How do you know you haven’t already passed on that special piece? Every time someone finds a treasure, you can be sure that many people have passed on it because they didn’t know what it was or because they were afraid to take a chance. Our goal is not to let either of these excuses stop us from reaching our financial goals in the Antique and Fine Art Busness.

This week, a gentleman called me about a pair of Oriental vases he thought might be a great buy if he could acquire them. His potential customer had e-mailed him about the pair.

I asked him what the customer was asking for them.

“Nothing yet,” he said. “They want to know what they’re worth.”

“Are you going to be paid to do the appraisal,” I asked him?

“I don’t think so.”

“Why don’t you respond to the email saying you’d be interested in the vases, if they’d give you a price. You could also state the vases could possibly be worth $500 up to many thousands depending on their history.”

With his knowledge in this area, it might be well worth the risk of investing $1000 to $1500 in this pair. If he is wrong, the chances are he will still make a profit. But what if he’s right? Then the rewards could be a profit of $20,000 or more. No, he isn’t sure which of these scenarios will play out, but he can’t be hurt very much by either of them. I am hoping he gets that call and the price they ask for the vases is reasonable.

Some of you will remember when I entered an antique shop close to my home and was told they had nothing for me that day. Still, I asked, “Are you sure?”
” I do have a painting here, but it’s sold,” the shop owner told me. This gave me an opening.

“May I see it,” I asked?

He took me to the back of the shop where I laid eyes on a wonderful early painting of two little girls skipping rope.

“What did you get for this wonderful painting,” I asked?

“Twenty-five thousand dollars,” he proudly stated.

I asked if he’d been paid for it, and he told me the painting was on hold and he hadn’t been paid yet. Now the door was wide open for me, so I ask him if he’d call me in a couple of weeks if he hadn’t been paid. Sure enough, two weeks later I got that call. I purchased this painting for $16,000. I didn’t really know what it was worth because I wasn’t familiar with the artist, Frederick Morgan, but I was willing to gamble that its value was at least $16,000.

The advantage that you have over me in these situations is that the 31 Club is there to help determine values. Did I know that this would turn out to be a great find for me? Absolutely not. But, it was. This painting later sold at Christie’s for $115,000. What would the results have been if I had said I wasn’t interested because I didn’t know what its worth was or I didn’t know the artist.

I could tell you many more stories like these, but the important thing to remember is that if the price seems right on a piece your looking at, take the chance. You won’t always make a fortune on every piece, but I’ll bet your decisions will be correct most of the time, so little mistakes are just learning experiences. This is why 31 Club Members just learning the business start with a trading account of only $100. That’s so their mistakes won’t cost them big while they’re learning.

When you buy something, sell it as quickly as possible. This should not take longer than 3-6 months. This way, you will have your money back in circulation to move on to your next purchase, win, lose or draw. Don’t hold on to marginal items trying to get more for them than the market will bear. Turn, Turn and Turn your money over and over until one day you wake up and the world is yours.

Put a Turbo Charge on your Antique & Collectible Treasure Hunting Skills.

Get FREE MENTORING.

Learn the Fine Art and Antique Industry Insider Secrets that can help you make money trading in these treasures. Then Learn to Grow Your Money Exponentially Buying and Selling only Antiques, Fine Art, and Collectibles with Daryle’s Strategic Business Plan.

Our Members are Newbies to Seasoned Dealers, making more money than they thought possible. Join Daryle Lambert’s 31 Club, today.

My 220 page book, 31 Steps to Your Millions in Antiques & Collectibles is FREE with your membership. Join Today!

Check out the new Paintings and new items in our Gallery and Marketplace here.

LINK: 31 Club Article July, 2007

One of the points I’ve been trying to drive home to you in my book and in previous blog entries paid off for me today. Passing the word on about what you’re doing no matter where you are is so very important to your success. If you tell people that you are interested in Antiques, Collectibles, and Paintings, you will find that almost all the time it will be a conversation starter and many times it will lead you to something.

This not only applies to friends and neighbors but to other professionals that are already collecting or in the business of buying and selling. A good percentage of the items I have had for sale have been sold to people that are already in the business, and the same can be said for items that I’ve bought.

I’ve previously written about a Frederick Morgan painting bought from a dealer I have been friendly with. I bought it for $16,000 and sold it at auction for $115,000. But I guarantee you that the dealer I bought it from made a good profit on it when he sold it to me. Remember, if we buy right, there will always be buyers, and often our buying price will make the seller just as happy as we are, depending upon what they paid for it.

But there is another side to this story, and it happened to me yesterday. I was home working at my computer when John from Direct Auction in Chicago called me. You see, I have been doing business with them for many years now,and over the years we’ve become friends. John and I often share conversations about the stock market and the metals market, and what we think it is going to do. He also knows some of the items I collect or deal in. So, I was really pleased yesterday when he called me, knowing I had an interest in Lotton Glass. One of Charles Lotton’s vases had been up for auction at his place and didn’t sell. John described the vase to me, and I bought it on his description. I’ll be picking it up before the end of the week.

If you can form relationships with as many people as possible, most of your work might already be done for you. They’ll spot items that you could very well be able to turn into a profit, if they can be purchased at the right price. They might even know someone looking for the very items that you have to sell. This has happened to me more than you would think possible. Showing gratitude to the people who help you is also very important. I believe that a 10% finders fee is fair whether they help you buy, or sell an item. Often they will say they don’t want anything, but be sure you pay them anyway, and I think you will see them return time and time again.

This is a people business. I have seen some be successful who were very secretive, but I know many more that have become tremendously successful by being outgoing and friendly. When John called me about this vase, he showed me he cares and is willing to go out of his way to do the best for his customers on both ends. Thanks, John.

Yesterday something else special happened. I met with Marsha, one of our 31 Club members, over lunch so I could look at a painting she had just purchased. I think she might have bought a treasure, because she did manage to find the work of a listed artist. As I look further into it, we’ll have a better idea, so keep your fingers crossed for Marsha.

Discover how the 31 Club, together with our book, can be the tool that helps you begin building personal wealth using antiques, collectibles and fine art, rather than the conventional methods of using stock, bonds, and real estate investing. You won’t find results like these through your bank or your stock broker! Find out more about joining our growing community of antique and art wealth builders here.

Read more about The Million Dollar Challenge 31 Club members are participating in.

If you haven’t yet had a chance to see what we’ve got listed in the 31 Gallery & Marketplace, click on over and take a look. You might even find a real bargain. We’ve got many high quality items priced reasonably. If you have a high quality piece you’d like us to find a buyer for, why not consign your item to us. No high fees when you sell with us. Contact us here.

If you wish to leave comments use the ANONYMOUS button and then you don’t have to sign in to leave your message. Chime in and participate with us.