Tips for Selling Antiques in a Tough Economy

Continued Growth and Success for Antique Store Owners

Oct 24, 2009

The economy is what it is, but there are always opportunities for sellers of antiques if they stay positive, and learn how to grow their businesses even in tough times.

In general terms antique collecting is a good investment. While some things do drop in price over time, either due to a saturated market or changing trends, most antiques have staying power. Learning where to put one's efforts and money is key in any economy and it's extremely important when selling antiques in tough times.

Antique Dealers Take Control

In the antiques business, a slow economy doesn't mean removing all the high end goods in the store. And it doesn't mean selling antiques-on-the-cheap. It means selling a mixed bag of items people actually do want. A slow economy forces the dealer to rethink his business model.

Antique dealers take control of their inventories by cleaning house, and eliminating the dead weight. Items that have been collecting dust in their stores or market booths for far too long, need to go. Sending the lot to auction gives the dealer funds to invest in timely items that will sell.

Specialty Antique Store

Specialty antique store owners may want to reconsider their business model as a temporary band-aide. As an example, an antique store specializing in only primitive antique cupboards could be hard pressed to find enough buyers. If those cupboards were filled with antique linens, primitive baskets, vintage art pottery, vintage books and other goods, the seller could nickle and dime his way through the tough times.

Selling Antiques in a Tough Economy

Selling antiques in a tough economy requires sellers to work hard and focus on their goals. Sellers who want to get through these times, need to think carefully about what they can do in their own stores to get sales and continue to be successful.

Antique Store Selection

A good selection of stock is important in any retail outlet. Antique store selection is no different. Consider mixing it up. Re-merchandise the store regularly by moving things around and changing displays. It keeps the store fresh. Remove stock that just isn't selling. If it's been around so long the dust is gathering, it's time to pull it. It's taking up space for something that will sell. In other words, the antique store owner is losing money.

Consider taking consignments of good quality and highly sought-after goods. It will free up buying funds.

Pricing in Antique Stores

Pricing in antique stores should be fair and competitive. A successful retailer's aim is to have no customer leave his store without making a purchase. So it's important to have items with long and short price ranges as well as something for everyone. Offer discounts on high-priced items. 10-20% is the norm.

Trends in the Antique Business

Be aware of the trends in the antique business. Trends change often. What was considered a "hot" collectible last year, may not be this year. Here's a few tips to help.

Keeping Store Hours

It's important to keep store hours and stick to them. Shortening store hours is not a solution to getting through tough times. It will keep customers away. Forever. Open longer hours and be willing to work harder.

Change Focus

See losses as opportunities to learn, and change focus. Focus on the opportunities and progress made rather than the difficulties. Be willing and quick to change and try new things to keep a positive outlook.

Antique dealers who have followed these simple rules even prior to the tough times, have had staying power and proven successes. The key to running an antiques business, is understanding the market, being aware of current trends and seeing the business as a business first, the passion for antiques second.

The copyright of the article Tips for Selling Antiques in a Tough Economy in Antiques & Collectibles is owned by Lorraine Syratt. Permission to republish Tips for Selling Antiques in a Tough Economy in print or online must be granted by the author in writing.