Showing posts with label yard sales. Show all posts
Showing posts with label yard sales. Show all posts

Tuesday, July 27, 2010

Put a Price on It



Last week, I told you the story of a flea market dealer who hadn’t priced anything and wondered why no one was asking about her items, let alone buying them. So to help you price your antiques and collectibles, especially for a yard sale or flea market, I thought I’d offer some guidance. But before I do, I’d like to offer another example of how not to.

To do that, I continue a few tables down from the previous dealer to another at the same flea market. This guy had a number of U.S. stamps for sale, all packaged in groups by age. Since I collect U.S. stamps, my eye immediately zeroed in on a little “stock” book, with four manila pages with overlapping strips into which he had inserted an assortment of U.S. commemorative stamps. Collectors use these little books to transport stamps to shows or to store a particular group for further study. The dealer had placed two stickers on the cover. One said “$3.50 net with book” while the other said “$4 postage.” At first glance, I noticed the $4 sticker, so I offered him $3, and after some hesitation, he agreed. Then he directed me over to a plastic bin with other packages of stamps. I didn’t see any I wanted, so he directed me to a looseleaf binder with plastic pages filled with stamps. I chose two of them, each with a sticker that said “$2 postage.” He said I could have the stock book filled with stamps and the two pages for $10. I did some quick calculations and came up with $7 for the three items, not $10. “Oh,” he said, “that’s only for the face value of the postage.”

“You said I could have the book with its stamps for $3, so I’ll just take it,” I replied. Needless to say, he wasn’t too pleased. If he had put a definite price on each of his items, there wouldn’t have been a controversy. Instead, his stickers were vague and communicated the wrong message.

So how do you go about pricing your antiques and collectibles so they sell? First, price isn’t the same as value–it’s usually about half that. So while you may use an antiques pricing guide to look up your items, what you’re really looking at is a value guide. The authors of these guides research the value of a particular item by checking the most current amounts the item fetched both at auctions and in shops, then they average the different amounts together.

For you see, the market value of an antique is what someone is willing to pay for it. And just because an items lists for $25, for example, doesn’t mean that you’ll be able to charge the same amount for it, especially if you’re selling your item at a market entry-level venue like a yard sale or flea market. To sell successfully at these places, you’ll have to start your pricing much lower than the guide amount.

Some antique sellers take a shortcut and go directly to eBay to check prices. While prices are current there, many have been inflated by what I call the “entertainment” factor. Many eBay shoppers look upon “winning” an auction much as they would winning a game of chance at a casino. At a regular auction, the highest bidder “buys’ the item while on eBay, the highest bidder “wins” the item. Generally, this drives final prices up.

But even beyond using pricing guides and eBay to research prices, you should check the prices in the same sort of selling venues near you. Go to several yard sales and/or flea markets and check what similar items are going for there. This is known as pricing what the market will bear. You can’t charge more than people are willing to pay in a particular area. The item just won’t sell, no matter how valuable it might be.

Tuesday, April 27, 2010

Getting into the Antiques Biz


QUESTION:
I love antiques and have been collecting them for 20 years or so and have so many things that my house is bursting at the seams. I’m ready to retire and have been thinking about opening my own antiques shop. Is this a good idea in this economy?

ANSWER: Lots of people dream about going into business for themselves. For some, it seems like a way out of the corporate rat race. For others, something to do in retirement. And while an antique shop may seem like an uncomplicated, quiet business to get into, it’s far from it. Remember, first and foremost, selling antiques is a business–and the emphasis here is on selling.

Many people think because they’ve been buying up a storm at yard sales and flea markets that they can turn around and sell what they’ve bought. Sure, you can put some items up on eBay to sell, but to be successful at selling on eBay, you first have to know what people are buying. Salesmanship is a skill that needs to be learned. And loving antiques has nothing to do with it. In fact, the worst reason to open an antique shop is that you love antiques and have been collecting them for years.

To have a successful antiques business, whether selling in a shop, at shows, flea markets, or online, you need to know what people want to buy and then buy those items. What usually happens is that the items people want to buy aren’t the ones you personally like to buy, so you avoid them. For instance, today, the trend is towards collecting items from the 1930s and 1940s. But you love Victorian antiques and can’t stand Art Deco.

Also, this is a business. That means keeping records, learning how to display things so they sell, and developing a network of sources to buy new inventory. The IRS doesn’t look kindly on people who just play around.

NOTE: I’m still having problems posting images to this blog. And an antiques blog is nothing without photos of the items I’m discussing. So I’m looking for a new host for my blog and may be moving it in the near future. Please stay tuned and thanks for your patience.