The Junkman?s Dilemma: How The Internet Has Changed How We See History

Back in in 1999, just as Ebay was coming into bloom, William Gibson wrote a piece on his experiences buying expensive watches online. He called the article My Obsession and it details his youth as a picker in the 1970s. He writes:

When I was a young man, traversing the '70s in whatever post-hippie, pre-slacker mode I could manage, I made a substantial part of my living, such as it was, in a myriad of minuscule supply-and-demand gaps that have now largely closed. I was what antique dealers call a "picker," a semi-savvy haunter of Salvation Army thrift shops, from which I would extract objects of obscure desire that I knew were up-marketable to specialist dealers, who sold in turn to collectors.

This "job," if it can be called a job, is all but dead these days because of some of the basic properties of the new market. Barring those folks on American Pickers who find items that will eventually hang in a TGI Fridays, the potential for making a lucrative trade in a post-Internet world by finding and selling odd items is nearly nil. First, a picker depends on arbitrage. Arbitrage depends on incomplete information on someone's part or, in the case of collectable, desire.

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