BBB: Antique Toy Roadshow Offered Lowball Prices On Toys, Collectibles

St. Louis, Mo., Oct. 12, 2009 - St. Louisans hoping to get top prices for their vintage toys and collectibles may want to look for alternatives to this week’s Antique Toy Roadshow in St. Louis County. 

The Better Business Bureau (BBB) has discovered that in several instances, a buyer for the show offered only a small fraction of the guidebook value of the items.  The offers also were considerably less than what the items typically might bring if sold through other methods.

In one case, the buyer offered an undercover BBB staff member $80 for a group of comic book-related premiums and gum cards that typically would sell for between $600 and $800 on the Internet.

In another case, the same buyer offered a BBB investigator $40 for a group of vintage pinback buttons that included a rare Mickey Mouse button that, by itself, has a collector value of more than $1,000.

The Antique Toy Roadshow is based in Singer Island, Fla., according to information supplied to sellers at the show.  A handout at the show lists the contact as Joel Magee, who was acting as the buyer on Saturday's opening day and who later described himself as president and general manager.

Michelle Corey, president and CEO of the St. Louis BBB said persons interested in selling toys, collectibles or other vintage items at a traveling show should take a cautious "seller beware" attitude when dealing with traveling buyers.  "There are a lot of expenses associated with buying trips like these," she said, "and sellers need to understand that buyers want to spend as little as they can for your treasures.

“In many instances,” she said, “sellers should consider all options when getting rid of old toys and collectibles, including auction houses, the internet and local dealers."

A half page ad in the St. Louis Post-Dispatch last week said buyers from the show would be at the Courtyard Marriott hotel at 11888 Westline Industrial Drive through this Wednesday.  "FORGET EBAY!! WE SAVE THE HASSLE," said the ad. 

The ad quotes Jim Swanson, described as general manager for the show, as saying "this is a great opportunity for people to clean out their basements and attics and discover what toy treasures may be hiding there."  Swanson is quoted as saying sellers will get a "fair market value" for their collectibles.

The flyer distributed at the show also says show buyers "will pay a fair price for your old toys!"

In three separate cases, the BBB discovered the purchase offers were significantly lower than prices that might be obtained elsewhere:

• A BBB employee offered Magee a lot of vintage Halloween toys, including two well-known, but rare, plastic "witch on a rocket" candy containers with guidebook values of $300 to $400 each.  Even on the internet auction site eBay, which has seen a downturn because of the economy, the entire grouping likely would sell in the $400 to $500 range. Magee's offer: $40.
• The same BBB employee also offered Magee a group of Superman comic book premiums and gum cards with a total guidebook value of more than $1,000.  The items would bring at least $500 on eBay.  Magee's offer: $80 for the comics and cards.
• Another BBB employee offered Magee an empty Roy Rogers Ranch Set cardboard box from the 1950s, with a value of between $40 and $60.  Magee's offer was $20, about what a typical dealer might pay for a box he or she intended to resell.  But the same employee also offered Magee a grouping of about a dozen vintage pinback buttons, including the rare Mickey Mouse pinback.  Guidebook value of the pins is somewhere in the $1,000 to $1,200 range.  A typical dealer hoping to resell the items at a good profit might buy the lot for between $400 and $600.  The roadshow offer: $40.

In the BBB’s dealings with Magee, he appeared friendly and knowledgeable, and the BBB observed no high-pressure tactics.

In an interview Sunday at the hotel, Magee said his business operates under the name The Toy Addict.  The company has an “F” grade with the BBB.  It has received one complaint which the BBB report says was not answered.  Magee also said the reference to Swanson as general manager in the newspaper ad was in error.  He said Swanson has not been with the show for eight years.

Magee said he had been making buying trips for about 20 years and does about 10 such shows each year.  He said the items purchased at the shows are sold directly to other collectors, sold at shows, or sold on eBay.

He said that he was not familiar with either the Halloween toys or the pinbacks, so did not know the actual values.  He also said that despite the roadshow ad urging sellers to bring “comic books of all types,” he also was not familiar with the 1940s Superman promotional comics.

“That was the first time I had seen anything like them,” he said.  He said he believes he offers fair prices for the toys he buys and offers a convenient way for people to rid themselves of old toys and collectibles they no longer want.

The BBB offers the following tips to people selling vintage toys and collectibles:

• Use reference books and, if available, the internet to help determine the value of your items.  But remember that guide prices are only an estimate of value.
• Consider a variety of ways to sell unwanted items.  Contact local dealers through shops or collector shows.  Contract with antique malls or others who sell via the internet.  Consider renting space in an antique mall or consigning items to an auction house.
• It is OK to make a counter offer if you don’t like the first offer.
• Most buyers pay in cash.  Be wary of accepting checks from buyers you do not know.
• Check the reliability of buyers, including contacting the BBB for a report at www.bbb.org or by calling 314-645-3300.

Contact: Michelle Corey, President & CEO, 314-645-3300, mcorey@stlouisbbb.org, or Bill Smith, Trade Practice Investigator, 314-645-3300, tpc1@stlouisbbb.org