Feature: Selling by Consignment Chatelaine's Antiques Collectibles Appraisals

 

Click Here

Chatelaine's Antiques and Appraisals MagazineMarket Notes > Feature: Selling by Consignment


Getting Into the Antiques Business

Antique Guides

Bargaining at Estate Sales

How to Shop at Antique Fairs

Antique Markets

 
SELLING BY CONSIGNMENT


Let someone else sell your old stuff, and watch the money roll in maybe

When it's time to let possessions go, what's the best way in to do it?

Some things prove too valuable to toss out like that set of Heywood-Wakefield bedroom furniture you've kept in pristine condition since you bought it on your honeymoon in the 1950s or perhaps too much trouble to hawk at a garage sale such as that heavily carved Victorian sideboard or, even too valuable to donate to a charity.

In such circumstances, consider selling your cast-offs by consignment. Let someone else find a new home for the furniture, artwork, china, or rare books you've decided you can live without.

Virtually anything, from museum-quality antiques furnishings to heirloom jewelry to fine art, can be sold through a broker known as a consigner.

In fact, in recent years, consignment shops have become increasingly respectable marketplaces, losing any stigma they might have had for people who used to turn up their noses at used goods. "Even the wealthiest people buy consignment," says Dave Anderson, co-owner of Gabriel's Trumpet, a large upscale consignment business with showrooms in Chicago and Wheaton, Ill. "It's a badge of brilliance to be able to buy something really wonderful."

After all, it's a winning situation all the way around: As a seller, you recoup some of your money without the hassle of selling it yourself, the new owner experiences the thrill of discovery of a nice piece, and the consigner makes a profit and the satisfaction of playing matchmaker. In most large cities, you'll find shops listed in the Yellow Pages under "consignment.

The challenge, however, is finding the right consigner for your item.

For many antique dealers, agreeing to sell your object is a simple matter of taste. Does it fit the aesthetic or style of their shop? While consigners may be able to give you some specific criteria for what they'll take or won't for example, Victorian, no; American Federal, yes they often will know it when they see it.

"You walk in the door and say, 'Hey, lady, do you want this?'" says Patty Ledbetter, owner of Consign Design in Chicago, explaining how the business works. "I take things that I like. If I want it in my home, then I want it in this store."

She advises saving time by calling a consignment shop on the phone to find out how they'd prefer to evaluate your item. She says that 90 percent of the time, she'll know in a phone call whether the item will work with her tiny upscale shop in the city's Lincoln Park neighborhood.

If the consigner is still interested after you describe the item, she'll likely either want to see it in person (if it's portable enough) or review photographs that clearly illustrates your possession. Often it's necessary to make an appointment in your home to evaluate a large piece of furniture.

A few things to do before you start calling around:

  • Learn the history of the piece. If it's fairly new, locate any paperwork or bill of sale that you received when you originally bought it. When selling older items, knowing the story behind it may prove useful to the consigner in selling it.
  • Get an idea of the market price, but don't necessarily expect to make back what you paid for it. "Generally, what you paid for this piece went out the door the moment you walked out the door with it," Ledbetter says.
  • Make the item presentable. Prepare it the way you would if you were showing it to potential buyers: Polish the silver, clean the glass, iron the linens, and don't forget to empty drawers. Don't worry too much about wear and tear that you can't remedy with an easy repair; some large consigners have their own in-house shops to make repairs, touch up finishes, and make other enhancements (for which they often will charge extra).

Other consigners expect the item to be ready for the new buyer to take home and begin using. "You must be able to walk in here, buy it, put it in your home, and have a dinner party that night," Ledbetter says.

Once a consigner has agreed to take your item, be prepared to sign a contract that details the terms of agreement, including the financial split. On average, consigners expect to keep 50 percent of the sale price. They'll work with the seller to set the price, and obviously you can walk away if you're not happy with what price they want to assign to it.

Then be prepared to wait. "Some things sell instantly," Anderson says. "We've sold them virtually off the back of the truck as it's unloading, and other things can take six months."

The consigner may keep the item for an indefinite amount of time, or they may have a policy about how a piece will be handled, for example, after 120 days at Anderson's stores. The seller's names are kept private throughout the sale. If the consigner doesn't find a buyer, the item may be returned to the seller, or it may be kept on the floor for an additional fee. But most of the time consigners don't want to take on items that they don't believe will find a buyer.

But the interesting, unexpected things that turn up in consignment shops are what keep customers coming back. Ledbetter mentions a antique mahogany English chest in mint condition that the seller decided she had lost interest in.

"It's just like your clothing your eye changes and you change," Ledbetter says. "My surprise is that people want to actually part with these things."

 


 

Secondhand Chic: The Secrets of Finding Fantastic Bargains at Thrift Shops, Consignment Shops, Vintage Shops and More
by Christa Weil

The Ultimate Consignment & Thrift Store Guide
by Carolyn Schneider

The Artist-Gallery Partnership : A Practical Guide to Consigning Art
by Ted Crawford

Never Buy Anything New : A Guide to 400 Secondhand, Thrift, and Consignment Stories in the Bay Area
by Charlene Akers, Nate Levine

Clothing & Accessories from the '40s, '50s, & '60s: A Handbook and Price Guide by Jan Lindenberger

Vintage Style: Buying and Wearing Classic Vintage Clothes by Tiffany Dubin

Thrift Score: The Stuff, the Method, the Madness by Al Hoff

Aiga Professional Practices in Graphic Design : American Institute of Graphic Arts
by Tad Crawford

Business & Legal Forms for Fine Artists (Business & Legal Forms)
by Tad Crawford

Business and Legal Forms for Authors and Self-Publishers
by Tad Crawford

Legal Guide for the Visual Artist : Tad Crawford (4th Edition)
by Tad Crawford

Business and Legal Forms for Crafts
by Tad Crawford

The Writer's Legal Guide (2nd Ed)
by Tad Crawford

Business and Legal Forms for Interior Designers
by Tad Crawford

Business and Legal Forms for Photographers
by Tad Crawford