Time to trim? But where do you go? (Part 2) Item Number: 100015 $0.00

DescriptionLast week I discussed a couple different avenues one might want to consider in selling off a collection, or an individual item. I reviewed some of the pros and cons of using auction houses, and trying to sell directly to individual dealers. If you missed Part 1, you missed some valuable insights, and sadly reprints are NOT available - I want a captive audience (just kidding). Email and we will rush this right out to you – better yet, check out the website, it’s still there…

This week, I’ll finish the topic by discussing a couple other avenues one might consider when trimming your collection.

1. Consignment. We discussed selling to dealers – a very cheap lot for the most part – but another option to consider is consigning your collection/item through dealers/galleries. If you’re not in a hurry to be paid, and want to get a better return on your items, consignment may be a much better way to go. Dealers can afford to pay more to you for your consigned items simply because they are not taking a financial risk. When dealers buy, we usually rely on “hope and a prayer” that items move quickly… and at a price that allows us to make a few bucks. In some cases our inventory will sell immediately and at a great price – but other times it may be months (years in some cases) before an item sells. If we don’t have our cash sitting out there, we can pay you more when the item does sell.

If you want to consign, here are some things you must do: a) Find a dealer who specializes in what it is you have to sell. If you have Pre-Columbian art, you’re not likely to get much interest, or much action, from a dealer who mainly sells classical art, and vice-versa. You can also ask dealers if they have specific clients who they know or suspect will want your item(s). If this is the case, you may be able to negotiate a lower commission percentage and expect a much quicker payoff. Typically, dealers/galleries will want between 20 and 50% of the sales price of any item you consign – depending on many factors. Dealers may also be willing to give you a fixed amount you will receive, and they take anything above this level. Think about what arrangement, and what terms you want to see before you start shopping. This helps put you in the driver’s seat – a little bit at least!

Once you have found a couple dealers that you think most closely fit with your kind of item – b) Ask questions. You will want to know the length of the terms of any agreement (most dealers will ask for no less than 3 months, and many want as much as 12 months), plus be sure to clarify the arrangements for getting paid and any fees that may be deducted from your proceeds. c) It’s also never a bad thing to request a couple referrals from others who have worked with these dealers. The biggest risk you have is never getting the piece back, and never getting paid. There are things you can do to reduce that risk!

2. Sell the item yourself to an end collector. We have known many owners of ancient art who have tried to find collectors to buy their pieces – some even successfully. Many times owners of ancient art collections know others with this same sickness and can make deals directly. Like any other avenue, do a bit of homework so you know what you have, what its worth and what you want for it.

Along this line of thinking is eBay – do I hear a bunch of cringing in the crowd? Each and every day I sift through eBay to see who is selling what, hoping beyond hope that I can find another diamond in the rough. And about once a month, I find things that make me sit up, take notice, and even place a bid or two. eBay can be a great place to buy ancient art, but what about selling?

Since eBay has become the world’s largest flea market, expect most people to be looking for fleas, not fine quality ancient art. But as mentioned before, every day I see people offering pieces for $ tens of thousands up to $ tens of millions for what they consider priceless ancient art. When grandma told them 30 years ago her bauble from Egypt was priceless, the family took her literally! No, you will not sell anything on eBay for a million dollars! No, you are not likely to sell what you own for the going retail rate. But if you are in a hurry, need funds now, and are willing to sell for a reasonable price, you may just get lucky.

There is an art and a science to being successful selling on eBay. Here are a few tips:
- Again, know what you are selling and describe it right! Over-describe the attributes of the piece, but do not waste everyone’s time by describing the fall of the Roman Empire should you be selling something Roman.
- Don’t look too flashy. This used to be a tool for all the eBay thieves out of Egypt and Libya (now mysteriously gone from eBay). Plain photos and plain text work all the time!
- Price it right! Expect to get 50% to 75% of full retail. Accept less if you must, but hope for more!
- Take good pix and use more than 1!! Learn how to use the focus mechanism on your camera, and do a little color correction!!
- Give full provenance! You need to convince skeptics that the piece is real! I search the category looking for specific dealers or sources. If your piece came from a major dealer/auction house, indicate this! If grandma brought this back from Egypt in 1952, indicate this. If Grandpa brought this back from Egypt in 1992, go to jail, do not collect $200 dollars – but that’s a different topic altogether!
- Either put a reserve on the piece or a “buy it now” at a price you can live with.
- Watch for scammers, although eBay has done a great job of reducing this, they still exist and will try to steal you blind.

There is one more avenue I want to discuss, but to give it justice, I think I have just turned my 2-part blog into a three-parter, so next week we’ll discuss donations. That should be fun!

Happy collecting – and selling!

Bob Dodge