Saturday, July 5, 2008

The Art of the Deal

Being away this week is really hard for me. I have a lot on my mind, particularly the offer I made on a Porfirio Salinas painting. Salinas is famous for his skillful artistry in painting landscapes of Texas Bluebonnets.

I’d been working on this offer for some time, and when I left Thursday, the seller and I were getting close to finalizing the sale. It looked as if my offer would be accepted. However, right before I left, the seller said they wanted to “check one more thing.” This is where a very important lesson is to be learned.

I want the painting very much, but at what cost? I’ve made my final offer, so all there is for me to do is wait. It’s difficult, and yes, I would like to offer more if that would assure me the painting would become mine. But doing so would accomplish nothing, because the seller has already stated they were going to “check one more place.”

If you can complete a sale of a painting, an antique, or a collectible item, do it while you are with that person to guarantee the best results. If the sale can’t be completed, you must stick to you guns on price when your last offer is made. This is important for the following reasons:

Raising your price against yourself will only give the seller reason to question if you have truly made your last bid. It will give them more incentive to search for a higher bid elsewhere.

If you break with the buying criteria and purchase an item figuring you can still make some profit on it, you won’t last in the business very long. You see, if you start taking less profit on one item, this can become a habit. And if the profits you are taking won’t pay your operating costs at the end of the month, you days in the business are numbered.

I can see, taste and smell that Salinas painting as mine, but not for more than I already offered. Yes, this is often a hard thing to comply with, but it’s necessary.

Still having your money in your pocket is never a losing thing in this business.

We want to turn money as fast as possible, but only if the items meet our previously set criteria.

Sticking to your guns in your buying criteria creates the pathway to meeting your financial goals. When you don’t stick to the criteria, you might as well throw stumbling stones along that pathway.

If you’re reading this and are asking what that buying criteria is, the answers can be found in my book, 31 Steps to Your Millions in Antiques & Collectibles. If you haven’t joined the 31 Club yet and received your free 220 page paperback book, why not join today? Membership is ridiculously inexpensive right now.

On another note, I visited 31 Club Member, Cecil R., on the way to the Smokies, and we went treasure hunting together. I didn’t find anything that was truly worth buying, however I did learn a lesson from Cecil.

In the trunk of his car, Cecil opened a box for me, containing all types of silver, from candlesticks to trays. It all must’ve weighed 15 to 20 pounds. I asked him what he was going to do with all that. “I’ll try to sell it for a couple of weeks. If it doesn’t sell, I’ll scrap it.” I like that; he considered an alternative exit strategy before he bought.

Cecil figured that at the price he purchased it all, he’d still more than double his money if he had to scrap it. Then, he chuckled and said, “There’s a lot of people who haven’t kept up to date with the price of silver.” I know he made an offer that the seller was happy with and worked for him, too.

If you have questions about anything, please send them in, and we will answer them as soon as possible.
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