brian_bjh

Using Estimated Value to Appraise Collection

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I'm looking for some information regarding the Rebrickable "Estimated Value" feature. (I'm appraising my collection for insurance purposes.)

Specifically, how is "Estimated Value" calculated?

I'm guessing that it pulls value data on each set from some segment of the marketplace (ebay, amazon, bricklink, etc.) but how does it handle the variation in price due to set condition (sealed vs open, complete vs incomplete, etc)?

My collection's estimated value is said to be based on 91.8% of my sets. Are the missing sets not evaluated because they aren't available in the marketplace?

Is a breakdown available of this estimated value, by set? (Pro feature?)

Thanks!

Edited by brian_bjh

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it assume the part is in new condition, which make it worthless for me. I use most of my bricks at least ones. 

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Yeah, it's not that simple, especially with older sets. I have many old sets that are quite played with and this feature assumes they are new in their boxes which makes quite a difference (sometimes 10 to 20 times the price). The global estimated value it gives me is at least four times too much for my actual collection, probably more. I see it mostly as a curiosity than as something really useful for things like insurances.

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yeah it's odd that a site that is called Rebrickable assume people don't use their bricks... They should encourage well used bricks after all. maybe they could add that as a flag on set lists and part lists, ie used vs new. rather than doing it on a entry basis.

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3 hours ago, biodreamer said:

yeah it's odd that a site that is called Rebrickable assume people don't use their bricks... They should encourage well used bricks after all. maybe they could add that as a flag on set lists and part lists, ie used vs new. rather than doing it on a entry basis.

The site assumes nothing, it does the best he can with the available data.

2 hours ago, Vokhev said:

I thought there were issues with what price info they could use from other sites.

Correct. Only the 'For Sale'-prices is easy excess-able. The "Sold for'-prices are harder (= near impossible) to obtain on this scale

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17 hours ago, TobyMac said:

Correct. Only the 'For Sale'-prices is easy excess-able. The "Sold for'-prices are harder (= near impossible) to obtain on this scale

Anyway, automatically calculating in an accurate fashion the value of anything but a collection that is not just recent complete sets would be very hard in any case, even with all of Bricklink's data. Things like whether the box, instructions or stickers are included is in the description on Bricklink and you can't really have a system that takes that into account. Sometimes sets with the instructions or box missing are marked as complete, sometimes incomplete. How would you get prices for a set for which you have lost parts? There's not really any measure of parts condition on either Bricklink or Rebrickable. Don't get me wrong, that would be great if it were possible but I don't think the base data required even exists right now.

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So most UK insurance company's wont cover my collection under contents insurance so I need a specialist toy collection insurance policy. If my house burns down just now and all my Lego melts (57sets of Lego technic) then my current contents provider will not cover the (appreciated) value of them. At best they will replace anything under the NEW of OLD part of my policy meaning something rare and no longer in production like the original collectors millennium falcon from 2001-3  which is worth over 5k would be replaced by the current version worth £600. I am curently getting my Lego appraised by my local auction house free of charge and as they are registered evaluers the figure they give will be accepted by the specialist insurance company. Hope that helps. It might be utter rubbish as I am trying to figure this out on my own but so far this is as far as I have gotten.

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14 hours ago, Aljez said:

So most UK insurance company's wont cover my collection under contents insurance so I need a specialist toy collection insurance policy. If my house burns down just now and all my Lego melts (57sets of Lego technic) then my current contents provider will not cover the (appreciated) value of them. At best they will replace anything under the NEW of OLD part of my policy meaning something rare and no longer in production like the original collectors millennium falcon from 2001-3  which is worth over 5k would be replaced by the current version worth £600. I am curently getting my Lego appraised by my local auction house free of charge and as they are registered evaluers the figure they give will be accepted by the specialist insurance company. Hope that helps. It might be utter rubbish as I am trying to figure this out on my own but so far this is as far as I have gotten.

what kind of odd insurance do you guys have. We simply have a insurance amount and as long as all the stuff that we own is worth less we can make a insurance claim if it's lost/destroyed. I mean all people have collections just of different sizes and types. most people have movies and music, but the size of those collections will differ a lot. to be honest that kind of situation, my Lego collection or getting the value of it would be a minor concern. It's that I lost my home and all the important stuff, which I don't see Lego belong to, it's more a fun side project.

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On December 11, 2018 at 11:25 AM, biodreamer said:

yeah it's odd that a site that is called Rebrickable assume people don't use their bricks... They should encourage well used bricks after all. maybe they could add that as a flag on set lists and part lists, ie used vs new. rather than doing it on a entry basis.

Making a notation of your set and part condition can be done through the paper and pencil icon edit feature(each set's notes and each part's notes has a checkbox to show whether it is used)

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I have contents insurance with Sheila's wheels (but there are others) I am covered for £35k so that would cover my white goods and technology, carpets, sofas and clothing...but I have £10k of Lego that is not covered .  Currently waiting on insurance from a specialist collections insurer. Most insurance company's will replace your Lego under New for Old like Sheila's wheels will for me. So they would replace the 8459 pneumatic front loader from 1997 with the Volvo 42081 concept from 2018...one is not equal to the other but is a New for Old under my insurance....I am still traveling the path of special collections insurance but so far this is all the info I have...New for Old is not the way forward. Not if you have a great deal of attachment to your collection. I would rather live in a bin with my Lego than replace all my white goods and tech...

rebrickable_sets_aljez (1).csv

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Over here at least (Canada), there are often limitations for certain items. For example, say you're insured for a total of 100000$ of goods. There might be a 2000$ limit on jewellery. So even if you only have 50000$ of stuff plus 10000$ of jewellery, you would not get 60000$ but 52000$ even though 60000$ is well below your total maximum.

There are usually limits like that on collections. But the definition of collection has to be taken into account. If you have 200 DVDs because you like watching movies, those are goods that you use. They won't be limited and you'll get 200 new DVDs. If you have a bunch of rare valuable DVDs you keep sealed, that is a collection and will be limited.

The line can sometimes be blurry. Toys are goods but a bunch of classic space sets in their original box are a collection. There would probably be much argument with your insurance company.

In my case, I play with all my LEGO and I let my nieces play with them so they are clearly toys and shouldn't be limited. If they are still available, they would be replaced and if they are no longer available, they would be replaced by something equivalent. I have no idea if Bricklink could be seen as the item still being available. Maybe. If not, I would probably end up with the same amount of bricks but only new bricks.

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I think it should be based on the lowest price per part of your inventory, with a minimum number of sellers selling that part.  Say 5 or so?

All I know is if someone offered me ½ of what it says my collection is worth, say $10,000 it would probably be gone (definitely for the $20,000).  I have 310 sets, and about 85,000 parts.
Total estimated value: $21,683.02
(Based on the costs for 93.2% of the sets/parts)

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8 hours ago, thea said:

Making a notation of your set and part condition can be done through the paper and pencil icon edit feature(each set's notes and each part's notes has a checkbox to show whether it is used)

I wouldn't bother it's all used, well except most of the LEGO dimension boxes but it's because I haven't gotten around to start playing the game again. They will be used, that the goal. it's just a question on when I will have time to play the game among all other games I got. These sets doesn't come with a paper instruction after all, if they had I am quite sure I would have finished building them by now.

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