I suppose it depends on what your priorities are and what the criteria are to meet what will satisfy you. If I’m looking for a flawless example of a rare book in a dust jacket, I might be willing to pay a premium price, maybe more than the going rate because I want it badly and have been searching for ages—I might come across a copy that is perfect in every way, except it is price clipped; to me, that copy might be worthless, because it doesn’t satisfy what I’m looking for in a flawless copy of that title.
For some people, an out of round pipe is a deal breaker. For someone just wanting a beater, he might pay $20.00—it really is just a matter of what someone is willing to pay. Someone might feel $40.00 is a bargain because the pipe normally goes for $100.00 in better shape and he can’t afford to spend that much or is unwilling to spend that much, but, can deal with spending less than half for a lesser example.
I had an illustration teacher that had great advice when it came to knowing if the fee you were getting for an illustration was the “right” price:
Would you be willing to do the art for $2,500.00?
Yes.
Would you be willing to do the art for $1,000.00?
Yes.
Would you be willing to do the art for $500.00?
Yes.
Would you be willing to do the art for $200.00?
Maybe.
When you get to the point where you hesitate, and you’re considering the price, you start to know if you’re in the ballpark of what might be acceptable.
You can apply this to what you are thinking of purchasing. You can ask yourself in reverse order if that helps. Would you pay $5.00 for an out of round pipe? $10.00? And so on.
Like many things, it all depends. If you’re trying to sell something, you can list it at a certain price. If it doesn’t have any takers, it may be too high. A lower price might have interest next time.