Valuation
Catalogue Value vs Market Value: What Is the Difference?
Catalogue value is the guide price listed in a standard catalogue, such as Stanley Gibbons, for a fine example bought from a dealer. Market value is what a stamp actually sells for, which is usually a good deal less and depends on condition, demand and how it is sold. Catalogue value is best for identifying and comparing stamps; market value is what matters when you buy or sell.
At a glance
What catalogue value is
A catalogue lists every stamp with an identifying number and a price. For Great Britain and the Commonwealth the standard is Stanley Gibbons, while Scott, Michel and Yvert serve other parts of the world. The price shown reflects a fine example bought from a dealer at retail.
That makes the catalogue value invaluable for identifying stamps and comparing their relative worth, and it is the reference the whole hobby shares. But it is a guide, not an offer. No one is promising to buy or sell at the catalogue figure, and the catalogue itself does not claim to be a market price.
What market value is
Market value is what a stamp actually changes hands for: its realisable value. It is set by supply and demand, by the stamp's real condition, and by where and how it is sold. This is the figure that matters when you are buying a stamp, or working out what you would receive for one.
Why the two differ
- Condition. The catalogue prices a fine example. Most stamps are below fine, and so worth less, while a faulty stamp can be worth only a fraction of its catalogue value.
- The direction of the deal. Catalogue value reflects buying from a dealer at retail. If you are selling, you receive a wholesale or auction price instead, which is lower, because the buyer takes on the cost, the risk and the time of reselling.
- Demand. A catalogue number does not guarantee a buyer. A stamp few people want may sell well below catalogue, or not at all, however high its listed price.
- The catalogue is a guide. It is compiled as a shared reference and tends to move slowly, rather than tracking the live market day to day.
How much less than catalogue? An honest answer
No single percentage
There is no single percentage, and anyone who gives you one flat figure is over-simplifying. The gap varies enormously with the stamp.
Common material often sells for a small fraction of catalogue, sometimes only a few per cent, or by weight. Scarce, sought-after stamps in top condition can sell at or close to catalogue, and the very best occasionally above it. As a rule, the better and rarer the stamp, and the finer its condition, the closer to catalogue it sells; the more common or more faulty it is, the further below.
Buying and selling, the spread
Two prices, not one
The spread between buying and selling
As a buyer, you pay something near retail, closer to catalogue for quality material. As a seller, you receive less than retail, because whoever buys must cover their margin, their costs and the risk of holding the stamp until it sells.
The difference between the two is the spread, and it exists in every trade, from cars to antiques. It is simply why a collection cannot be sold for its catalogue total, and an honest dealer will always explain it rather than let you expect otherwise.
What each value is good for
Both values have their place, as long as you use the right one. Catalogue value is for identifying stamps, comparing their relative worth, and as a shared starting reference. Market value is the one to use for any real decision: what to pay when buying, what you will receive when selling, and what a collection is genuinely worth for probate or sale. For insurance, note that a specialist insurance valuation is different again, and usually reflects replacement cost.
| Catalogue value | Market value |
|---|---|
| A guide price for a fine example | What a stamp actually sells for |
| Bought from a dealer at retail | A wholesale or auction price when selling |
| Best for identifying and comparing | Best for buying and selling decisions |
| Moves slowly, a shared reference | Set live by supply and demand |
How to find a realistic market value
The best guide to market value is what comparable stamps have actually sold for. Look at realised auction prices, the hammer prices of lots that sold, rather than asking prices, which only show what someone hoped to get. Compare like for like on condition, since that is where much of the difference lies. For buying, dealer retail prices for similar stamps are the guide.
If you would rather not work through all that, you are welcome to send clear photographs for a free, honest valuation.
Frequently asked questions
Catalogue value is a guide price for a fine example bought from a dealer. Market value is what a stamp actually sells for, which is usually well below catalogue and depends on condition and demand.
Because catalogue value reflects buying a fine stamp from a dealer at retail. When you sell, you receive a wholesale or auction price, which is lower, and condition and demand affect it further.
Not really. It is a useful guide, but the market value, what a stamp actually sells for, is closer to what it is worth.
It varies widely. Common material often sells for a small fraction of catalogue, while scarce stamps in top condition can sell at or near it.
Look at realised auction prices for stamps in comparable condition, rather than asking prices, or get an expert valuation.
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Founder and stamp dealerLast updated June 2026