I had one of my principles reconfirmed today. Even for me, there is that tendency to forget the rules that I have set for myself. But by breaking them, I pay the price of not maximizing my profit potential and taking longer to achieve my goals than I should.
The rule should always be, don’t reduce the price that you are asking for a piece that you know can’t be replaced in inventory in a reasonable period of time. By this I mean items that only come around to you once every ten years or so. These pieces should command the very highest possible price that you think it could ever achieve.
I have found that if I stand firm on my asking price for rare items, and they don’t sell, the value usually only increases. Often, the next time I have attempted to sell these pieces, I am able to get an even higher price than I was asking the first time. The trend is your friend, as the old saying goes. Let me demonstrate this by something that happen yesterday at the Chicago Antique Market.
Remember two days back when I told you about my friends Doris and Mike? Well yesterday, as I was checking out their booth, I saw this fabulous Spartling silver bracelet that contained these beautiful purple stones sitting in their case. I had seen this piece in the same place in their booth for the last four months. The price had not been reduced, and I asked Doris why, don’t you want to sell it? The instant reply was "not if I can’t get my asking price because it can’t be replace. You see, I would have broken my own rule and reduce the price after a few months. But not Doris. She is a true Dealer in every sense of the word.
You guessed it, today a lady walked in to her booth and asked the price of the bracelet. Without hesitation, Doris gave the price, which was substantial. "Will you take a credit card" was the response from the lady, and a deal was consummated.
If you have average pieces, it is perfectly okay to reduce the price, if you still can meet the goal that we have set of doubling our money, but again this only applies to item that we think can be replaced rather quickly.
Doris, Maria and several of the other dealers were clicking their heels about their sales yesterday, and the traffic was fantastic. The new look that Sally is bringing to the Market had all in attendance pleased. I hope to see some of you on Sunday. Cindy, Joshua and I had a ball, and we hate to think that we will only experience this one more time until 2008 rolls around.
Be sure to visit our web site for more information about how you can join the 31 Club and start your own race to your millions! Read more about it here!"The Guy in the Red Tie" --- Daryle Lambert
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