Yesterday was a disappointment for me but I have to remember that it was just a small bump in the road. Our Bannard painting didn't sell at Christie”s but there was a whole lot of others that didn't either. What did the old cowboy say when he got bucked off his horse “ I just got up dusted myself off and got back in the race.“ You can bet that is what all the members of the 31 Club will do.
The lower and middle parts of the markets have been soft for over a year now but the higher end where we deal has stayed relative steady. I now think that even the higher end is taking a wait and see attitude. The money is still out there to buy and people will always spend on the better things they desire but maybe they will just wait a while.
You would think that now was the time to take a break from buying but no way is that true. In fact it is the time to really push to buy. “How can that be” you say ? It is times like this that I call buyers markets because whatever you offer for a piece the seller might accept it. Paintings that were selling for $20,000 a year ago might only tempt you to bid $5000 or less today. If the selling party needs to sell and yours is the highest offer then the sale may happen.
Guess what the painting is still worth $20,000 in a good market and there will be another one soon. Here is a tip for you. When making a bid today and the seller says no way, you night want to tell them that if the piece brings more than you thought it would they will get another check for an additional 10%. You buy the painting for $5000 and a few months later you sell it for the $20,000 then there will be a check forward to the seller for and additional $2000. Even with the deduction of the $2000 you have still completed our goal of a double. Think about it, the seller has gotten all he can get today and he needs the money but plus that there is the possibility that he will receive more money in the future. I think that you have just purchased yourself a painting.
One of the first things I taught in my book “31 Steps to Your Millions in Antiques and Collectibles” was that this business is all about buying never selling. You see even not selling the Bannard for $6000 or more doesn't really hurt that much because I still have no doubts that when I do sell it I will have doubled my money more than once. You are in charge in this market and the seller can't say if you don't take it I have five others that will. In fact he is lucky you will take it. All the super rich people that I know have told me that they made all their really big money in tough times and now you know why.
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Daryle, you made my day with this idea:
ReplyDelete"Here is a tip for you. When making a bid today and the seller says no way, you might want to tell them that if the piece brings more than you thought it would they will get another check for an additional 10%."
Obviously, there is a trust factor here, but if I get someone to go along and they *do* get an extra check, they will become a huge asset as they tell all their friends. When they do, the phone may start ringing.