Why are collectibles booming and prices soaring?
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Even if the product is nothing that can be bought for a few hundred yen to a few thousand yen at the beginning of the sale, there are many cases where it is traded at a price many times higher than the original price after being noticed by the high rarity value and the fashion of the market. Will be done. The Hustle explains the fashion of such collectibles based on the stuffed animal ' Beanie Babies ' that became a boom in the 1990s.
How Ty Warner Created the Great Beanie Baby Bubble
https://thehustle.co/the-great-beanie-baby-bubble-of-99/
Beanie Babies, released in 1993, appeared as a stuffed animal with plastic pellets inside, which was rare at that time. The creator, Ty Warner, has set up a strategy to sell this product, which buyers have described as 'flimsy junk.'
Warner sets Beanie Babies prices at affordable prices and sells them only to small toy stores and specialty stores. It also shuts out all the information about which types of platypus and eagle are sold to which stores and how much, making customers aware that one store cannot collect all the collections, creating a kind of mystery. I did.
In addition, in 1995, he devised a selling method of 'retiring a specific Beanie Babies in a short period of time.' This method was most effective, and the price of retired Beanie Babies soared from 3 to 4 times the original price, and it was a big boom that it was up to 2600 times the price on the net. Caused. The Hustle describes Warner as a 'genius' who devised this technique.
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Numerous crimes have also occurred over the rare Beanie Babies, including smuggling of Beanie Babies in 1998 and murders due to financial problems over Beanie Babies. increase.
Beanie Babies has reached an unfortunate end on August 31, 1999, when Mr. Warner suddenly announced that all production would be discontinued. In response to the news of the end of production, there was a confusing situation such as the bid price of Beanie Babies at the auction temporarily increased 1.5 times in 30 minutes, but the price gradually decreased as the market settled down. By the early 2000s, prices had dropped to 1% of the original price after the actual end of sale. Beanie Babies, which was once displayed in a show window, is now being sold for sale, and it has fallen to the point where it becomes a prize for a crane game.
According to economists David Tuckett and Richard Tuffler, people often see new speculative objects as 'something exciting and transformative,' something unrealistic comes to mind, and from the rise of groupthink . It will create a boom. However, you will eventually realize that the target is not a sound investment target but a small stuffed animal, and your values will begin to be revised.
Taking Bitcoin as an example, Tuffler points out that 'this kind of temporary enthusiasm is also found in modern markets.' 'Cryptocurrencies, like Beanie Babies, are traded in'limited quantities'and are popular as a fruitful investment tool, but bursting the bubble will hurt most people,' Tuffler said. Said the idea.
The Hustle said, 'Twenty years ago we fought for a little stuffed animal, but today we understand how stupid it was. But our actions now are old-fashioned. Nothing has changed. '
by tranzpuppy
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