Old Cameras, eBay and Craig's List

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Many of us have hobbies that make our lives a little better. Mine is collecting old film cameras. Yes, digital photography is great and getting better, but there is something inherently satisfying in those old optical-mechanical marvels. The first time you use an old camera is especially fascinating. It takes time to figure out its idiosyncrasies and you never know whether it's a champ or a chump until a film is processed and pictures are printed.

Due to digital photography, collecting film cameras has become incomparably cheaper. With the exception of cult cameras like Leicas, used film cameras in good shape are three, four, five, or even ten times cheaper than only a few years ago.

I used to go to eBay a lot, but now I stopped. The main reason for it is that it's tough to find a real bargain on eBay. Since I am on a budget, it's hard to justify spending much on old junk, some of it pretty useless (like my new old Argus C3 – it works, but boy, it's a real pain…).

Here is a short taxonomy of eBay film camera sellers:

Experts. These usually provide fine and accurate descriptions of their wares, but charge top dollar (although usually don't overcharge). Too bad.

"Power sellers" who happen to come across an old camera accidentally. Provide short descriptions and sell "as-is." On a positive side, offer low starting bids and usually do not a have a "reserve" price. These folks are true capitalists.

Occasional or accidental sellers who stumble across an old piece of equipment (e.g. at a garage sale). These are usually the worst. They often exaggerate the camera condition, but wash their hands with lame excuses such as "I have no battery and/or film to test this camera so it's sold as-is." Yeah, right! Some occasional sellers have an "I can't be bothered with questions" attitude. Some want a top price; others do not care too much… It is a motley group.

Sellers of personal equipment – the "I moved on to digital but need to find a nice new home for my baby" crowd. Often have irrational price expectations and exaggerate the camera condition. Display "anchoring" or "loss aversion" – "I paid $900 for it 8 years ago and now you have the gall to offer me a stinky 100???" The weirdest example was "…I paid $500 for it in 1985 and now, taking inflation into account, it's got to be worth at least $800!" Hello, this not gold we are talking about, but a piece of technology about to go the way of dinosaurs and slide rules! You moved on to digital, but so did millions of others.

The only "sure" way to get a working camera in good condition is to buy from experts. Alas, these cameras are unlikely to be bargains. When buying from "power sellers" or accidental sellers, it's possible to bag a bargain sometimes, but it's really a lottery; most likely their cameras will require a CLA (cleaning, lubrication, adjustment) or even more serious repair. With CLA prices starting in the $80–100 range, only truly special cameras are worth the price or effort. In my book, $20 spent on a photo dog is $20 lost since I want my cameras to work rather than just be interior decoration pieces.

The overall mark of eBay is its extreme efficiency. Cult cameras or well-described cameras in good condition will attract multiple bids and will be sold at the market price. Like any other market, eBay takes uncertainty (risk) into account. Non-cult cameras sold by non-experts are unlikely to command high prices, usually with good reason.

This efficiency means that cameras which I'd like to buy are usually too expensive for my budget. So I left eBay and started using Craig's list. Craig's list is totally unlike eBay. Search capabilities are minimal. There are no "histories" associated with sellers and buyers. There are no services like PAYPAL. Most importantly, it is organized geographically, so you deal with locals.

Dealing with locals has several advantages: there are no shipping costs, you can avoid some scams by dealing face to face, and you can check out the merchandize before you buy. The last advantage is key. Once in a while, you can get a working camera in good condition for a song and you don't waste your money on broken junk.

Now for the disadvantages: it's not as well-organized as eBay, it has fewer offerings, and, more importantly, it is dominated by occasional and personal equipment sellers, i.e., amateurs and novices as far as selling is concerned (experts and power sellers tend to stay away). Many have unreasonable expectations anchored in the purchase price. E.g., a seller wants to sell a used lens for $300. A new lens like that costs $150. I point out this fact to him and suggest that a price around $100 could be more reasonable. No, answers the seller, I paid $400 for it. $300 is my price and I won't budge. Here is another example: a lady has a camera and lens for sale. What's the camera and lens model, I ask. Just give me your offer, she replies and don't bother me with questions…

Overall, Craig's list isn't terribly efficient. On average, its sellers are less professional and sophisticated than those on eBay. Yet, this is what makes a source of occasional incredible bargains. Some Craig's list sellers seem to have an easy attitude – I don't need this, let me just give it to someone who can make use of it!

So, there you have it. Granted, these impressions are based on the used film photography market; it would be interesting to compare it with other product categories. The general advise is this: a decent old camera on eBay will more often than not sell for the fair price – the one that the market is willing to bear! If you want serendipity, use Craig's list but be prepared to deal with some unreasonable and even downright weird people.

(Disclaimer: the author is fully aware that anyone is free to ask any price they want for their property. And, to be sure, psychological costs of selling something "too cheap" may far exceed the economic opportunity cost of holding on to it).

December 4, 2006