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Mass-produced items will dramatically depreciate in value
Print this ArticleBefore Michael Jackson's death, an average of 200 to 400 memorabilia items related to the pop singer were posted daily on eBay, and only about 50 to 100 sold, according to an online article at Smartmoney.com
By Wednesday, there were 57,340 Michael Jackson related items on the eBay site.
That's a good illustration of the hype surrounding Jackson memorabilia, much like the constant news stories on his life and death.
It's a time when buyers must beware, reminds the Better Business Bureau. It says, "The value of most memorabilia and commemorative items being sold is sentimental, and the currently inflated prices for many items will drop over time."
In addition to memorabilia, the BBB says commemorative items are already being mass produced and sold to fans - including T-shirts and special edition newspapers and magazines.
"Because the value of collectibles is largely dependent on how rare an item is, mass-produced commemorative items are not likely to appreciate in value," the BBB said in a statement this week.
The BBB said a similar buying craze followed the death of Princess Diana, and the market was flooded with mass-produced items commemorating her death.
Here's some advice from the BBB for consumers looking to purchase memorabilia:
n Get educated by researching the value of Michael Jackson-related items before purchasing them.
n Confirm authenticity, which can be difficult. Autographs can be verified by a third party, but for other items, the collector should feel free to ask the seller questions about the item, including how the seller came to own it. If the seller can't answer simple questions, then the collector should walk away.
n Make purchases with a credit card. If the seller turns out to be fraudulent, the consumer can dispute the charge with the credit card company and may be eligible for reimbursement.
n Purchase items from a reputable seller. When shopping online stores, collectors should look for the BBB seal on Web sites and click on the seal to confirm its legitimacy. If there isn't a BBB seal on the site, shoppers should always check a company out with their BBB before they buy at:
When purchasing items from an individual on eBay, research the seller's track record by reading buyer reviews. When shopping on Craigslist, go local and never wire money as payment.
n Be skeptical. Just because the seller claims that the item is of limited edition, it doesn't mean that there weren't millions made. If the item is being widely advertised, chances are it's too common to actually gain much value over the years.
Consumer Action will respond to each properly submitted letter about a problem or question, either in this column or by letter or phone. Letters must include copies - not originals - of all relevant documentation and a name, address and phone number at which you can be reached. Send letters to: Consumer Action, The Press, 11 Devins Lane, Pleasantville, NJ 08232.
Posted in Business on Sunday, July 5, 2009 3:10 am
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