How can we determine a fair price?A fair price is what a willing buyer will pay to a willing seller.
I've noticed very high prices for quality used gear on Ebay. My Nakamichi 7A cassette deck I purchased for $700 in 1990 is now $1,500 to $5,900 averaging $2,500 (more than new), my Marantz 7T pre-amp I purchased for $150 in 1995 is now $1,200 to $3,000 with several in the mid-$2,000s, my Mac MC30s which I was given in 2000 are now $1000-$2000, my SME IV which I paid $1100 in 1989 is now $4,700 NEW (and being used on the latest SME turntable). So, some high end older audio gear has vastly appreciated in the current market. I think speakers have dropped the most unless they are Tannoys or Altecs from the 50's and 60's. My Legacy Focus speakers sold today for $12,000 are not the same as my 25 year old pair which now resell for only $2200-$2500 (a bargain). If I replace my speakers, I'm looking at $50-60K for Einsteins, Luminwhites or Von Schweikert VR55Ks. That's high end dollars. |
This is a really interesting thread as the same discussion has been around for a number of years in South Africa mainly because of our weak currency. $1 costs us +- R13.50. When you consider that R1 used to cost us .75 US cents (+- 50 years ago) things have got out of hand. So HEA is very expensive here. Having said this we have not a bad variety of HEA to chose from. So I have what i consider not to bad a system. Sonus Faber Amati futura Mcintosh 601power amps ML 523 pre amp Dcs Puccini etc. So 2 weekends ago i got to hear the Kii3's. These were one of the first 2 sets that arrived in South Africa. In my opinion, if I did not have what i have i would be entirely happy to purchase this system. Incredible dynamic range very open and detailed. Voices and acoustics amazing and at about a 1/5th of what my system cost. Could this be the way of the future for HEA. High end streaming plus the option of integrating you existing system. Sure to appeal to a large spectrum of Audiophiles and budding audiophiles out there. And the BXT base add ons were launched also 2 weeks ago as well. This is my opinion. What do you think? |
For goods that depreciate very little, I buy new. For items that depreciate rapidly, I buy pre-owned. Simple right? What I think we hear through all of the white noise is that the residual values people once took for granted may no longer apply. Someone could buy a used amp or a pair of speakers, use it for a year and sell it on and remain relatively whole. Thats how alot of people built their systems over the years, they built up equity along the way and were able to build a higher end system. BUT..... The laws of the free market can’t be suspended forever. I keep seeing in posts that the high end is dying because my cables depreciated....well, thats the way it goes. Additionally, not ALL cables depreciate so rapidly so the logical conclusion must be that those very special cables that you want to replace for some reason may not be so special after all. Compunding this example is if the very special cables you are trying to sell happen to have been discussed frequently on the millions of audio forums present today, the buying public has naturally formed an opinion regarding performance, value and availability/scarcity. Advances happen in product offerings and those advances factor in as well, further depreciating pre-owned pricing. Anyone who is old enough to have a $2,000 Motorola bag phone from 30 years ago in the bottom of a closet understands this. Its all relative on value though. Many of my co-workers now consider so many items as their birthright that were once thought of as luxuries. When I was first starting out, a new car wasn’t in the cards lete alone a car for every licensed driver. Cable and telephone were luxuries and a choice for your budget. The idea of a $5 cup of coffee or eating out each meal as a daily expenditure seemed science fiction. I also aspired to do better and I never recall feeling resentment when others were prospering disproportionately better than I was. Just because everyone can’t afford whatever they want doesn’t make it unfair but it does create opportunities for all of us to weigh our choices more carefully. I’m thrilled when someone trades in their $120,000 two year old car for $50,000 with only 15,000 miles. I like buying that car rather than the $50,000 new car that so many buy on credit for 72 months. Horses for courses....so back to audio. We have been spoiled that audio gear typically depreciated quickly at first and then slowly/not at all thereafter. That still applies with really good, high demand equipment....not so much with items that are viewed by the buying public as compromised or commoditized items. How come nobody posts a new thread with the title “ I paid too much for an item several years ago because I assumed it would be worth more when I sell it when something better comes along” or “I’m embarrassed that the buying public doesn’t place a high value on my lousy cables that I’m trying to dump”. just sayin... |
A lot has to do with my kids generation being content with crappy sounding portables. I offered my son a pair of Revel m 106 and a nice B&K amp and pre that was in my closet. Wasn’t even interested. Just held his phone up and said something dumb about how awesome his BluTooth speaker is. I sold the Revels to a young guy that appreciates quality sound. His apartment was barely furnished but he was more concerned about putting together a fine system than where he was going to sit. At least they went to a good home. |
@ghasley All of your points do little to address the fact that the change in the used HEA market has occurred recently. What accounts for this broad change? Why has the free market changed so drastically in such a short period? The old idea of 'flipping' gear now seems to be a whole lot more difficult. OTOH, I would certainly keep that Motorola Bag phone you mention...soon it will be worth some serious $$ to a collector, LOL. |
HEA, in general, has NOT delivered on its reason for being defined as - providing the means for enjoying our music fully and with complete contentment. HEA delivers on some well recorded stuff, but in general has not delivered what we want and desire. Couple that with the silly high pricing we see today and you have the reason for HEA collapsing. The shrinking market has brought on accelerated price increases as manufacturers milk what they can from the shrinking market. This is the classic sign of a product category in the decline phase of the product life cycle. We are now living in this decline phase. The good news is innovation is bringing new home audio products to the market that are right priced and frankly better than what HEA has delivered in the past. I am talking about the core market of audiophiles here. We are not as interested in turning and churning through gear anymore. We have been there and done that enough now and realize all these traditional HEA products don’t and won’t satisfy long term. No way we are spending big money on it now. We are not buying used gear like we used to. This is why stuff is selling so darn slow if at all. If we decide to try one more piece it better be at a steal, I mean steal of a price. This is driving the prices down. We are a small group we Core Aphiles and we are causing this to happen. We are the market. |
+1 Grannyring The decline of acoustic pianos (esp. grands) offers a similar tale, one that developed more quickly than the decline in HEA. Eventually, there are just a few manufacturers left and those who are speak to a vanishing crowd from another time. Doesn't mean their product isn't worthwhile or doesn't offer real sound advantages. Does mean that the culture no longer finds what they offer has value. |
@ghasley "I also aspired to do better and I never recall feeling resentment when others were prospering disproportionately better than I was. Just because everyone can’t afford whatever they want doesn’t make it unfair but it does create opportunities for all of us to weigh our choices more carefully." Not wanting to sound accusatory, but this point does at least sometimes seem to be the content of these type of threads. Grannyring appears to be right. The hobby we so love is shrinking and it seems to be gathering speed toward that end. |
@grannyring You bring up a good point about most of the recordings. While it is true that most of the recordings are in many ways lacking, I would think there are enough that the hobby should have enough great content for some extended period. However, I certainly agree that the vast majority of recordings are truly sub par....unable to truly capture the sound of a cymbal, or a snare brush, or a piano etc., This has undoubtedly lead to many listeners in the hobby blaming the gear and losing interest overall. Plus, the questionable quality control in the record industry still seems to be an ongoing factor. Pathetic in this day and age if you think about it, IMO. |
Thanks to the op for starting this thread, its a great dialogue that will play itself out over time for all of us to review in the future. Succinctly, the following observations may or may not be correlated to the topic. IF HEA is in decline, some of the points are at odds. 1) Some have stated that the prices of new gear is too high while others have stated that the prices of used gear is too low. These blanket statements ignore the Schiit Audio and Linear Tube Audio examples where Schiit gear is selling for sometimes 75% of new prices 5 years later and some LTA gear is selling for close to those numbers. What about Harbeth, their speakers seem to have a strong following in the used market. Schiit and LTA sell direct while Harbeth uses dealers as does McIntosh. 2) Statement pieces from many manufacturers depreciate rapidly in virtually all consumer product categories be it cars, tv’s, smartphones, hea, mountain bikes. 3) The poster who brought up acoustic pianos may be on to something when taken with another poster’s commentary about housing costs. When asked why he was introducing some high performance smallish speakers Dave Wilson answered “because space is expensive”. 4) I would even take that a step further as I work with several 20 and 30 somethings who earn well into six figure incomes. A common thread is they live within their means, drive reasonable autos, live in spaces that meet but don’t exceed their needs, are involved with the activities of their kids, they save money and invest in their future and they don’t don’t typically sit on their bum in front of their tv or stereo for hours. They get out, they are active, they are social, they care about the environment and by extension they monitor energy usage, they are involved in charitable endeavors and they enjoy being in the middle of it all. This is a demographic that would not accept a McMansion in the burbs if you gave it to them. 5) if the old adage of “the only cure for high prices are high prices” holds true on the new end of the market then “the only cure for low prices on the used end of the market would be low prices”. Demand will rise on the used end provided the gear in question meets their above lifestyle choices. That would mean in general, smaller footprints, lighter weights, etc.. My wifes mother was trying to give us a very fine piano and there wasn’t a moment’s hesitation before we said no thanks. Along those same lines, I don’t want any gear I can’t easily move around by myself and moreover, I won’t own a piece of high end gear that can’t be easily shipped to me or on to the next happy owner should my desires change. In short, buying habits are different today, even among those of us who have been around the hobby a long time. None of the youngsters I work with are willing to overextend or stretch and they learned to be patient over the past 10-15 years while trying to start their careers during the boom-bust-boom economic cycle. HEA isnt dead, its just changing. While the smartphone as the entry level may not meet the standards of many on this this site, it is leaps and bounds better than the boomboxes so many in earlier generations began with. In summary, look to the manufacturers who are producing products that innovate, carry a reasonable form factor, provide reliability and ease of use and make great music. And dont underestimate form factor, the generation coming into the sweet spot age wise are very mobile, they change jobs alot and move geographically alot. They will load up the Subaru at a moment’s notice and their stuff has to fit! |
There is a misconception concerning space. Homes are 1,000’ larger than they were in 1973. http://www.aei.org/publication/new-us-homes-today-are-1000-square-feet-larger-than-in-1973-and-livin... This is especially true outside of major urban areas. So, space is expensive (but same price per square foot), but plentiful, for homeowners. This line that space is more expensive and limited is like saying that taxes aren’t high enough. My equipment back in 1980s and 1990s was about the same size as it is today. I used to own Acoustat 2&2s and Martin Logan Monolith IIIs. They are not small speakers. My amps were monoblocks then and now (three changes there too). My homes have gotten larger by 1,000’ each time, three times from the 1981. So, that reasoning is irrational. People live in larger condo space than they used to live in apartment space over the past quarter century as well. |
Video screens have grown monumentally in the past several decades. Now, a 55, 65 and 75 inch screen is common. Back in 2002, the largest common screens were 40 inch. No room problem complaints by millennials about that except that the new TVs mount on the wall, are relatively lightweight and don’t dominate a room in bulk. |
I don't think the market has gone soft but I do think the market has changed which means that the sellers have to change as well. Lets face it, there is new "latest and greatest" technology and sound gear coming out all the time (if you believe all the hype). (hmm, kind of reminds you of the car business??) That automatically and significantly devalues all but a very small percentage of audio equipment. Why? because in most cases, I can try the new gear in my home for at most a couple hundred dollars of shipping...and if I buy pre-owned gear, it may take me quite a while to resell it if I don't like it...and if I paid too much, I may incur significant further depreciation. Here is a real world example. Most people don't know if they really want to take a chance on an open baffle loudspeaker....so they could buy a new Tekton OB sigma for $1750 or a Spatial Audio Hologram M4 for $2k...and if they don't like them, spend a couple hundred to ship them back after 60 days..... Here is a current listing on Agon ( https://www.audiogon.com/listings/lis8j0bc-tekton-design-ob-sigma-open-baffle-hybrid-full-range ) for an OB Sigma for $1450 delivered...or $300 below the new OB Sigma price. Why would someone already skeptical about open baffle spend 83% of retail???? They wouldn't. One might argue that audio is like automobiles....it devalues 25% when you take possession, 15% the second year and 10% the third year....in most cases....maybe not a corvette and maybe not a pass labs amplifier. My belief is that the market is ultimately sending a message that many of the products listed for sale are priced too high and as a result, they languish for months waiting for a buyer. |
The example above is just one and not the rule. Used stuff is selling for 25% - 30% of retail, not 83%. Even then it sits. I know because I buy and sell stuff all the time. No more however due to the comments I have already made. Tekton is one of the companies changing high end audio for the good. They price speakers in real world dollars and offer great value. They are one of the new breed of innovative audio companies breaking past HEA rules and norms. |
@fleschler Your housing and square footage numbers, while likely numerically correct, may be disproprotionately skewing the data. Using your home as an example which sounds to be in excess of 4,000 square feet, you have to admit most young people don’t own or rent homes in that size. Many highly educated young people relocate to where the jobs are and the better jobs are generally in LA, San Diego, SF Bay area, Chicago, Dallas, Houston, New York, Atlanta, Charlotte....where I live home prices easily exceed $1,000 per sq foot. As far as garages, I see fewer 20 and 30 somethings driving suburbans or 4 door extended cab dually pickups but they are out there, theres no denying that fact. One nice thing though is some older homes were built to hold a 1975 Cadillac so there isnt much built today that wont fit. I figure the typical home being constructed in the typical town today is probably 2,500-2,750 sq feet. But young people today may not be able to afford the typical new home. The point I was making is that young, budding audiophiles arent likely to allow their audio to intrude into the living space that your generation might have. TVs mount on the wall so thats no issue, one less spot for a velvet Elvis picture! Thats all I was trying to communicate. |
The boomer generation is shrinking and aging, and with it the HEA market. So, the question is, why isn't the millennial generation into HEA. There are many reasons of course, but i believe a big factor is that the
nature of popular music has dictated the decline of high end audio. If
you look at the top 100 songs, very few feature actual instruments. The
vast majority are created on computers. Kids are not listening to jazz or rock anymore as they did in the 70s and 80s. High end audio is made to
reproduce the sound of actual instruments. That's the magic. Hearing a
real guitar or piano in your living room. If there are no real
instruments on a recording there is no need for high end reproduction. There is no need for high
end audio to reproduce a sound or beat created on a computer because
there is no actual reference to reproduce. The reference is whatever you
are listening to your computer with when you created the beat or sound. ... Just one man's opinion. |
@terpstation, I don’t happen to believe the millennial generation is not interested in the sound of actual instruments. I think that millennials have a great deal of choice in which to spend their hard earned money, if...BIG IF, HEA was more affordable to them..and more of them knew of the existence of HEA, then I think we would be seeing a resurgent and growing market. Instead, it would appear that the current generation of HEA manufacturer’s have thrown their lot in with those that believe it is imperative to make a quick buck and to max profits while they can. Not saying all of the HEA manufacturer’s are going down this route, but unfortunately for the hobby, this trend does seem to be expanding! |
I am not speaking for anyone else here, but I grew up in a house where television was B/W then colour in the 60's. We rode on bicycles 4-5 miles to school, in shorts and long socks, rotary dial bakelite phones, slide rules and log tables, no calculators. HiFi, or Stereo was hi-end. Not everyone had a valve radio/record player all in one wood made unit. We appreciated every new piece of technology that came along. And it was expensive. I remember my Apple IIe with twin 360kb 5.25 floppy disks cost AUD$2,500. The availability of near to best high end HiFi is in comparison, cheap. Why would a millennial or gen Y/Z pay a gazumption on high priced art when you can travel the world for $1000? The big end of town is quickly running out of appreciative buyers. Get with it guys, stop crying about reality. |
let's face it, with time the great sounding old designs become progressively more obsolescent, and to keep paying higher and higher prices for them becomes foolish. they must have a distinct investor grade quality to keep climbing in value, i.e. they must retain or gain in value, to be worth buying. when the prices start to drop, that's the signal it's not an investment, rather it's just a trend that has been played out, or it's been surpassed by newer developments in technology and sound. I'm seeing this same phenom in everything vintage or antique. what drives the prices up to the sky is big money getting interested in buying it, and when that wanes, the prices can only go down. all these cheap knock-off Chinese-made tube amps don't help any. hopefully we can get nasty tariffs on them all, and then you'll see vintage tube gear pick up again. |
@grannyring I suspect you are correct about the declining market ( but only for current technology type high end products) Maybe tekton is disruptive and hopefully there will be technologies and products that reinvigorate the market. Following up on your comments about Tekton and/or others pricing new products reasonably....from a buyer perspective, knowing that 50% depreciation is likely, most buyers would rather suffer a $1500 loss over a $15k loss... obviously. For now, I suspect that most buyers can only afford to buy the expensive stuff if they can get it as a preowned at a pretty good discount. |
I don't know. I lost my system in storage about 2009, or maybe 2010, and just recently got back into it. FIRST thing I noticed is that the used stuff I was used to back then was selling for either the same prices or more, sometimes MUCH more than they were. Other thing I noticed, was prices for "state of the art" were much, MUCH higher. Some of this I think is inflation...obviously, 4k in the 90's would be maybe 8k today. And the cost to build, say, a Mac MR78 tuner would be more than it was, so one would expect used prices to go up along with new prices. I don't consider 1/2 of retail or new "giving away"...1/2 of retail is normal for just about anything used (dealers and suppliers have to have profit, that's just how the world works). From what I see, HEA is as healthy as I've ever seen it. |
The other thing, maybe a different subject, is mainstream music seems to be streamed. The general public is FAST moving in this direction, and so, to a point, stereo systems are becoming out of date to most homes. This reminds me a LOT of the CD revolution, which was a real boost to HEA, really saved it in a way. Folks traded in their record players for CD's, HEA companies put lots of effort into making better CD players, even to compete with the quality of record players. Many while "upgrading" rediscovered record players...the whole thing got a boost, and EVERYTHING got better. Now I see products making efforts to compete streaming "up to" the quality of the lowly CD. Who all here has streaming that sounds as good as your CD player? Better? How much did it cost? My visits "back" to the stereo shops, systems are for more expensive, lots of streaming components for sale, some very expensive, and the sound coming from the streamers at a lower level of quality. Deja Vu! last time it was like this, the HEA revolution was just about to start up (again). |
There is a problem with HEA. That is summarized in today's article from Enjoy the Music:
Come Admire My Hi-Fi Jewelry Roger Skoff writes about what things cost, and why. This essay delivers an important message about many HEA manufacturers (and their clients). The equipment must appeal to the eye/visually or else it won't sell, regardless of audio quality according to many HEA manufacturers. http://www.enjoythemusic.com/magazine/viewpoint/0618/HiFi_Jewelry.htm This is probably why there were so many new (and differently conceived) turntables at the recent Munich audio show. Just check out Michael Fremer's AnalogPlanet.com site for several hours of exploration of the new LP spinners. For some, looks mean almost nothing. For others (and generally very expensive) the visuals are striking. |
Post removed |
Post removed |
I just sold a friend a Yamaha CR-1020 and a pair of Dynaco A-25 speakers for $450. He needed the amp to run two pairs of average efficiency speakers. Overall, a nice musical sounding combo with a good phono stage (he is buying a turntable soon). I wanted these mint pieces of equipment to go to a good home. (P.S. he returned a crappy $400 85w. multi-channel receiver that weighed 8 lbs. after I told him it wouldn't power even one set of speakers very well). When I decide to sell my Fisher 400 and 500 receivers, McIntosh MC30s and assorted other high quality old gear, I won't be looking for the top dollar but rather to sell at a reasonable price. Who wants to have the equipment sitting on ebay forever. |
To be frank, there is an increase in buyers that are jerks. There is a new culture that has injected itself into the scene that didn't exist 10 years ago. Trying to scam low prices and make difficult transactions. I'm done selling here. It has little to do with the high prices for new equipment, which should only drive people to the lower-priced used stuff. Many people have moved to other sites where there is a closer-knit community which brings credibility to transactions. |
I don't know. I've been watching Gon ads for the past few months thinking I might pick up a nice used/new CDP but haven't seen much I'd be interested in or willing to pay the $$$ for some of the better players offered for sale. Sales are tough? Well, there ain't no app for that. Looking at some of the ad listings (not just CDP's), I noticed that my jaw starts dropping. I mean I realize people want to get some of their money back - but c'mon, who's buying used gear at some the atmospheric prices being asked? It's as if sellers (private and merchant) are targeting a niche group of deep pocket buyer's. Isn't HEA a niche enough market to begin with, why make it even more selective? Back in the early 2000's when I first became aware of the Gon and I tried my hand at buying/selling, it was different back then. Sure, there was plenty of mega-buck gear to be had but there didn't seem to be as many merchants involved as there are now and you could find some really good deals on used audio gear. Nowadays the mantra seems to be Damn the working poor - full speed ahead, whatever the deep-pocket guys are willing to pay. Speaking of which, reminds me of this recent article in The Atlantic: https://www.theatlantic.com/magazine/archive/2018/06/the-birth-of-a-new-american-aristocracy/559130 Maybe they're responsible for what's happening to ALL markets. I dropped aprox. $17K on new audio equipment this year. That was the budget and I pretty much stuck to it. Got myself a very nice system for that price. I'll probably spend another $7K but then, I'm done. I can't see laying out ($17-24K or more) for a single "used" piece of audio gear. My pocket's ain't that deep. Makes no sense. May as well buy new. Is it no wonder that a lot of forum topics have to do with digitizing, streaming and PC audio? Gee - I wonder why? |
As far as a great CDP, two EAR Acute sold on Gon a few months ago for about $1800 and $2000 each. They are fabulous players. I highly recommend them as a last player you'll need for CDs. Get NOS 6922s and a high end power cord to get the most out of it. I auditioned 30 CD players prior to 2006 and was dissatisfied with them compared to my analog gear until I bought the EAR Acute. A new one called the EAR Classic, which I heard with stock tubes and an upgraded A/C cord sounded great as well but sells for close to $6K. It has digital inputs for streaming. |
Yesterday at THE show in Irvine, Calif, I had a very interesting conversation with one of the manufacturer’s who was displaying his wares. He is going to be bringing to market a great new product. We discussed his pricing strategy for this product, which I believe will be SOTA in its division. Essentially after I had asked him if he was going to price this piece at an even higher price than the current competing SOTA piece ( which is very well reviewed--but at a price that makes most people pale in shock) to meet his far east dealers requirement (higher is better...through the roof is best!); he replied...absolutely NOT! Why not, I asked him. To which he replied, because this would lead to the rest of the world having sticker shock and his market would severely suffer in those other areas. Smart guy, IMO. |
EAR CDP can be run direct to amplifier(s) with the volume control. Otherwise, the recommended setting for output is at 2 o'clock. There really wasn't an EAR Acute 2, it skipped up to Acute 3 with digital input, then the two box version and now the one box EAR Classic.
The E.A.R. Acute l and III begin life as an Arcam player. The transport mechanism and logic circuitry, including the latest Wolfson DAC, are retained, but everything else is replaced. I heard the Classic with Prana speakers and a Class D amp with stock tubes and my CDs (Ramsey Lewis Down to Earth, Ellington & Basie Bands) and it sounded excellent. The original Acute l sells for $1800 to $2000 used on GON. Possibly more for the Acute lll. They are analog-like sound with great dynamics and frequency response. Truly amazing CDPs. |
That is a very big YES. It is as resolving as most if not all my analog (a mod VPI TNT VI w/mod SME IV and Benz Ruby3). I listen to a lot of Contemporary CDs and they rival my original stampers. It’s all in the remastering with Phil De Lanci hit and miss (his The Poll Winners Ride Again is as good as my original pressing LP, his Kid Ory Creole Jazz Band a bad transfer, the LP is sooo much superior) while Joe Tarantino is generally excellent (L’l Abner) and dependable. The first thing I put on my system for guests is CD jazz recordings, they are so good. Hearing Shelley Mann is a delight. The Les Baxter Skins Capitol CD has so much ambience, micro-details and micro-dynamics, it is superior to the LP pressing (never as quiet either). I have about 1,500 Jazz LPs and 1,200 Jazz CDs. |
jafant ... If you like to hear drum sets right in the room and realistic brushes on brass, you need this CD. Great Hammond B3 too. https://www.ebay.com/itm/Joey-DeFrancesco-All-or-Nothing-at-All-New-CD/361812530483?epid=54443031&am... Steve ... Please make some time to come over for a listening session at my place. You'll be astounded by the Siggie III's. :-) Frank |