Monday, February 9, 2009

Daryle Lambert: You Can Make Money by Not Giving Up.

Patience -Thanks to

I just received an email from Marsha about the house sale she attended. We had talked about two paintings that she was interested in but they seemed priced a little high. She decided to take a chance on buying them on the second day which proved to be a very smart move.

The larger and better painting of the two was priced at $800 but finding it still there on the second day she offered $200 [ that's my girl!] but the offer was rejected. She did, however, purchase it for a price of $250. I believe she will easily triple her money when this painting is sold. The smaller painting was bought for $50 after being priced at $125. This is definitely a great start to the week. Way to go Marsha!

Yes, it is always best to buy the items you wish to own while you’re at the location where they are but there are times that the sellers just won't come to a price that makes sense to you. This is where patience comes in. You can't make money if you overpay so it is always better to pass on a piece than to overpay. Remember my experience when I wanted to purchase the Grueby vase for $5000 but was told I would have to get in line. Not wanting to wait, but still being patient, I returned to purchase it plus four other items for $3200. The combined sales price for the five items came to over $15,000. The return trip was well worth it. How about the $25,000 painting I waited for two weeks to buy and then purchased for $16,000 instead of the original price of $25,000. Yes, the auction price on that painting was $115,000. I love that old saying “ If it doesn't work the first time, try and try again.”

I have heard dealers say “If I can't buy it while I'm there then I never go back.” These dealers will be your best friends and account for some of your greatest buys. With rare exception, on the last day of any sale, the prices will be slashed by a least a half. This is why I am never disappointed at a sale when something is way over priced. If I can return the next day and purchase it at half price, it may be the price that I intended to offer originally and it gives me the opportunity to offer even less then half like Marsha did. I don't leave absentee bids because they are usually not successful. The sellers tell what your bid is and encourage others to top it. However, I do ask the person conducting the sale if they would entertain an offer less than the asking price while I'm there? Usually you will find that at most sales the prices are firm for the first day.

When working with individuals things can be entirely different. I am still in touch with people that have items that I would like to purchase and I continue to call them on a regular basis hoping that I will get a different answer than I did the last time I talked with them. Believe it or not I just talked to a lady in California yesterday about some paintings done by her grandmother that I would like to purchase. I first contacted her over 10 years ago. Patience will pay off, I hope. I don't know if she will ever sell her paintings but if she does I think I will have the first shot at them.

If someone else is willing to overpay then I say “It's better them than me.” As long as you have your money in the game and that game is to make money. Profit and fun is what we're after so sit back, be patient, have fun and watch your bank account grow.

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