When I started the 31 Club Marketplace, I knew there would be times when I would have to go to the members for advice. This is one of those times, because a question has formed in my mind.
The development of the Marketplace and Wish List to service the needs of our members presents a possible conflict of interest, and I am asking for your input. Any expressed opinion will be helpful in the formation of 31 Club’s policies. Let me begin by further defining the marketplace:
The Aim of the 31 Club Marketplace is Multifaceted, Offering:
1. A venue for members to “Quick Turn” items at below market value.
2. A venue for members to sell items at the Fair Market Price.
3. A cost effective selling venue with a Low Commissions.
4. A Free Advertising venue of "Items Wanted" through our Wish List.
Quick Turn Price:
In order to quickly turn an item, it needs to be priced below fair market value, yet still enable the member to double their investment.
This offers the most likely scenario an item will sell, while still allowing the member to double their money. By quick turning the item, the member can keep their money moving, and more quickly ascend the 31 Steps recommended in my book, 31 Steps to Your Millions in Antiques & Collectibles.
Fair Market Price:
Members can choose to list their item(s)at fair market value with no assurance of getting the price wanted, selling the item in a timely manner, nor selling the item at all. This option will likely keep your money tied up longer, yet might also net you a higher amount, should the piece sell.
With all this in mind, when a member requests a value on an item they’ve purchased elsewhere, the club will always provide a figure it thinks would be the Quick Turn Price – the price a dealer or possible reseller would offer for a quick sale.
So, here’s a situation that might come up that I’d like your input on:
31 Club Member, Sarah, listed an item at the Quick Turn Price. It sold quickly, and she doubled her money when James, another 31 Club Member, purchased it. James decided he wanted to list that same item on our marketplace for the Fair Market Price.
Has the 31 Club been fair to both the buyer and seller and have they acted at arms length? I just want to be sure that after a member sells an item to another member, and it shows up listed at a higher price, each one will feel that their needs had been met. Please e-mail me at email@example.com or call me with your input.
The first person I presented the above scenario to is a wonderful young man in North Carolina who just completed a transaction of this nature with us. Here’s his response:
Thanks for the help in finding a purchaser for the Ellen B. Farr painting
so quickly. I received the check and those funds will be used to purchase
a WW2 German helmet. I am purchasing the helmet for $2000 and that will
be turned in to $4600 within the week. I realize I could have held on to
the painting and tried to retail it or sent it to a large auction house on
the west coast; but I have no guarantees that I will make any more profit
that way than you helped me make in only one week. So, in the span of
three weeks turning two items I will have profited $3600. For me the key
is not focusing on trying to get retail on an item, but to turn it quickly
with the goal of doubling my investment. Not bad for an Appalachian
American (hillbilly/redneck) from the mountains of North Carolina.
The Ellen B. Farr painting sold to a member and may be listed on our site. I'd like for you to share your ideas on this with the rest of our members. All responses will be shown to our group. The most important thing to me and to your staff is that we always keep your best interest at heart.
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