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Garbage Pail Kids Price Guide, Book, Worth Image1.

Ligotti's Garbage Pail Kids Price Guide

Values for United States Original Series 1 - 15 (1985 - 1987) Cards and Toys/Collectibles
Current Edition: Volume I - 2016 Spring/Summer - Only Available in Print
 
How The Ligotti Garbage Pail Kids Price Guide Is Put Together:

The assumptions inherent in the assigned values, and the limitations of the guide are standards used by the Metro Detroit Ligotti Family Auctioneers, in business since 1960. This guide, started in 2010, has since been collated by many other GPK collectors that also work full-time in the fields of accounting, statistical analyzing, computer programming and as professional toy collectors. Throughout the time of the creation of this guide, there have been 20 to 25 collectors [referred to as the ‘pricing committee’] of Garbage Pail Kids who are believed to be knowledgeable about current values/rarity. We’ve sent them the originally calculated price guide and asked them to carefully consider prices for the items listed and to change any price they believe is no longer valid. During this process there were several “ground rules” to follow, which are listed here:

(1) Consider the price for an example in “average condition,” which - during meetings of the pricing committee was defined to be “5” on a scale of “10” with no writing on it and the sticker completely intact. The number system uses the PSA system of 10:Gem Mint; 9:Mint; 8:Near Mint-Mint; 7:Near Mint; 6:Excellent-Mint; 5:Excellent; 4:Very Good-Excellent; 3:Very Good; 2:Good; 1.5:Fair; 1: Poor.

(2) If the team is not familiar with the current price of a particular item, then it remains unpriced. We price only the items we know.

(3) Members of the pricing committee filled out the form and returned it to calculate the “average dollar value” and rounded it to a reasonable increment. For example, a card whose “average value” comes to $5.85 might be rounded to $6.00. The meaning of “average value” can vary, so it’s important to know how the average was calculated.

(4) Starting in 2014, for each card/set/item the highest and lowest valuations were excluded, and the arithmetic mean of the remaining values was calculated (in statistical jargon, this is a “trimmed mean”) and then rounded up to the next reasonable increment.

Our opinion of the best and most complete analysis would be the following: For each item, trim the top estimate and the bottom estimate, and report the median value and the range of values in the remaining set of numbers. From a statistical standpoint taking the median of a trimmed data set is redundant, but trimming the high and low values from the range would omit outliers caused by a single collector who loves or dislikes the item beyond reason and whose lust or lack thereof unduly influences his or her opinion of the value. The current price guide format doesn’t allow the range to be reported, but there’s no reason the median couldn’t replace the arithmetic mean. This method produces a Garbage Pail Kid price guide based on a consensus of 20 to 25 active collectors, each contributing independently to an objective calculation of collective value. This produces a useful tool that’s invaluable to new collectors and for consultation by experienced collectors. Having said that, the Garbage Pail Kids price guide is just that: A guide. It does not define the perfect exact price, it just gets you into the right ballpark.

Some limitations are the following: Pricing committee members may have different opinions of “average condition.” Pricing committee members have been collecting for awhile, and during that time they’ve built nice collections with Garbage Pail Kids of above average quality---in many cases way above average. For some of them it may be truly hard to envision a collectible of “average” condition. The Garbage Pail Kids price guide doesn’t indicate any measure of variance in price opinions. A common set with a commonly accepted value (such as a 2nd series non-variation set) will likely have little variance between pricing committee members. The numbers that produce a book value of $60 for a set may have ranged from $50 to $70. However, the numbers that produce a book value of $850 on a relatively uncommon item/box/set may have ranged from $650 to $1000. It would be nice to know that experienced collectors vary so widely in their opinions, but the book value won’t give you that information. The make-up of the committee is not optimal. A few members are currently inactive or nearly so, and some are so high-end that they wouldn’t know the market value of an os10 non-variation set. If committee members truly followed the instructions to price only items he or she knows about then that wouldn’t affect the final valuation. Also keep in mind that prices change quicker nowadays than they did 5 years ago, and we have eBay to thank. The going rate of a set or rare card can jump from $30 to $60 within the span of a few months, or because of the number of concurrent listings, making it impossible for a monthly price guide to keep up with that rate of change.

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