From: mr.correct@comcast.net   
      
   I haven't even seen a dealer that asks 'book value' for a stamp (though they   
   get close to it sometimes). The catalogue price is only good as a RELATIVE   
   scale of value. And many of us use it that way, so the catalogue is a big   
   factor determining what we think is the relative value of a stamp.   
      
   I think dealers try to buy for 20% of catalogue price or less. I feel I've   
   made a fairly good purchase if I pay 30% or less. I think 45% is the maximum   
   I should ever pay. I think most collectors use some factor like that. I   
   consider the price I could potentially get by reselling the stamp. I   
   wouldn't expect to get more than 35% of book if I resold a stamp on eBay.   
      
   If I have the high bid for a stamp on eBay I win the auction. Since no one   
   else bid as high as I did, I could assume that the market value is just   
   below what I paid.   
      
   Another factor is how an individual buyer estimates the condition between   
   VG, F, and VF. That is partly subjective even when you apply the established   
   criteria for grading the condition of the stamp.   
      
   Bill S.   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)