Sunday, November 2, 2008
The Right Place
This is the time that you must use all the advantages that you have learned though reading the 31 Club's blog. Yes, the top dollar can be had for your better items that you wish to sell but knowing where that price will come from is most important. I just experienced this myself on a painting by Walter Darby Bannard.
After conducing my research, I found that Wright Auction here in Chicago had done quite well with Bannard's paintings and since I live in Chicago this would the obvious place to sell it. Was I wrong? I took the painting to Wright's and left it to be appraised for auction only to be very disappointed by their pre-auction estimate. Fortunately, I didn't accept their estimate and picked up the painting. I wasn't sure what to do – so I contacted one of the largest auction houses in the country and after just a few days, the reply came and to my amazement their estimate priced it higher than I had expected originally.
The lesson here is that your opinion can be right even if someone else disagrees with it. Sticking to your guns until you are given a reason to change your mind should be your rule. Why have we spent so much time studying if our opinion doesn't matter? In fact, just because we've been told that a piece a certain value might mean a lack of confidence in the auction house's ability to sell our piece. So rather than sacrifice the piece, look for a better opportunity.
Another example is my experience with the two Charles Courtney Curran's paintings that I am offering in the marketplace. I have had a lot of interest in these painting and have received several offers but nothing that I would accept. Was I right? Let's see - holding to a price of $9,000 for the pair, I was beginning to wonder if I was the only one that thought they had that much value until Shannon's Auction recently sold a smaller, yet similar, painting by the same artist at their last auction. It brought $5,100 and confirmed my opinion of an accurate valuation on the two pieces I have. YOU MAY NOT ALWAYS BE RIGHT AND THERE MAY BE TIMES WHEN YOU HAVE TO ALTER YOUR PRICE, BUT BE SURE TO TAKE YOUR TIME DOING THIS AND ONLY DO SO WHEN YOU ARE CONVINCED THAT IT IS AN APPROPRIATE DECISION.
As you find out that the rare and unusual doesn't come along every day, you should maximize your profit when they do, because the true collector will be willing to pay you a fair price for your better pieces. The examples I sited above demonstrates this principle, because by using good judgment, the return on these items will be thousands more than if a hasty decision is made and someone else benefits from the true value for the pieces.
This is the time to keep your powder dry until that special opportunity arrives then open fire and shoot for the moon.
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