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Value of Items Could Only
Be Sentimental
Immediately following the
announcement of Michael Jackson’s sudden death,
enterprising individuals began selling
memorabilia online to take advantage of the
increased demand. Better Business Bureau warns
that the value of most memorabilia and
commemorative items being sold is sentimental
and the currently inflated prices for many items
will drop over time.
According to Smartmoney,
before Jackson’s death, sellers listed an
average 200 to 400 memorabilia items daily on
eBay, but by the morning following his death
almost 20,000 Michael Jackson-related items and
memorabilia were for sale on the auction Web
site. Items included autographs, gloves,
posters, newspapers and even a Cheeto which
supposedly predicted the death of the pop star.
In addition to memorabilia,
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.
“Collectibles associated
with Michael Jackson are selling at a premium
right now and most of these items will not
increase in value in the future,” said Phil
Gibson, Interim President/CEO. “Following the
death of Princess Diana, the market was flooded
with mass-produced items commemorating her death
including special edition Beanie Babies that at
one time sold for more than $100 but are now on
garage sale tables for a buck.”
For fans looking to
purchase items to help them remember the King of
Pop, BBB offers the following advice:
Get educated.
Collectors should research
the value of Michael Jackson-related items
before they begin purchasing memorabilia,
especially if they are interested in purchasing
pieces that have the potential for substantial
appreciation in value.
Confirm authenticity.
Confirming the authenticity
of memorabilia is rarely easy. 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.
Make purchases with a
credit card.
Consumers should always
purchase items with a credit card if they are
shopping online. If the seller turns out to be
fraudulent, then the consumer can dispute the
charge with the credit card company and may be
eligible for reimbursement.
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
www.indybbb.org.
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.
Don’t be fooled by empty advertising claims.
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