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How to Be an Antiques Dealer
With a lot of hard work, study, determination and perseverance,
most anyone can be an antiques dealer.
Difficulty
Level:
hard
Time Required:
N/A
Here's
How:
- Start by learning as much as you can about the subjects you
collect using books, online resources and talking to
experienced dealers.
- Pay close attention to the items you see while visiting
shops and shows, noting pricing and any researched details
provided by the dealers.
- Ask questions when things don't make sense, and remember
that antique dealers can make mistakes or misrepresent things
for a variety of different reasons.
- Build a reference library as you're learning. It should
include at least one good general reference guide and a few
guides on your specialty areas to start.
- Contact your local tax assessor's office to obtain a tax
exemption and resale certificate and set up a DBA account with
your bank.
- Look for an economical place to do business, such as flea
markets and small shows or use online auctions to get your
feet wet in the virtual marketplace.
- After paying overhead costs, use all the money you make from
your first (and most of your future) sales to purchase more
merchandise for your inventory.
- Be prepared to compete with many others to find merchandise
at resale prices, remembering not to pay too much for antiques
or your prices will not be competative.
- Don't make costly mistakes such as buying without checking
reproduction information or noting poor condition that can
diminish value.
- If you'll be doing your own bookkeeping, buy a book about
running a small business or purchase software to help you with
inventory, income and expenses because you'll need these
schedules for tax purposes.
- Be sure to keep all your receipts and accurate mileage
records for your vehicle in case of an IRS audit.
- Be prepared to spend the majority of your free time hunting,
cleaning, researching, pricing and selling your merchandise.
- Remember that you'll probably never make much money in the
antiques business, so have fun with it.
- Learn to relish the big finds and big sales, because they
don't happen every day.
- Decide whether or not the benefits outweigh the work and
frustrations involved before continuing your efforts.
Tips:
- Remember that being an antiques dealer is an extension of
collecting and should be fun for both the seller and buyer.
- Try to represent the profession in an ethical manner, always
remembering the golden rule and being aware that greed can
cause people to do strange things.
- Don't kick yourself when you sell an item too low. Chances
are you made a good profit anyway and someone else was
delighted with their find.
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