The Price is Wrong -- How Much is that Book Really Worth?

Here’s the only advice I’ve ever heard from people knowledgeable in the book trade: buy the cheapest copy. If the descriptions sound the same, there is no reason to assume that the more expensive copy is different from the cheaper one in any way other than price. Sure you get what you pay for, but that doesn’t mean you aren’t overpaying. If you pay $20 for that loaf of white bread, you will absolutely get the loaf of bread you paid for. You will just have paid too much.

If you are a buyer, it’s better to keep other old sayings in mind, like “a penny saved is a penny earned,” or “there’s a sucker born every minute.” That’s not to say I wouldn’t pay a premium for a copy described by a knowledgeable and fair book dealer I trust for that added security. It’s just that I wouldn’t pay too much of a premium. Particularly if the cheaper copy comes with a guarantee, it makes no sense to pay $200 instead of $20.

Where does this leave the book seller? My own belief is that the pricing model is changing. I think as time goes on, it will only get harder to sell books for a higher price than the next guy. Better descriptions, service, and reputation may help you sell for a little more, but Wal-Mart didn’t become the world’s largest retailer for nothing. And they didn’t become the world’s largest retailer by describing their goods better, and surely not for excellence of service. The model in almost all businesses these days is high volume low prices. Sure, some retailers can appeal to small niches and are successfully selling goods for prices that make little economic sense. This is the exception. As price comparisons become more transparent and shopping alternatives more readily available, high prices and long margins invariably come down. I don’t see why the book trade would be immune to these immutable forces.

Now I know some book dealers aren’t going to like this and I don’t blame them. The store on Main Street did not welcome Wal-Mart. When I was young, my mother shopped at the neighborhood grocer, who would pull things from the shelves, deliver groceries to our home, and knew our entire family personally. Does Kroger do that? No, no more than my neighborhood grocer is still in business. But Kroger is doing just fine, thank you.

The bookseller may point out that they provide service, and the rise of the internet threatens this wonderful tradition. This is true, sad, and irrelevant. It used to be that the “service” station (remember them?) pumped your gas, checked your oil, filled your tires, washed your windshield and gave you free maps. And they still would if people were willing to pay for the service. We all want the service, but not at a cost. This trend may be unattractive, but if history is any guide, it’s also inevitable. Book selling cannot be immune.

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The Price is Wrong -- How Much is that Book Really Worth?

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The Price is Wrong -- How Much is that Book Really Worth?

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