What is a HipValue?
Mark Rosenberg
Staff
For those of you who may have come across our new HipValues feature - HipValues are an exciting new feature we've been working on, which we are currently testing the launch of - so in certain cases may be available to select members.
We'll be providing more details and an official roll out of this new feature soon. At a high level, a HipValue represents the average current online selling price of a specific Country / Issue Number, in a specific condition (Mint, Unused, Used), etc. in a specific format (Single, Pair, Block, Sheet, etc.)
HipValues are intended to compliment Catalog Values - by helping you to review what similar stamps are actually selling for online. You can even click through any HipValue to view the Sales Data behind our calculations - in which you can review the full sales details, including description, price, and in most cases - images for sales from over a decade on HipStamp and bidStart. In particular, the historical data behind bidStart was an important part of our acquisition.
Originally envisioned as an additional benefit for our Premium Store Subscription holders (which is $45/month) to help with pricing their items, our early testing found a strong value for buyers as well. Since buyers do not need a Premium Store Subscription, we've also developed a stand-alone HipValues Subscription which starts at just $5/month.
Each element of the HipValues feature is entirely new to both HipStamp - or any other Marketplace, and does not affect any of our current features which members will of course continue to enjoy for free. We see HipValues as an important tool for philatelists moving forward, and plan to improve our valuation algorithms, and add additional features to HipValues on an ongoing basis. It's some truly exciting stuff!
Even for non HipValue subscription holders, we plan to offer the feature as a preview in certain categories, events, etc. which we'll be changing on an ongoing basis. Note if you're a Premium Store Subscription holder, we'll be providing you with additional information on how you can activate this feature at no additional cost shortly.
In general, here's a quick overview of how the feature works. With HipValues enabled, within search results, you'll see the HipValue, as well as an estimate of how many items have previously sold with us for the specific Country / Issue number, in the specific Condition and Format, (note we do not have HipValues available for every item) ie:
Keep in mind that HipValues are not Catalog Values. While not a direct average, they are intended to show the average online selling price for a specific Country / Catalog Number, in a specific (Gum) Condition, and Format. So better than average examples should sell for more, and worse than average examples should sell for less. Once you review a HipValue, you can take it a step further and review a large sample of the sales data behind the HipValue, where you can review over 10 years of items sold online, ie:
https://www.hipstamp.com/browse/hip-values/?price[from]=0.75&reference_id=10530967&item_specifics_04_condition=used&item_specifics_05_stamp_format=single&volume_name=Norway&issue_number=38
We'll be providing more details and an official roll out of this new feature soon. At a high level, a HipValue represents the average current online selling price of a specific Country / Issue Number, in a specific condition (Mint, Unused, Used), etc. in a specific format (Single, Pair, Block, Sheet, etc.)
HipValues are intended to compliment Catalog Values - by helping you to review what similar stamps are actually selling for online. You can even click through any HipValue to view the Sales Data behind our calculations - in which you can review the full sales details, including description, price, and in most cases - images for sales from over a decade on HipStamp and bidStart. In particular, the historical data behind bidStart was an important part of our acquisition.
Originally envisioned as an additional benefit for our Premium Store Subscription holders (which is $45/month) to help with pricing their items, our early testing found a strong value for buyers as well. Since buyers do not need a Premium Store Subscription, we've also developed a stand-alone HipValues Subscription which starts at just $5/month.
Each element of the HipValues feature is entirely new to both HipStamp - or any other Marketplace, and does not affect any of our current features which members will of course continue to enjoy for free. We see HipValues as an important tool for philatelists moving forward, and plan to improve our valuation algorithms, and add additional features to HipValues on an ongoing basis. It's some truly exciting stuff!
Even for non HipValue subscription holders, we plan to offer the feature as a preview in certain categories, events, etc. which we'll be changing on an ongoing basis. Note if you're a Premium Store Subscription holder, we'll be providing you with additional information on how you can activate this feature at no additional cost shortly.
In general, here's a quick overview of how the feature works. With HipValues enabled, within search results, you'll see the HipValue, as well as an estimate of how many items have previously sold with us for the specific Country / Issue number, in the specific Condition and Format, (note we do not have HipValues available for every item) ie:
Keep in mind that HipValues are not Catalog Values. While not a direct average, they are intended to show the average online selling price for a specific Country / Catalog Number, in a specific (Gum) Condition, and Format. So better than average examples should sell for more, and worse than average examples should sell for less. Once you review a HipValue, you can take it a step further and review a large sample of the sales data behind the HipValue, where you can review over 10 years of items sold online, ie:
https://www.hipstamp.com/browse/hip-values/?price[from]=0.75&reference_id=10530967&item_specifics_04_condition=used&item_specifics_05_stamp_format=single&volume_name=Norway&issue_number=38
Comments
I was just thinking the same thing.
Now I know it has just been rolled out! Very cool!
But I bet some sellers won't like it - your preview page of Canada showed that 18 out of 35 items were priced higher than the HipValue (one at over 300% of the HipValue!!) and that would maybe deter me from even looking at those items!
One important item we want to stress is that a HipValue is not a Catalog Value - it's intended to represent the average, current, online selling price for a specific Country / Catalog Number - in a specific (gum) condition and format. So by it's very nature, at the very least half of all items should be priced higher than the HipValue - particularly for those in better than average condition / centering, etc.
We'll be working on the wording and messaging around this as we move forward as well. That being said, HipValues also started out as a feature we were developing for Premium Stores, in particular to help price their items.
Where I see the value in HipValue is that it factors in the prices of closed items which we are unable to check ourselves. Some stamps may have only 1 or 2 active listings, which makes it difficult to gauge the values. If I see a listing for an exceptionally well-centered stamp and there is only one other listing to which to compare it, I won't necessarily be able to determine if the listed price is a good value. However, if the HipValue shows a sample size of 20, and that exceptional stamp I want is even a bit above the HipValue, I will not hesitate to purchase it.
@Mark - can you clarify for me what "Closed" on a listing means? I saw some that listed the number of bids (which means it was an auction item), and some don't list number of bids. Are these "Buy It Now" items that sold, or does it include auction items with no bids?
Thanks for this option. I really like it. I know that there are going to be instances where the comparison isn't perfect (for example, there was one Canadian listing with plate blocks where the sold items included multiple blocks), but as more and more sales take place, those disconnects will become less relevant.
Rob
Newer items are weighted more heavily, samples which appear significantly outside a specific deviation are ignored, etc.
With regards to my earlier comment, I was simply highlighting that in general you would see about half the items priced higher, since it is based upon an average of items with different centerings, etc. With particular regard to Store Items, these also tend to be priced higher than an auction or offer would be.
Yes, auctions, offers and store items are all included. Any listing not currently available for sale is closed. With regards to bidStart items - we did not import bid histories, so those items won't show detailed bid histories even if they were auctions.
Just to clarify, does that mean auction items that ended with no bids are included in the population used to determine the HipValue? I understand that the algorithm may reduce the importance of these instances, but I'd still be curious to hear your logic for including them. My first instinct is that any auction item that went bidless is an indication that either (1) it was priced too high, or (2) there wasn't a bidder interested in that item at that point in time.
Thanks for your transparency with this. It helps me understand how much credibility to put in the number.
Rob
Reality is if a Cat. value of Stanley Gibbons is 1-00 English pound, then for an item in the exact same quality, on any web site(globaly), retail or Auction house, MAXIMUM buy, bid is HALF Stanley Gibbons. I stress again MAXIMUM.
That's it for Australia anyway
Sam
Mark, I really think your on the wrong track here. you need direct reference to current Scott up to date cataloge value for your buyers and sellers to reference, just my thoughts.
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Status International[Australia](https://www.statusint.com/index.php) Sale No. 329 has just finished. Item 1739 is 1956 Ascension Queen Elizabeth II Pictorial set 1/2d to 10/- Very Fine Mint, Stanley Gibbons 57-69 Cat. 140 English Pounds(13 Stamps).
(8 Dec. 2016) 140 english pounds equals 177US Dollars, in Australian Dollars it is 236-40.
I won the Auction at Status International(https://www.statusint.com/index.php) Sale No. 329 at 40 Australian Dollars
Smauel, I think your example ("One buys an item, then wants to auction or sell, one wants Xamount and HipValue says it sells here for half xamount, well your not going to list it are you.") is precisely why it would be of value. If you are buying stamps for the purpose of reselling here, then knowing the prevailing price trend here will help you in your purchase decisions for your sales stock.
Currently a fine unused GB 58 with a CV of $125.00 is being auctioned with a staring bid of $12.00 and a HipValue of only $2.75 based upon 9 sales. When you look at the sale details, only 2 unused GB 58's were actually sold (both without gum) for an average price of $4.75. A used GB 58, four Morocco 58 and one Turkey 58 were also included for
a total of 8 sales.
Without studying the details, a buyer might quickly conclude the $12.00 opening price is way out of line based upon the HipValue of $2.75 and fail to bid. However, if this stamp has gum, the opening price in my opinion is more than fair.
Therefore at this time I would suggest only providing HipValue to guide sellers in pricing and not as an aid for buyers until more accurate information can be provided.
Sam
QUOTE- Samuel, I think your example ("One buys an item, then wants to auction or sell, one wants Xamount and HipValue says it sells here for half xamount, well your not going to list it are you.") is precisely why it would be of value. If you are buying stamps for the purpose of reselling here, then knowing the prevailing price trend here will help you in your purchase decisions for your sales stock - ENDQUOTE
Thing is in the above quote "price trending here", I like HipStamp, I am establishing a Store here. I hope it works and all is good. I am 60yrs young, still have a dedicated site elswhere.
There are 2 options here on HipStamp, establish a store or auction(or both).
I just don't understand WHY anybody or software from this site should tell a customer the item you are looking for sold recently for 0.20cents(whatever), and I have it for sale at 1-00dollar, so AM I A RIPPOFF?
BUT below is the crux of it, down to the earth thing.
The item may well be worth $1,but someone has sold the exact item for 20 cents.
So HipValue has it at 20cents, The seller doesn't want the item so lets it go for 20 cents .
It's a $1 value item, HipValue says it's 20cents, because thas'ts what it sold for on HipStamp
So what does the seller do, either in the store or at auction, the item being well worth , a bargin at $1, HipValue says 20cents.
HIPVALUE needs to be deleted, it's being set up so buyers can get low cost items through a database search, and that's the bottom line. We will become the dirt bottom feeder of items for sale, check Ebay first, then see see if HipStamp has the same item. Hipvalue will encourage us to list items low.
Fuck that
Collecting stamps is a passion, and that passion can be in any direction. As collectors and sellers, to unload items to fuel our latest passion through direct sale or auction(our own-HipStamp), megabucks will not materialize, EVER.
My passion for the last few years is Bi-Colour, a thematic or topical.
SO HERE GOES with this thread, I let items go for bugger all because I no longer want them, therefore HipValue is NO indication of value.