What is a Pinball Machine Worth?
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1 Prices
The value of a pinball machine is a highly subjective topic. A totally restored Medieval Madness might sell to a serious collector for well in excess of $10,000. A pinball dealer might offer $5000 for the same machine a week later. A tire-kicker might offer $3000 because the machine is "not original" and so on.
Pinball price is dependent on a variety of factors, such as desirability, availability, location and condition. Guides are available that track the price on an annual basis and sites like Pinpedia list past auction prices. Unfortunately 'shilling' and other nefarious practices can happen on online auction sites, so take the results with a pinch of salt. Just because a machine has a 'Buy it now' for $3k doesn't mean it will sell for $3k.
A dirty machine, without serious damage, can take 40 hours to clean up and $400 in plastics, rubbers, lamps and materials. Add another $200 for legs, door and trim. Playfield swaps add another 40 hours and $600 - $900 for the playfield. And cabinet decals are another 20 hours plus $300 for the decals.
Unfortunately, too often it seems people will 'discover' an old beat up machine in the back of their garage and assume as they just saw an Addams Family on eBay with a 'Buy it now' of $6k, then their pinball machine is worth at least at much. It can be hard trying to explain to people like this the reality of the situation.
Rarity does not necessarily mean a higher price. Pinball machines were built to be put on location and make money. If a game was popular with the public, they put more money in them, meaning the operators bought more machines. If a table wasn't popular, not many were bought by the operators and thus not many were made.
This is self evident with 'Addams Family', a well regarded table and the highest production run of the modern pinball era. This machine can still command a high price even though there were 21,000 of them, whereas a similar machine of the same era like Hurricane with only a few thousand made can be found quite cheaply in comparison.
There are exceptions to this rule, including prototype machines and limited runs like Big Bang Bar and LOTR:Limited Edition (Gold Trim)
Broadly speaking, pinball machines price out into several groups. Each group has a high and low section. This list is only an example, as mentioned above there are many factors that can affect the price.
1.1 Exceptions
Pinball machines that can exceed $10,000.
Medieval Madness (premium restoration)
1.2 The "A" List
$4000 and up
Black Spider-Man
1.3 The "B" List
$3000 - $4000
Indiana Jones: The Pinball Adventure
1.4 The "C" List
$2000 - $3000
Creature from the Black Lagoon
Star Trek: The Next Generation
1.5 The "D" List
Under $2,000
2 Resale value
In general, if the machine is well looked after you tend not to lose money when the time comes to sell it on. They can take a while to sell, depending on what price you set and current market conditions.
3 Aftermarket Modifications
Some people prefer completely original machines, while others like to fit various modifications to the table. These can vastly affect the price depending on which mods have been fitted, some people pay more for original unmolested tables, whereas others will pay extra for a table that has been fitted with after market modifications.