Tuesday, August 12, 2008

Quick Turn Your Antique & Collectible Items to Keep Your Money in Circulation

I got the chance to visit with Cecil visited while I was headed back to Chicago, and we found some time to visit an indoor antique market together. We came upon a booth filled with some pretty good items. There was pottery, good art glass and some other varied items. To Cecil’s surprise, he began to recognize most of the pieces and realized they belonged to a lady who had placed them in his store to sell over ten years ago.

She must have tried to sell these items at many places since Cecil first saw them with no success. There was a Budweiser advertising piece she had turned down $1250 for when she had it at Cecil's store, but now her price was $950. What must she be waiting for? Perhaps she isn't convinced her prices are too high, but ten years? If she had sold everything at her cost back then and reinvested her money the 31 Club way, she may have been retired by now.

This isn't where the story ends, however. I thought a bigger market place might be the thing these items needed to get them sold. So, I asked the sales lady if I picked several items that totaled from one to two thousand dollars, would she make the offer? I was told yes because the owner had reasons why she wanted to liquidate her inventory. After scanning her entire booth, I came up with a list of items that, by her tickets, totaled $2425 (but they were all well over priced.)

After discussing it with Cecil, he said his top dollar would be $1050, however due to the circumstances I decided to make the offer $1250. It took about twenty minutes to get the answer. “No, but $1500 would be okay.” I told the sales lady I was already paying more than I should, and that I was leaving for Nashville and then returning to Chicago and $1250 was my last offer. She let me walk out of the store with my money in my pocket. In my opinion, she made a huge mistake. Will she even sell a portion of these items over the next ten years? Who knows.

Why is this story important to you as your search for treasure advances?

This type of experience can halt your enthusiasm. If you paid too much, you could end up tying up your money, and if a bargain does come your way, there might not be money for its purchase. Yes, you’ll always have the Associates Program to fall back on, but then the item has to be something the Club will approve first. We are in the business of keeping our money moving. You can’t compound your resources very quickly by holding items for long periods of time without buying and selling something.

90 days or 6 months should be more than enough time to sell anything you’ve acquired, even if it goes to auction.

If it’s in your possession after that length of time, my advise is to send it to auction. With the proceeds you get for its sale, start the compounding method all over again. Even if you paid a little too much and there may not be a lot of profit, you’ll have your money back in circulation where it should be. I wish this lady good luck, but my hope and pray for her is that if this is her chosen profession that she’ll join with us at the 31 Club, where we as a community, can take her under our wing and give her some guidance.

Thanks for all your prayers while I was away.



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