pay For This Stamp

Steve Malack is an APS member (status unknown) with a huge feedback profile and 100% feedback.

SCF is an APS member. Any negative comments you make about other APS members had better be be well thought out and you'd better be able to back it up, lest you be accused of libel. APS takes this sort of thing seriously.

This isn't an anonymous forum where you get to say what you want without consequence.

So I will ask it only once. Besides the prices you can't afford, what's your beef? Did he misrepresent himself? Is he forging or selling (unidentified) repaired stamps? Selling stolen goods?

Choose your words carefully ...

Apparently you are a big fan of his.
We are entitled to our opinion.. period.. you don't have to like it.

Oh, and stop saying "prices you can't afford", that is just trolling.
You would be amazed what I can afford.

Whether I buy from him or any other dealer mentioned is irrelevant. This thread was spot on until someone started naming names. I have been highly critical of storefront dealers, hoarders, and the like who jack prices up because there was no other source of stamps.

Naming names is bad practice for so many reasons I shouldn't have to mention it.

Have an opinion ... there's nothing wrong with it ... but do so without trying to hurt the reputation of another APS member.

Who is to protect the fledgling collector from making purchases like the one I started the Poll about ? Check his feedback, 99% of his sales are less than $60.00. Nobody is calling him anything but overpriced and I see no problem with that at all. APS does mention something in line 17 in their code of ethics about investment potential, do you really believe that if you purchased this item you would be able to ever sell it for anywhere near that amount ? Just like the others mentioned, yes they have material that any collector would love to own... but at 100 X over catalog price ?

The fledgling collector doesn't need you or me to prevent them from spending $300 on a stamp ... no matter what it catalogues for. It is unrealistic to assume someone would jump right in and start spending that kind of money on individual stamps. And if they did, they can probably afford it.





I'm not going to defend his prices. Look back at page 1 ... I stated what I would be willing to pay for this item. Stamps are worth whatever someone will pay. At some point in history a precedent was set and PSE made note of it. Someone paid that much for this stamp, like it or not.

If you feel he is doing something wrong, report it to APS and let them deal with it.

The graded stamp market is largely defined by a new group of "investment collectors". Unlike the regular collector, the "investment collector" is looking to build a "stamp portfolio".

Many people have been convinced that the increased rarity of well centered stamps will continue to appreciate significantly through time. With the start of the graded stamp craze the artificially set values looked great on charts for investors.

When you look at the asking prices for these stamps (as in the case of this 554) fair market value has been replaced by speculative market value. This scenario is similar the the Hunts brothers silver speculation of the late 1980's and I feel the result will be similar with a fall in the speculative market and lower ROI.

Many of these "investment collector" don't know an overprint from an overcoat, its just about the money. But as in a speculative ventures, in time the fair market value will catch up and the bottom will fall out.

I was too young to understand this concept at the time, but I recall stamps being very high priced in the late 70s through the early 80s. I still have a 1983 US Specialized catalogue and find it amazing how high the catalogue value of stamps were at that time.

Was the same concept at work during that era?

Actually Steve is a very nice guy! He has been a regular at the NYC ASDA shows for years. I have often stopped at his table just to drool and chat. Even though 99.9% of what he has is not in my area of collecting, I can still appreciate it. He always has outstanding material.




That would be their problem! If they choose to hold onto their inventory and tying up capital instead of moving it so be it. Not the way I would do business but it isn't my business.

In my experience, Steve Malack is a hard working, honest, stamp dealer. He comes to our local shows and tries to give good service. I have nothing bad to say about him. Everybody is entitled to price stamps at whatever level they choose - that is not dodgy or dishonest. I do predict however, that the stamp in question will not sell for the asking price - in this MILLENIUM.

Steve has a select clientele that like him very much. He caters to their needs. His choice, their choice. Some of us think it is folly, but seller/customers don't seem to have a problem. To each his/her own.



That is a REAL stretch, and is NOT close to the legal definition of libel. We may not agree with others, but that doesn't mean any negative opinions might be libel. Otherwise, we might as well just shut down all the stamp forums.



No they don't. Why do you think APS got sued a few years ago? It is the very very rare EXCEPTION, not the rule, when APS takes negative comments about other APS members seriously. Other than the usual playful ribbing, I, for one, prefer everybody play nice. But there's no rule that says we cannot express negative opinions about stamps and those who collect/sell/buy them.



My impression from the very first post and all the subsequent posts: some collectors take issue with modest catalog value stamps being sold/bought at ORDERS OF MAGNITUDE above catalog value. This business practice impacts how collectors view the seller. Some are attracted to such sellers, but some are not, and some could care less what or how they sell. New information is produced as the thread continues. I would say, this thread is operating the way it should. People are then free to re-evaluate original opinions, or stick to them.

I've bought stamps from dealers who also cater to graded stamp collectors. I simply don't bother with the graded stamps and buy the "normal" stamps.



I agree. But that doesn't mean somebody can't help them see a different perspective. Otherwise, there really isn't a need for any code of ethics, nor the APS, nor the ASDA... after all, if somebody is not willing to do their homework/research, it's their choice/fault if they mess up. And if they don't think they messed up, they are happy anyway, so who cares if there might have been anything unethical -- like stamp values, it's often relative.

Let me put it another way. If a new collector come into this Forum and said they were excited because they were about to pull the trigger and spend $300 on the stamp in the poll, are we all supposed to say nothing and just . Is there anything wrong with someone pointing out that there are different perspectives on the retail value of the stamp? Or do we keep our mouth shut until they specifically ask for our opinion? I have to admit, for me, it's a struggle sometimes deciding whether or not to say anything.

Regarding "investment collectors"...


You caught the tail end. There was a speculative run on many US stamps that crashed as the mid-1980s rolled around. However, there is another factor. Prior to the late 1980s, it was a well understood practice that dealers would sell most stamps at a significant discount from the catalog value -- in other words, there was the understanding that catalog values were actually inflated. Inflated catalog values inadvertently help drive the market because there is the increased perception of "high value". In the 1989 catalog, Scott changed the catalog values to reflect realistic retail prices. Which meant the catalog values dropped significantly for most stamps. Many sellers were not at all happy about this, and the retail prices took an additional hit because many buyers were still expecting prices discounted from catalog value.

For the record, it is still my opinion that the majority of Scott catalog values (also SG, Michel...) are still inflated. The problem is that the catalog values in Scott are the "average" based on the major sellers. So you will find major dealers selling items ABOVE Scott catalog value (the phenomenon is MYSTICal). Scott has their reason for doing things that way, and I don't have a problem with that. But based on what I have seen on the internet, I'm convinced most of the catalog values are still inflated. My opinion.

Sorry, this ended up much longer than I had originally planned.

k

Outside of this statement, KHJ, I largely agree with you.


Initially yes, but then it took a turn towards the personal. This is why I got bent out of shape. The word "junk" was specifically used and "(by junk I mean very defective stamps)".




Correct ... there is no such rule. But there is no justification for a personal attack without cause, which this was. I'm sure Steve Malack can defend himself just fine, but that doesn't mean we should stand idly by and allow such attacks to occur.

Actually, very little capital is tied up. We have to think in terms of how much the item originally cost to acquire (including the grading, if done afterwards), and not what the seller is trying to get for the stamp.

Again, let me state that this poll was only about the pricing of a 1920's - 1930's $3.00 Stamp that is priced above what 99.9% of collectors would pay, and that this is a reality and should not go unnoticed. Nobody implied that this dealer is engaging in fraudulent practices.

yeah, no one sad "fraud" I said "junk" and overpriced.
take this one..
http://www.ebay.com/itm/151-F-VF-fa...em2c5fe29733

For sale at $159.00, starting bid. ???? Really???? this is in bad shape, his descriptions follow those like Langs, over exaggerated.

Here is a 151, I bought... you will see it is in much better shape AND more close to the actual retail price.
http://www.ebay.com/itm/19058040424....m1497.l2649

Guys like malack and langs and others that try to sell "junk" at high prices, annoy me. Not because they catch me, but because the catch the guy who doesn't know a lot. It gives the hobby a bad name.