Why is that those willing to pay top dollar for a piece of gear are sarcastically described as having more money than brains?
Because it’s true. This guy didn’t pay top dollar. He paid close to triple top dollar. Had he done some research he would have found out he could buy one for way less. But it seems the $$ didn’t really matter.
Besides, the central question of this thread (which seems to have been missed by the above line of thinking) is has the market for the Peerless 7 tripled overnight? The answer is no. This is a one-off outlier based on a 2-person bidding war that doesn’t reflect how much these reels sell for in normal person to person transactions. Justifying paying 3x market value in a bidding war is an altogether different topic and I’m not sure you will get much enthusiasm or support that doing that makes sense to most people except those that have enough $$ to not really care about it.
The Peerless 7 I bought on this board sat for 2 days at 750 or whatever it was advertised for BTW. They are rare but not that rare. I only had to wait a year for mine to come along.
The 7 is a relatively scarce raised pillar Peerless, seen much less frequently than the smaller 7M and the little 77. I find the 7M to be the perfect, light 4 wt reel with backing, that can fit a 5 with minimal backing. ive Never put a line on the 7, but if I needed a light 6 wt reel, it might work. Its always felt “big” to me. I’d say 1250 would be a more customary strong sale price for a 7 in Exc condition.
The 7 is a DT4/DT5 reel for me. A DT 6 would fit on it barely but it wouldn’t balance a 6 wt bamboo rod very well. It’s perfect for an 8’ 5 wt. $1,250 is a pretty high price for one compared to the asking prices I’ve seen but I guess not out of the question. I’m curious where you saw that transaction (or transactions) that high was it on eBay?
Besides, the central question of this thread (which seems to have been missed by the above line of thinking) is has the market for the Peerless 7 tripled overnight? The answer is no. This is a one-off outlier based on a 2-person bidding war that doesn’t reflect how much these reels sell for in normal person to person transactions. Justifying paying 3x market value in a bidding war is an altogether different topic and I’m not sure you will get much enthusiasm or support that doing that makes sense to most people except those that have enough $$ to not really care about it.
The Peerless 7 I bought on this board sat for 2 days at 750 or whatever it was advertised for BTW. They are rare but not that rare. I only had to wait a year for mine to come along.
John
That's kind of what I was thinking. I was expecting it to stay $1,000 or less going off what I've seen in the past, but things do change. I'm guessing this was just an outlier when two bidders simply weren't going to back down.
Conversations like this one baffle me. Just because YOU (and perhaps your fishing buddies) wouldn't pay $2300 for a Peerless 7 doesn't mean someone else wouldn't/can't/shouldn't.
I happen to own a few Peerless reels including a 7, like them--and BTW, I prefer them to Saraciones. So sue me...
Different strokes for different folks, as they say.
Scott Z.
Flyman615
"An undisturbed river is as perfect as we will ever know, every refractive slide of cold water a glimpse of eternity" - Thomas McGuane
I’m not sure where you got that Scott. There’s a difference between “he paid to much” and “I don’t think somebody should spend their money that way”. People are free to make all their own buying decisions they want as far as I’m concerned. What I don’t see is how anybody can argue that paying around 2-3 times what something is worth in an obvious bidding war changes the market value.
The 7 is a relatively scarce raised pillar Peerless, seen much less frequently than the smaller 7M and the little 77. I find the 7M to be the perfect, light 4 wt reel with backing, that can fit a 5 with minimal backing. ive Never put a line on the 7, but if I needed a light 6 wt reel, it might work. Its always felt “big” to me. I’d say 1250 would be a more customary strong sale price for a 7 in Exc condition.
The 7 is a DT4/DT5 reel for me. A DT 6 would fit on it barely but it wouldn’t balance a 6 wt bamboo rod very well. It’s perfect for an 8’ 5 wt. $1,250 is a pretty high price for one compared to the asking prices I’ve seen but I guess not out of the question. I’m curious where you saw that transaction (or transactions) that high was it on eBay?
John
I saw one from a dealer (a 7) for 1095 a year or so ago, and then added the customary 15% inflation factor when talked up on the forum! A few more posts and I’ll increase my estimate to 1500
It’s a weird reel to me because it is too light for the diameters (3 1/4” pillar to pillar), but these are prefs/judgement calls. I need to pull mine out and use it, and prove myself wrong! Or, wait for the runner up from that auction to offer me 2k.
What I don’t see is how anybody can argue that paying around 2-3 times what something is worth in an obvious bidding war changes the market value.
Hey John:
I didn't say that nor do I believe that the market value of Peerless 7 reels will be changed based on this one sale.
I'm just tired of others deciding who has "overpaid" and to what extent. Yes, all here are entitled to their opinions, but who paid what is, frankly, none of our business whether as a result of a bidding war or not.
Just my 2 cents...
Scott
Flyman615
"An undisturbed river is as perfect as we will ever know, every refractive slide of cold water a glimpse of eternity" - Thomas McGuane
I'm just tired of others deciding who has "overpaid" and to what extent. Yes, all here are entitled to their opinions, but who paid what is, frankly, none of our business whether as a result of a bidding war or not.
Just my 2 cents...
Scott
I honestly wasn't trying to ruffle any feathers by starting the thread, so I hope nobody thinks that. I was just surprised and thought "really?" when it ended. I don't grudge anybody for buying what they want, and paying whatever they feel comfortable paying to get it. It just seemed to be a huge jump from my perceived market value for the reel (not that I'm an expert).
I only have one Peerless, like it quite a bit, and always have my eye out for another...which is why I was following this one, and did bid on it. In some ways that's why I asked the question...sort of either accept the market has changed, and expect to pay way more than I expected, or consider this an outlier that doesn't mean much in the grand scheme of things. I hope it's an outlier!
Just another item that was once another white-bread nice reel when they were produced. I like Peerless reels and own a bunch. They are reliable, tasteful and look good with wear on them.
They stopped making them, fast forward a few years, and they now are appropriately appreciated and sought after.
That said, 2300 is a fluke.
Btw, The all black 1 is sharp!
I'm just tired of others deciding who has "overpaid" and to what extent. Yes, all here are entitled to their opinions, but who paid what is, frankly, none of our business whether as a result of a bidding war or not.
Just my 2 cents...
Scott
if the info is public then isn’t it anybody’s business who is interested? We have been discussing hammer prices on items and putting them in context for years. It’s really all we can do to establish market value. The dozens and dozens of eBay and Lang’s auctions threads are good examples. At least as long as I’ve been on this forum. Blindly accepting a hammer price and not thinking about what it means or why it happened makes no sense to me as a buyer that isn’t willing to pay way above market value.
Just another item that was once another white-bread nice reel when they were produced. I like Peerless reels and own a bunch. They are reliable, tasteful and look good with wear on them.
They stopped making them, fast forward a few years, and they now are appropriately appreciated and sought after.
That said, 2300 is a fluke. Btw, The all black 1 is sharp!
On that last point I agree. Price is $2250.
Scott
Flyman615
"An undisturbed river is as perfect as we will ever know, every refractive slide of cold water a glimpse of eternity" - Thomas McGuane
It is the market place which determines the price.
Yes, but one isolated sale doesn't determine the typical market value for something. If someone has an identical Peerless 7 to the one that sold I think it would be unlikely they would get $2,300 for it at this point in time. Now, if you see two or three sell around that price in a couple of month's time, then that's a typical market value for them.
I have a 7M that I'll let go at the bargain price of $2100. A Peerless leather pouch comes with it. Photos upon request, PM me.
Will accept hard currency.
I feel great about this, since I have a Peerless 7 and a Peerless 7M, both in excellent+ condition with their original leather pouches. I purchased these reels through this forum a few years ago. They are indeed great looking reels, they work real well, and their feet are thin enough that they fit all reel seat hardware. I also have four Saracione reels that have gone up in price tremendously.
