The Art of the Deal (not the Art of the Steal)... Item Number: 100018 $0.00

DescriptionLast week I promised (or threatened?) to let you in on some of the secrets for successful negotiations. Some dealers will probably think I have lost my mind by even opening up the possibility that we are willing to reduce prices should the right offer cross our desk. The reality is we, like most dealers, are more than happy to entertain fair offers for just about anything and everything we sell. But, let me place a big emphasis on FAIR! For negotiations to be successful, it really needs to be a win-win for both parties. You want to get a nice example of ancient art at the lowest price possible; we, on the other hand, would like to make a profit so we can stay in business. When we both accomplish this objective, we both win!

I also mentioned last week that every now and then we have clients (or “wanna-be” clients) who will contact us and tell us – I will pay you $x for this piece. That is NOT negotiating. That is dictating, and no-one likes to be dictated to. Not even us when we need cash – and we always need cash. We’re art dealers for heaven’s sake!

So, how about a few tips to help you in your next negotiation?

1. Negotiating can be very stressful to a lot of people, so they tend to shy away from it; however, to an equally large number of people, negotiating is a game or contest. If you take this approach and try to have fun with it, it can actually be quite enjoyable. The nice thing about this game, if played correctly, is that everyone can walk away feeling like they have won. If you and your “opponent” (in this case maybe me) both feel good about the outcome – perfect! If you walk away and trounce me (or feel trounced by me) that may very well be the last time we play this game. Not good for either of us! Put yourself in the dealer’s shoes.

2. In any negotiation, if you go in and you are not willing to walk away empty-handed, you are guaranteed to lose. That means if you REALLY need to buy something, and you know you will pay any price for it, then you are not going to be in the right frame of mind to get the best price. If you can convince yourself that you only want something at the “right” price, you are much more likely to get it at a reduced price. Don’t believe me? Next time you are buying a car, offer a price that is close to ridiculous. When they say no, start walking. You’ll see immediately how quickly their price drops!

3. Related to the above, don’t let the guy on the other end know you really love something before you start negotiating. It is so much harder to ask for a discount on something that he knows you like. If you tell him, this Attic piece is lovely, but I was just looking at one that was taller, by a better painter, in better condition, priced more attractively, etc, etc, you have an excuse to ask for a discount.

4. Be pleasant during the negotiations. If necessary, force yourself to smile (even if you are doing it via email) while you are negotiating. If you’re having fun during the process then you are far less likely to stress out over the outcome. And believe it or not, most people on the other end are much more likely to want to play the game with you if you are pleasant. Confrontation does not work! Smiles do work!

5. Be confident! Never start a negotiation with “I don’t suppose you could reduce the price a little bit…?” Always assume the other guy will be more than happy to work with you on giving you a better price. A much better start might be, “although this piece isn’t exactly what I had in mind, I might be interested if the price were right. I can offer you $5000 for it. Do we have a deal…?”

6. Now a little trick I learned while traveling in Turkey many years ago (No, I was NOT buying ancient art!). The person who sets the final terms of the deal wins. You can do this by settling upon the large, important terms, then asking your opponent to throw in one tiny little additional “bone” at the end. I do this with my friend Walt all the time, and it now drives him nuts because he understands my “game.” We may be negotiating on an expensive piece of Pre-Columbian art, finally come down to an agreed upon price, then at the very end I may casually say, why don’t we just include this little Colima flat…? You put so much emphasis on the big deal, you are relieved it’s over and almost miss the fact the guy just hit you for an additional hundred bucks. If you take our example from above, and we settle on a price of $5500, you might try, “and I assume you can throw in shipping at that price.” By the time we are this far, the normal reaction is “YES! I have the sale, shipping, sure, no problem…” But then again, if I am on my game, my reaction might be “sure, free shipping is no problem, assuming you pay by check or wire transfer…”

7. There are a number of people in this business who take the art of the deal so seriously, that every deal is a game. For a number of these people, they see nothing wrong with selling you something that may not be authentic, or might not be in great condition because it is up to YOU to know what you are buying. If you enter into this contest, and you are not smart enough to know that what you are buying is fake, in their mind, they win, you lose. It has nothing to do with morality, it has everything to do with “the game!” That is not how we chose to play “the game.” Know your opponent!

8. There are always times when you don’t need to negotiate – and negotiating can actually turn out to be a negative. If you see something that is a steal (and you know it’s a steal), don’t sweat a small discount just to make yourself feel better. I stumbled upon an item on eBay several years ago. It was a Pompeii fresco – ex Boston Museum of Fine Arts, originally acquired in 1893. It was real and it was papered. The guy had it priced at $2500 with a “Buy it Now.” At that price I knew I could have bought it and made an easy double if not a triple return on my investment. I was busy negotiating a price with him via email trying to get it for $2200 (just because I thought I could…). Someone smarter than me hit the “Buy it Now” at $2500 and walked away with it. My loss, my bad!

9. Like any other talent, negotiating takes practice to become really good at it. The more practice you put in, the better at it you will become. Try it today! Call us at 720-890-7700 and give it a shot! We’ll help you out every step of the way! ;-)

Happy collecting (and negotiating)!
Bob