The last three months have been some of the worst the antiques business has experienced in terms of sales and certainly the worst for my business. Buying basically stopped- our turnover was down ninety percent which, as you can imagine, leads one to make some quick and drastic adjustments to survive.
Firstly, we've cut back almost completely on buying. My business is lucky in that we have a large stock and can continue selling without having to go on buying heavily.
Secondly, we've successfully cut back on every cost we could- including canceling some of our upcoming antique shows, particularly those that have a high cost; shows are the largest part of our cost base. So while we can not reduce our costs by ninety percent we are going forward with a significantly lower monthly cost base more closely matched to our new turnover.
My plan for the next six months is to take cash and, thus, stay liquid. If I have a client interested in a piece on my web site or on my stand, I am doing everything I can to make the sale. I look at the cost price to me rather than the marked ticket price. I look at a sale as the start of a path to a lifetime partnership between myself as the dealer and my client as I help them build a collection or help them create a beautiful home; I'm not looking for a victim where I make a killing on one sale. As a business that is fourth generation and in business for over one hundred years that approach has worked well over the last ten decades.
As the New Year arrived, I nervously awaited the cluster of antiques shows which were coming into view. The first was the Washington DC Antiques show two weeks ago and then last weekend The New York Ceramics Fair. And....the atmosphere has changed! Business has not returned to the level of economic activity that we had before September but the panic appears to have gone and buying has begun again. Our clients wanted and got great discounts on items they were considering. We made the sales and our clients got wonderful values and great objects. In fact, I meet a good number of new clients buying from me for the first time and a good percentage were younger clients under the age of forty five.
I have spoken to many dealers at the same shows and at shows like The American Show and The Winter Show in
The Palm Beach Antiques and Jewelry Show is my next outing and I am optomistically looking forward to being there. If you would like tickets please email me at
Watching the continually bad news on television or reading about it in our newspapers doesn't put anyone in the mood to go out and buy antiques. Yet times like these can actually be one of the best times to buy.
Firstly, antiques worldwide have been used as a safe haven for money. Antiques are a valuable alternative asset in which money can be protected. They have traditionally played an important role for the wealthy across the world. For instance, when
Chinese Export has an international collector base and has risen in value over time. When clients needed cash for a business project or a personal event like a wedding, we were called upon to sell the items back into the market-allowing our client to protect their money against the terrible inflation they faced at home. With fears about the stability of our banking system, reallocating assets into antiques is a wise move right now.
Secondly, antique dealers have been affected by the decline in retail sales in the past months and certainly are eager to do business. Dealers also buy heavily in the summer to build up their inventory for the new season so now is one of the best times to negotiate a good deal.
Thus, in response, I’ve just introduced a 25% discount for those who wish to buy something from my web site, www.vandekar.com or at one of the antique shows where I will be exhibiting over the next month. I'm doing this to reward loyal customers and to encourage new clients to think about the good value they can get from me.
The shows are as follows:
08 January 2009 - 11 January 2009
Stand 2-13
Katzen Arts Center at American University
4400 Massachusetts Avenue, NW
Washington DC
"Art & Antiques in Red"
Preview Wednesday January 7th, 2009
5:30-9:30
21 January 2009 - 25 January 2009
Stand
National Academy Museum
1083 Fifth Avenue at 89th Street
New York City
Preview: Tuesday January 20th
5-9
13 February 2009 - 17 February 2009
Stand 918
Palm Beach Convention Center West Palm Peach, Florida
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