Prices are crazy high.

[Edward King]

There are still bargains to be had at estate sales.  I picked up a large bloc logo epu #5 Griswold skillet for $5 two weeks ago.  I am no longer acquiring cast iron but I couldn't pass this one up.

[C. Perry Rapier]

There are still bargains to be had at estate sales.  I picked up a large bloc logo epu #5 Griswold skillet for $5 two weeks ago.  I am no longer acquiring cast iron but I couldn't pass this one up.

Hello Edward. If it was a smooth bottom large block logo EPU, it was not worth much more than your price IMO. Maybe fifteen dollars or so.

[Jonathon Davis]

There are still bargains to be had at estate sales.  I picked up a large bloc logo epu #5 Griswold skillet for $5 two weeks ago.  I am no longer acquiring cast iron but I couldn't pass this one up.

Hello Edward. If it was a smooth bottom large block logo EPU, it was not worth much more than your price IMO. Maybe fifteen dollars or so.

Perry,

Do you have any extras you'd like to sell? I'll buy large logo Griswold #5's with smooth bottom all day at that price. On eBay they've been selling for $40-$50, sometimes higher if there is a bidding war.

My point about the prices in books being irrelevant is based on three things:

1. The books are old; to my knowledge the prices haven't been updated in years. In my opinion, 90% of the prices in the Red/Blue books are too low. 90% of the prices in the yellow book are too high.

2. eBay; I know everyone hates to talk about how high prices are on eBay, but to me, there's no better way to gauge the currently selling price of a piece of iron than to look at eBay. There's not an unlimited supply of iron, but you can pretty much find any common skillet you want on eBay. Disregarding the high/low outliers, I think eBay is a fair representation of current market value because you have a large number of buyers and large number of sellers.

3. If you don't like the eBay argument, then go to one of these large cast iron auctions that happens several times a year. The most recent was the Simmons auction in Missouri a few weeks ago. I can guarantee that 90% or more of the people who attended and bought iron, had at least one of the collector books. I can also guarantee that 90% of the iron sold at that auction went for more than book value. And all that iron wasn't cleaned and shiny, mind you. So if collectors who know the book value, and HAVE the books are paying more than book value, isn't that an indication that the book prices are outdated?

I'm not saying anyone is right or wrong, I just enjoy discussion about high prices.

[Adam Hoagland]

[size=12]OK, but for sake of argument, if the market drops both on and off of e-bay and people start paying close to 5th edition blue book price (the one revised in 2013, mind you,) does the price guide suddenly become less outdated just because the pendulum has swung yet again?

I'm not saying you're wrong, either.  You've got a compelling hypothesis, and you back it up with logical observations.  As you've pointed out, a lot of people must interpret things the way you're interpreting them, because somebody (several somebodies) keeps placing all these bids at sales.  But I still say it's the difference between worth vs. trend.  If, in five years or so, the average informed cast iron collector is still willing to pay well above blue book prices for common and uncommon pieces of good or even pristine quality, I'll be more willing to say that it's time to put the blue book to bed.  But if this is just a temporary seller's market right now, then I'm inclined to say that the blue book is still a good indicator of worth independent of trend.

Maybe I'm bullheaded, but if I'm at an auction and they sell ten Large Block Smooth #8 pans, and ten people at the sale bid each one of them up to $70, I don't go home convinced that that very common pan is suddenly worth $70, I just go home convinced that cast iron is trending pretty high at the moment.

And let's face it, neither e-bay, with its global audience, nor a live auction that draws a crowd of several hundred bidders, can weed out those individuals whom my father would probably say have "more dollars than sense."  As long as any given sale has two bidders with deep pockets and big dreams, there's no telling how high things will go. How do you decide who's an outlier and who's just trying to outbid one?[/size]

[Cheryl Watson]

Quite Frankly... (the world according to me)

The Market is being artificially manipulated (IMO)... by sellers who want buyers to believe what they are presented with.

I have been 'watching' for 2 years.

I think demand is being falsely driven. 
So... I still have feet propped up watching.

We have seen More Pieces than ever, previously thought to be RARE... not anymore... as they appear regularly now.

Spacebook and Internet.. well it is a 'whole new world in the last 2 years'

So you can argue till the cows come home,,,, I ain't buying 75% of what I am seeing...  ;)

I "might" just have to become a seller...
but I never entered this for this for the $$$
(stupid me???)

[Roger Muse]

There are still bargains to be had at estate sales.  I picked up a large bloc logo epu #5 Griswold skillet for $5 two weeks ago.  I am no longer acquiring cast iron but I couldn't pass this one up.

Hello Edward. If it was a smooth bottom large block logo EPU, it was not worth much more than your price IMO. Maybe fifteen dollars or so.

Just about three weeks ago, in an antique mall in Purcell, OK, I came across a #5 smooth bottom large block logo EPU.

They wanted a little more that I would be willing to pay.  I already have a couple and paid about $15 for each.

This particular one was priced at $449.95   :o

[Jonathon Davis]

Quite Frankly... (the world according to me)

The Market is being artificially manipulated (IMO)... by sellers who want buyers to believe what they are presented with.

I have been 'watching' for 2 years.

I think demand is being falsely driven. 
So... I still have feet propped up watching.

We have seen More Pieces than ever, previously thought to be RARE... not anymore... as they appear regularly now.

Spacebook and Internet.. well it is a 'whole new world in the last 2 years'

So you can argue till the cows come home,,,, I ain't buying 75% of what I am seeing...  ;)

I "might" just have to become a seller...
but I never entered this for this for the $$$
(stupid me???)

Cheryl,

Are you saying that sellers are shill bidding on their own items in order to keep prices high?

[Cheryl Watson]

Well that happens too, sometimes... :)

But I see what I feel is a lot of misinformation passed around regarding values, rarity, condition, etc, and then buyers 'believe' that they 'should' be paying more, and the cycle becomes like a self fulfilling prophecy...  If that makes any sense...

Lots n lots of factors come into play. 

[C. Perry Rapier]

Well, FWIW, I'm a collector and I bid on stuff to run the prices up every chance I get. If anybody steals a piece I want it to be me.

And about these prices, do you think it might be because the use of cast iron cookware is seeing a resurgence and people are tired of hearing about how using teflon coated cookware is not good? And look at Lodge, they are busier than they have ever been cranking out cast iron cookware. So, more people wanting it drives the prices up. I hated economics class but I do know what supply and demand is.  ;D

[Jonathon Davis]

Well, FWIW, I'm a collector and I bid on stuff to run the prices up every chance I get. If anybody steals a piece I want it to be me.

And about these prices, do you think it might be because the use of cast iron cookware is seeing a resurgence and people are tired of hearing about how using teflon coated cookware is not good? And look at Lodge, they are busier than they have ever been cranking out cast iron cookware. So, more people wanting it drives the prices up. I hated economics class but I do know what supply and demand is.  ;D

Perry, I agree.

And we've also seen a resurgence in new cast iron manufacturers that seem to be doing well.. Finex sells a skillet and lid for $250, Stargazer sells skillets for $90, Field Skillets sell for $85-$100.

Lots of people are buying these new skillets, so I think some people are questioning why they would buy a brand new skillet at retail price, when they can buy a cleaned/seasoned vintage Griswold #8 for less money, and have that piece increase in value instead of decrease.

I believe cast iron is seeing the same resurgence that craft beer saw about 5 years ago (and that industry is still growing by leaps and bounds). I personally don't think that cast iron prices are going to be going down in the next 3-5 years, especially in common sizes.

[Roger Muse]

Well, FWIW, I'm a collector and I bid on stuff to run the prices up every chance I get. If anybody steals a piece I want it to be me.

And about these prices, do you think it might be because the use of cast iron cookware is seeing a resurgence and people are tired of hearing about how using teflon coated cookware is not good? And look at Lodge, they are busier than they have ever been cranking out cast iron cookware. So, more people wanting it drives the prices up. I hated economics class but I do know what supply and demand is.  ;D

Perry, I agree.

And we've also seen a resurgence in new cast iron manufacturers that seem to be doing well.. Finex sells a skillet and lid for $250, Stargazer sells skillets for $90, Field Skillets sell for $85-$100.

Lots of people are buying these new skillets, so I think some people are questioning why they would buy a brand new skillet at retail price, when they can buy a cleaned/seasoned vintage Griswold #8 for less money, and have that piece increase in value instead of decrease.

I believe cast iron is seeing the same resurgence that craft beer saw about 5 years ago (and that industry is still growing by leaps and bounds). I personally don't think that cast iron prices are going to be going down in the next 3-5 years, especially in common sizes.

I got a chance to see and handle a Finex skillet at a Williams-Sonoma store, and I was not impressed. 

It is heavy, rough cast, and the cooking surface is simply a round section milled into the bottom of the pan. 

It actually has a 90 degree lip with about 1/16" drop to the cooking surface.  Trying to flip anything with a spatula you would be hanging up on this lip. 

I prefer the smooth taper of basically every other skillet in existence.

[Mark R. Smith]

Well that happens too, sometimes... :)

But I see what I feel is a lot of misinformation passed around regarding values, rarity, condition, etc, and then buyers 'believe' that they 'should' be paying more, and the cycle becomes like a self fulfilling prophecy...  If that makes any sense...

Lots n lots of factors come into play. 

 Agree but one thing is the buyer needs to be educated as to what they are buying and then it's value. As I have collected cast iron I have learned a lot from the time I bought my first skillet. Much of it right here. I try to help people when they are looking to buy cast iron for use or collecting. I am amazed how many sellers there are that has no real idea about what they are selling. That's where all cast iron skillets then become vintage or rare even current models from Lodge. The sellers take a quick look at eBay and slap a price on the pieces they want to sell. I'm sure we have all seen the "vintage Lodge 12 inch skillet", same as the one in WalMart, on eBay with asking price higher than Amazon  or WalMart's price. Somebody will buy it thinking they got a great deal.  :o At least when you buy cast iron to collect you also have something that you can do more with than look at.

[Jim Glatthaar]

Many good points have been made here.  I agree with Perry that part of the run up in cast iron prices is the new preference of home cooks for cast iron cookware.  A non-stick muffin pan will generally last about 3 years until the non-stick surface is scratched  and the pan is useless.  I use my cast iron pans regularly with no damage or dimunition in quality. I have many different types of skillets but my cast iron skillets are the "go to" ones.  In the long run good vintage  cast iron pans are a great bargain for the home cook, as are some of the newer Lodge pans.  Still other people will pay more for a vintage cast iron decoration piece. 8-)

[C. Perry Rapier]

This is a good thread. We have a lot of opinions and lots of folks posting. Thanks for starting this thread Janis.  :)

[Janis Berzins]

This is a good thread. We have a lot of opinions and lots of folks posting. Thanks for starting this thread Janis.  :)

You are very welcome. Glad to hear all the different responses.

[Adam Hoagland]

[size=12]Something else you see a lot on e-bay in addition to high prices is the phrase "0 bids."  We're just monkeys with slide rules at heart, and often times the phrase "monkey see, monkey do" is apropos.  The high prices on-line could be a self-fueling fire, if the people who are pricing their iron that they aren't very familiar with are looking more at what all the other monkeys are asking rather than what the prices were on sales that actually closed with at least one bid.  That goes double if antique mall vendors are using e-bay for pricing, and not waiting to see if the high asking prices are actually bearing fruit.  Is somebody who is eager to get their pieces listed really going to watch ten or twenty sales of identical items for a week and see which ones never got a bite, or are they just going to look at the instantaneous snapshot that you get when you search, and then copy what they see and keep their fingers crossed?

Also, let's not forget that this is a hobby.  We all like cast iron, but none of us really need it to survive.  If the economy totally tanks, knick-knacks can loose their value awful fast if people can't afford to put food on the table and gas in the tank.[/size]

[Valerie Johnson]

Is somebody who is eager to get their pieces listed really going to watch ten or twenty sales of identical items for a week and see which ones never got a bite,

 [size=12]I sell on eBay, Mostly sewing machines, sewing machine parts, pottery and some cast iron, I generally research what similar items have sold for using the advanced settings, you can look at closed auctions with sales and closed auctions that had no sale, I also look at the condition of the item when making my decision on how to price it, Having said that on many occasions I have seen 2 separate auctions with the exact same item and one ends without a bid and one gets bid ridiculously high, Sometimes people just do crazy things. My rule of thumbs when listing is that my starting bid price is the actual lowest price I am willing to sell my item for, If it does not sell I just keep it, I have seen too many and have been a winning bidder on quite a few $0.99 starting bid auctions and many times the sellers are a bit disappointed that they did not get more bids.[/size]

[Jonathon Davis]

Is somebody who is eager to get their pieces listed really going to watch ten or twenty sales of identical items for a week and see which ones never got a bite,

 [size=12]I sell on eBay, Mostly sewing machines, sewing machine parts, pottery and some cast iron, I generally research what similar items have sold for using the advanced settings, you can look at closed auctions with sales and closed auctions that had no sale, I also look at the condition of the item when making my decision on how to price it, Having said that on many occasions I have seen 2 separate auctions with the exact same item and one ends without a bid and one gets bid ridiculously high, Sometimes people just do crazy things. My rule of thumbs when listing is that my starting bid price is the actual lowest price I am willing to sell my item for, If it does not sell I just keep it, I have seen too many and have been a winning bidder on quite a few $0.99 starting bid auctions and many times the sellers are a bit disappointed that they did not get more bids.[/size]

I sold around 300 pieces of iron on eBay last year. I start almost all of my items at $9.99, even the high dollar pieces. I let the market decide what the price is worth and 8 times out of 10, the market sets a higher price than I woukd have listed with a BIN. EBay is a funny place, for sure.

[Mark R. Smith]

EBay auction like any auction require a lot of discipline. It is very easy to get caught up in the bidding and wide up over bidding for an item. This is especially true at the last few minutes of the bidding. I normally set a price that I'm willing to pay for an item. I also figure in the shipping cost. Put that in and let eBy do the rest. I lose a lot but win sometimes for less than I would have paid outright.

[Dwayne Henson]

I'm not on FB as much as I was, after noticing the trends on some pages to proclaim pieces rare and then proclaim how much they are worth. Then newbies would be buying those "rare" pieces at those, IMO inflated, prices. On FB fantasy land the value of a piece seems to be the highest price it has ever gone for. It seems on some items with FB the prices are driven by sellers who tell others what the values are and the newbies who believe them.