Questions re Quilt Consignment policies
07-04-2009, 07:19 PM
#31
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Originally Posted by Esqmommy
Your contract with them should give you a set percentage of the sales price. In other words, they get say, 30% of the sales price, then if it sells for $100, you get $70 and they get $30. If they are buying it from you with the intent to resell it, then you can negotiate your price and not sorry about what they sell it for. you mentioned you like them and they weren't being dishonest, but if you're not getting a percentage, then I think there's problem. Although I am a lawyer, and by nature, I tend to sniff out problems...
07-04-2009, 10:52 PM
#32
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Originally Posted by Kyiav10
NOTE: I have never doen this before but here is a suggestion. Have a written contract. When the quilt is sold the store gets to keep X% of the sale and the rest goes to you. So whatever it sells at they only keep the X% amount and you get the rest.
And have it in writing. When it sells, make sure you are given a receipt and contact info. of the buyer so you can double check what they paid for it. Just my thoughts. Again I have not done this before.
Kyia
07-09-2009, 12:52 PM
#33
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Originally Posted by kluedesigns
sorry for the long rant.
i just can't stand when people take advantage of artists and their lack of business knowledge.
i just can't stand when people take advantage of artists and their lack of business knowledge.
value means whatever someone is willing to pay for an item. that's what determines fair market price. charging less means someone is getting a bargain and i don't think guiltgranny or the store is after that. obviously, if they are asking too much, they'll know soon enough, and they will have to re-evaluate their pricing. for now, let them have their heads. you may be surprised. and after they take they share, you won't be getting that whole amount anyway.
07-09-2009, 02:40 PM
#34
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the standard consignment agreement is based on %s regardless of price. while value might be different across the country there are standards of practice that exist from coast to coast.
i find it hard to believe that a shop that takes in business on consignment is completely ignorant of the standard operating procedures regarding consignment products.
if the store chooses to operate outside of standard procedures they should have disclosed that to her - withholding information is still being dishonest.
i find it hard to believe that a shop that takes in business on consignment is completely ignorant of the standard operating procedures regarding consignment products.
if the store chooses to operate outside of standard procedures they should have disclosed that to her - withholding information is still being dishonest.
07-09-2009, 02:52 PM
#35
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As an update for you all, the person I need to speak with has been on vacation this week, so I will chat with her first thing next week. Again, thanks for all your dear concerns and replies. No sale yet.
07-09-2009, 03:07 PM
#36
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Originally Posted by kluedesigns
the standard consignment agreement is based on %s regardless of price. while value might be different across the country there are standards of practice that exist from coast to coast.
i find it hard to believe that a shop that takes in business on consignment is completely ignorant of the standard operating procedures regarding consignment products.
if the store chooses to operate outside of standard procedures they should have disclosed that to her - withholding information is still being dishonest.
i find it hard to believe that a shop that takes in business on consignment is completely ignorant of the standard operating procedures regarding consignment products.
if the store chooses to operate outside of standard procedures they should have disclosed that to her - withholding information is still being dishonest.
07-09-2009, 03:22 PM
#37
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Location: Sleepy Hollow, NY
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you're missing it - you're stuck on a dollar amount and consignment deals are not based on that they are based on percent regardless of price.
every store asks you to give them a "floor" this is the lowest price that you are willing to let the quilt sell for. this way when someone wants to discuss price they don't have to keep calling you and risk a sale walking out the door.
they do not ask you for a "ceiling" because sky is the limit on what you'd like to receive for your work - no one is going to hand back money saying -don't be silly - pay me less.
how the money is to be divided is where the store went off the tracks. the standard agreement is to base everything on a percentage not on a dollar figure because no one knows what it will sell for.
for arguments sake we'll use basic numbers. if granny said i want $100 for my quilt and they said i'm going to list it for $200 then they have agreed to a 50/50 split of the money.
the moment the quilt sold for more money the 50/50 split still should have been honored and granny should have been paid more money.
instead they pocketed the higher amount and gave her the "floor" price she stated.
under that circumstance it wasn't a consignment deal any longer - the store felt they purchased the quilt from her for that price and every penny over that was theirs to keep.
thats an outright purchase situation and then she should have been told and paid up front instead of sitting around waiting for money.
every store asks you to give them a "floor" this is the lowest price that you are willing to let the quilt sell for. this way when someone wants to discuss price they don't have to keep calling you and risk a sale walking out the door.
they do not ask you for a "ceiling" because sky is the limit on what you'd like to receive for your work - no one is going to hand back money saying -don't be silly - pay me less.
how the money is to be divided is where the store went off the tracks. the standard agreement is to base everything on a percentage not on a dollar figure because no one knows what it will sell for.
for arguments sake we'll use basic numbers. if granny said i want $100 for my quilt and they said i'm going to list it for $200 then they have agreed to a 50/50 split of the money.
the moment the quilt sold for more money the 50/50 split still should have been honored and granny should have been paid more money.
instead they pocketed the higher amount and gave her the "floor" price she stated.
under that circumstance it wasn't a consignment deal any longer - the store felt they purchased the quilt from her for that price and every penny over that was theirs to keep.
thats an outright purchase situation and then she should have been told and paid up front instead of sitting around waiting for money.
07-09-2009, 05:27 PM
#38
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Originally Posted by kluedesigns
you're missing it - you're stuck on a dollar amount and consignment deals are not based on that they are based on percent regardless of price.
every store asks you to give them a "floor" this is the lowest price that you are willing to let the quilt sell for. this way when someone wants to discuss price they don't have to keep calling you and risk a sale walking out the door.
they do not ask you for a "ceiling" because sky is the limit on what you'd like to receive for your work - no one is going to hand back money saying -don't be silly - pay me less.
how the money is to be divided is where the store went off the tracks. the standard agreement is to base everything on a percentage not on a dollar figure because no one knows what it will sell for.
for arguments sake we'll use basic numbers. if granny said i want $100 for my quilt and they said i'm going to list it for $200 then they have agreed to a 50/50 split of the money.
the moment the quilt sold for more money the 50/50 split still should have been honored and granny should have been paid more money.
instead they pocketed the higher amount and gave her the "floor" price she stated.
under that circumstance it wasn't a consignment deal any longer - the store felt they purchased the quilt from her for that price and every penny over that was theirs to keep.
thats an outright purchase situation and then she should have been told and paid up front instead of sitting around waiting for money.
every store asks you to give them a "floor" this is the lowest price that you are willing to let the quilt sell for. this way when someone wants to discuss price they don't have to keep calling you and risk a sale walking out the door.
they do not ask you for a "ceiling" because sky is the limit on what you'd like to receive for your work - no one is going to hand back money saying -don't be silly - pay me less.
how the money is to be divided is where the store went off the tracks. the standard agreement is to base everything on a percentage not on a dollar figure because no one knows what it will sell for.
for arguments sake we'll use basic numbers. if granny said i want $100 for my quilt and they said i'm going to list it for $200 then they have agreed to a 50/50 split of the money.
the moment the quilt sold for more money the 50/50 split still should have been honored and granny should have been paid more money.
instead they pocketed the higher amount and gave her the "floor" price she stated.
under that circumstance it wasn't a consignment deal any longer - the store felt they purchased the quilt from her for that price and every penny over that was theirs to keep.
thats an outright purchase situation and then she should have been told and paid up front instead of sitting around waiting for money.
07-09-2009, 05:36 PM
#39
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Originally Posted by Esqmommy
WOW! Thanks for the encouragement! :) I am very new at this, as you can tell. I appreciate you both trying to drill this artist concept into me. I'm sure I will become more comfortable with it and my talents as time goes on.
07-09-2009, 07:34 PM
#40
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Location: currently central new jersey
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okay. so if i want $100 for my work and i've agreed on a 50/50 split, then we each have to get $100, because i want mine and they want an equal amount, right so far? the item has to sell for $200, right? no one is being taken advantage of so far.
that's the base price.
if they can get more, they do. it not only brings in a higher dollar amount to them, in the form of commission, but also to me. 50/50, remember? so, as i figure it, nobody is being taken advantage of. as you said, there is a floor price, but no ceiling.
so, if they sell the item for, say, $400 then at 50/50 i should get $200 instead of the $100 BASE PRICE i wanted. as i understand it, win/win.
i'm no math whiz, but on a commission basis, it pays for them to make more dollars FOR ME. as long as they tell the truth about the actual selling price. whatever that price is. at any dollar amount. that's what commission means. they get a percentage of the total selling price. in this case, 50/50. or whatever.
am i getting this wrong? isn't that what happened?
that's the base price.
if they can get more, they do. it not only brings in a higher dollar amount to them, in the form of commission, but also to me. 50/50, remember? so, as i figure it, nobody is being taken advantage of. as you said, there is a floor price, but no ceiling.
so, if they sell the item for, say, $400 then at 50/50 i should get $200 instead of the $100 BASE PRICE i wanted. as i understand it, win/win.
i'm no math whiz, but on a commission basis, it pays for them to make more dollars FOR ME. as long as they tell the truth about the actual selling price. whatever that price is. at any dollar amount. that's what commission means. they get a percentage of the total selling price. in this case, 50/50. or whatever.
am i getting this wrong? isn't that what happened?
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