$1 Million Dollar Hopes, 1 Unconsummated Sale

Han Solo's Star Wars: The Empire Strikes Back Jacket

The story of the unsold Han Solo jacket at a recent Prop Store auction indicates to me (not having been involved at all) that the sellers expectations were perhaps too high or the supposed buyer's were too intimidated.

The publicity of the expected sale price brought attention to the auction, which is in itself a positive outcome for an auction house.  But the forecast of a sale result reaching or exceeding $1 million, coupled with a high estimate ($900,000-$1.8 million) can scare buyers away.

The memorabilia market is a fickle market.  Managing expectations of consignors and buyers is a tricky road for auction houses.  While I have nothing but respect for The Prop Store, it appears that, in this case, that road was not navigated well.  At Julien's, we certainly experienced the same problem.

As a consignor, it can be a gamble putting an item up for auction.  Consignors can insist on high estimates that aren't based in knowledge of the market, but an emotional attachment to the item being sold.

The problem for the consignor of this jacket now, is exposure.  This is a high profile "no sale" (although the Prop Store website does report the lot sold.  It is unknown to me if this was an after sale or sale to an under bidder).  If the item is to be sold again it will need a lower estimate, lower reserve, and some time to let collectors forget.