Archive for January 31, 2012

Elizabeth Taylor’s Diamonds: Still a Girl’s Best Friend

January 31, 2012 / Anne / No comments

Only 80 lots were sold on December 13, 2011 but those 80 lots realized bids totaling a whopping $116 million dollars – a definite world’s record for a collection of jewels sold at auction.

As a previous auction house owner, I am trying to imagine what it would feel like to collect not only the commission but the buyer’s premium on $116 million. Excuse me for a minute – I need to take a nitroglycerin tablet. Okay, I’m back.

I suppose if I want to know what that really feels like I would need to ask Christie’s Auction House in New York. Bids came in from everywhere to include the Middle East and Hong Kong. Some of the prices far exceeded their estimates literally by millions of dollars. So much for a bad economy.

Let’s face it. These jewels brought the kind of money they did because they belonged to the one and only Elizabeth Taylor. Of course, it didn’t hurt that the people who gave her these fabulous baubles were also well known, such as Richard Burton, Mike Todd, Eddie Fisher and the equally famous Michael Jackson.

Here are the prices of some of the lots:

33.19 Carat Asscher-Cut Diamond Ring Sold for $8.8 Million.

A Diamond Tiara Brought $3.7 Million.

An Emerald and Diamond Ring was Hammered Down at $2.9 Million.

An Emerald and Diamond Pendant Brooch Brought $5.8 Million.

A Record Setting Pearl Necklace from Burton Fetched $11.8 Million.

All I can say is a kiss on the hand may be quite continental but…well, you know the rest.

01/30/2012 by Anne Benedetto

Category: AHT's Headline News /

Auctioneers and Tie Bids

January 31, 2012 / Anne / No comments

In the auction business, technically there is no such thing as a tie bid. What you have instead is a mistake.

Most ties happen when an auctioneer has a ringman catching bids for him. The auctioneer will have one bidder at one price but the ringman thinks the auctioneer has his bidder instead, at the very same price. If no other bids are forthcoming then the result is a tie bid.

One of two things can happen.  Either the auctioneer declares that his bidder is the winner, after all he’s the aucitoneer; or the auctioneer will open up the bidding between his bidder and the ringman’s bidder only.  No one else is allowed to participate.

The auctioneer’s bidder is the high bidder of record. The ringman’s bidder has to hit the item at the next increment or he is out. If that person bids then the bidding continues until one drops out.

A tie can also happen when two bidders leave an absentee bid for the exact same amount of money on the same item. If no one in the audience bids, eliminating this conflict, then the auctioneer simply picks which of the two left bids he will accept. The other is thrown out. Sometimes this process is as scientific as the auctioneer closing his eyes and picking one.

 

01/30/2012 by Anne Benedetto

Category: Auctioneers /

Auction Houses: Supplement Your Income

January 30, 2012 / Anne / No comments

In these times of fiscal uncertainty, people are looking for any way they can to improve their financial status. Auction houses are no exception. If you own an auction house and you have a website where you advertise your upcoming sales, there is a way for you to generate some extra income separate from your auction revenue.

In addition to others finding your webiste to see what merchandise you will have at your next auction, you most likely have a following of all your existing buyers. Rather than driving to your auction house to take a look, many will look at your online flyer first to see if it’s worth making the trip.

Consider joining some referral programs that are offered by other websites on the Internet. A referral program will allow you to insert a link on your site. Depending on the details of your contract, you will be paid each time someone accesses this other website via your link and signs up for the service being offered. If you do it correctly, these programs will help you to earn extra money while you sleep.

Affiliate programs are another option that can generate you some additional income. Some of the larger affiliate programs are eBay, Amazon and Google.

Getting Paid

You will want to find programs that pay well. There are different ways of being paid. You might be presented with a straight percentage, or tiered rates. Sometimes you will get paid if one of your referrals refers someone else. This can really add up if you land the right person. Usually sites require the referrals you send them to take some kind of action before they will pay you.

Examine the Competition

Take a look at what everyone else is saying to convince people to join a particular program. Certain programs appeal to certain people. If an ad or article has been up for a while, take some cues from what they are saying to help develop your own sales pitch. This will shorten the trial and error process.

Tell the Truth

Nothing is worse for repeat business than being discovered as a fake. Convince someone to sign up for a program with too high expectations and you will have a very hard time convincing them to join any other program. That’s bad for repeat business. There are plenty of really good referral/affiliate programs available if you take the time to look for them. There is no need to make up stories in order to convince people to join the programs you offer on your website.

It Takes Time

Unless you have a massive website to funnel droves of traffic into your referral/affiliate programs, it will take some time before you see decent returns. It is important to realize that the money won’t come rolling in at first. In fact, it may take over a year before you see anything to really talk about. The trick is to be patient.

01/30/2012 by Anne Benedetto

Category: Auction Houses /

Small Business Owner: Losing Your Enthusiam

January 29, 2012 / Anne / No comments

Are you an entrepreneur with your finger in too many different pots?  Are you having trouble sustaining interest in the business you’ve started?  Are you feeling restless and ready for a change?

The same restlessness that caused you to become your own boss in the first place can easily come upon you again.  Just because you’re an entrepreneur doesn’t mean the craving for something new and different ceases.  Three to four years is a normal amount of time for anyone to reposition himself in a career, self-employed or not.  Perhaps you’ve reached that stage.

Employees come and go, they change companies and roles, but when the business is your own, moving on can be a little more complicated.  If you’re an entrepreneur that’s lost your enthusiam, what can you do?

Well, rather than panicking and bailing out, you might want to consider a few options that are more palatable:

1. Your restlessness might be an indication that it’s time to revise, edit, or grow your current business in a new way.  This might mean making a change in your business plan and overall direction—one that will be more inspiring to you.

2. You might choose to put someone else in charge so that you can step out of the business. You might want to stay in as an advisor, while moving on to something new for yourself.

3. Or you might put someone else in charge of your current business so you can concentrate on opening a new location. If you think your business is a good model and another office/store could be profitable, your zest for what you do could return. Maybe it is the startup phase, and all that it entails, that is where your main interest lies.

4. If you are losing money because your business model has not proven successful, selling might be the answer. Get your creative juices flowing in an entirely new direction.

5. You might decide a classic fold-up is in order.  If so, cut your losses early.

Just remember, no matter what anyone else tells you, you look much better in black than you do red.

01/28/2012 by Anne Benedetto

Category: Small Business /

Small Business Owner: Addressing Restlessness

January 29, 2012 / Anne / No comments

If you are a small business entrepreneur, itching for change might actually be part of your DNA.  There’s a term loosely referred to as the serial entrepreneur.  This type of person thrives on seeing ideas come to fruition.  The serial entrepreneur likes taking risks and is often motivated to start one project after another.

Generally, serial entrepreneurs aren’t in it for the long haul, (although they may not realize it at the start-up).  The trouble is that a new company needs the ongoing time and attention from the idea-maker himself.  In many cases, he is the brand.  The business can become at risk if the owner ceases to participate in the day-to-day operations, as needed.

Hiring entry level or mid-level employees to operate the business may not work. If the owner is not there to properly market his or her business, then he or she runs the risk of the business failing, especially a new enterprise that has not yet established itself in the community.

It may be necessary for the owner to expand his investment by hiring an experienced manager/marketer to take over the reins. This would give the existing business the extra edge it needs, while allowing the serial entrepreneur to move on to his next project.

01/29/2012 by Anne Benedetto

Category: Small Business /

Small Business Owner: Curbing Restlessness

January 29, 2012 / Anne / No comments

What drives most entrepreneurs is seeing something they’ve built earn money and credibility.  When things plateau out, boredom can set in.  Adding an exciting new component to the existing business may be all that’s needed to re-motivate the fizzled-out entrepreneur.

It’s important to stay competitive, and adding products, services, or changing direction makes sense from time to time.  To make significant changes for change itself, however, might backfire.  All changes should be goal oriented and well thought-out.

A fizzled-out entrepreneur might benefit from building or re-building his support network. There are a number of business coaches and associations an entrepreneur can partner with in order to gain clarity and motivation.

Some entrepreneurs lose their enthusiasm because too much of their time is spent on routine-management or administrative tasks and not enough time on the creative talents that got them into business in the first place.  Hitting a dead-end leads to stagnation and frustration. Outsourcing or hiring help for those mundane jobs may be the answer.

01/29/2012 by Anne Benedetto

Category: Small Business /

Small Business Owner: Evaluating Your Company

January 29, 2012 / Anne / No comments

It’s always important to step back and evaluate how your business is doing.  Ask yourself if there is still potential for growth or if you’re maintaining a sinking ship.  If the idea of selling-out looks more and more appealing every day, admitting it’s time to let go might be the kind of relief you need.  Do your homework and find the statistics that give you permission to get out and start over elsewhere.

Of course, you might merely be caught in an economic slump.  If you’re willing to ride the wave, you might consider diversifying or downsizing.  If statistics show you should pack it in, but something in you keeps you hanging on, riding the wave of economics might be the best thing to do.  Many times, it pays to hold on to what you’ve developed rather than starting fresh. This is something only you can decide.

It’s okay to admit when your relationship with your start-up has reached a turning point.  If a vacation away doesn’t ease the problem and motivation fails to return, it might be time for a change.  Making changes doesn’t mean you will necessarily lose stature.  Selling out or closing up doesn’t mean you’re a failure. Recognizing what’s happening, what’s at stake and choosing to act at the right time is what will make you a success.

01/29/2012 by Anne Benedetto

Category: Small Business /

Meet Mildred (Partland) Bernard

January 25, 2012 / Anne / No comments

I had twelve aunts and nine uncles and I loved them all. Each of them was wonderful in his or her own way. But my aunt Mildred – well, she was very special.

She hailed from Lawrence, Massachusetts and had two sisters, Gertrude and my mother Grace.  She passed away on December 13, 1985. I can’t think of a sadder day for anyone who knew her. It was not by accident that she happened to be born on Christmas Day 82 years earlier. If anyone ever deserved to achieve the exalted status of sainthood, it was Mildred (Partland) Bernard, better know as Mil to her friends and family.

She and her husband, my uncle Arthur, were married for over 45 years when he died in 1973, at the age of 73. They had two sons, Lawrence Kenneth and John Gregory. My two cousins, Ken and Jack, were considerably older than me. When I was born in 1948, they were 19 and 14 years of age respectively. This disparity in our ages was because there was a 15-year age difference between my aunt Mil and my mother Grace.

I don’t remember much about my mother. She passed away at the age of 37 from something no one dies from anymore. Sadly enough, she died in 1953 on Christmas Day, my aunt’s birthday. The night my mother died, she made my father promise to take me to live with her sister, Mildred. Because my father had to work so much, neither she nor my father wanted me to be raised by a housekeeper.  I saw my father on holidays, summer vacations and occasionally on weekends – whenever he was able to make that long two-hour drive each way. Every single day, before I went to bed, my father would call me to say goodnight.

My father had brothers and sisters who lived very close to him. It would have been so much easier on him had I stayed with one of them. However, he had made a promise to my mother and, to his credit, he kept his promise.

Going to live with my Aunt Mil was a very smooth transition for me. Prior to my mother’s passing, I would occasionally go to visit my aunt and her family for several days at a time. I loved my aunt Mil. She spoiled me and would spend hours playing all kinds of games with me. She would even let me keep the light on in my room all night. Whenever it was time for me to go home, I would cry and hang on to her neck for dear life because I didn’t want to leave. My father and mother would literally have to peel me off her.

At 5 years old, I was still rather young to understand the finality of death and what it all meant. All I knew was I was with my Aunt Mil and I could stay there forever. I stayed until the day I got married at 25. I cried the day I moved out because I still didn’t want to leave.

My Aunt & Uncle at My Wedding in 1973. Just Two Months Before My Uncle Passed Away.

During those 20 years, she put up with childhood temper tantrums, the mean teens and all the other torture I dished out. I never officially got into any trouble growing up but I was not what one would call easy to get a long with. I was a headstrong know-it-all in those days and, if the truth were known, I probably still am. Never in all of those 20 years did she call me anything but “dear.” She never raised her voice to me once, she never spanked me and she never sent me to my room. She was my advocate, my female knight in shining armor. She would gently try to reason with me and would always try to understand me.

In retrospect, her methods worked. She was so good to me, she loved me so much and she had sacrificed so much for me that I never wanted to let her down or disappoint her. I think that’s what kept me in check. That’s probably why I never did any of the stupid things my friends did – after all, what would Mil think?

I’m sure at the age of 53, with her sons grown, she was ready to get a job, make new friends and experience a whole new lifestyle. She didn’t do any of that. She took care of me instead. I never once came home to an empty house. She was always there to greet me with a big smile and a “How was school today, dear?”  My aunt and uncle could have used the extra money another income would have provided, but they didn’t care about that. My father, who was a carpenter and a police officer, pretty much rebuilt “our” house over the years. He felt he had to do something to give back to them. For the 20 years I lived with them, they refused to take any money from my father.

My Cousin Jack, Me and Our Dog Butch

I had called my aunt “Me Me” since I was first able to talk. I continued to call her that until I was about 8. By then I thought I was a little too worldly to use such a childish name so she became just “Mil.”  My two cousins called her “Ma” and they called me “Drip.” I called them “Dope” and one day, when I was 10, I decided I would call her “Ma” just like they did. After all, as far as I was concerned she was my mother too.

The first time I used the term “Ma” I was nervous. I didn’t know what kind of a reaction I might get. I got none. Everyone pretended not to notice. Not one word was said about this important change in status. I now look upon this as the gift it was intended to be.

Not only are my aunt and uncle gone but also both of my cousins. I think back to those years quite often. I didn’t realize it at the time but it had to be very difficult to start over again with a small child, especially at her age. Her days of having to raise children should have been a thing of the past. Bringing up a 5 year old, at that point in her life, had to be about as much fun as having your car break down in a raging blizzard 100 miles from the nearest mechanic.

Her reward for this selfless act was measles, mumps, chicken pox, German measles, whooping cough, tonsillitis, earaches, sore throats, skinned knees, loud music, slumber parties, a messy house and a never-ending demand for attention. Lucky woman.

Her greatest talent, which I have only come to recognize in the past several years, was her ability to turn her house into my home, my real home. I had the complete run of the place. I took over ownership the day I moved in and I never truly relinquished it. Even after I was married, it was still my home and I could have moved back in anytime I wanted. Never once was I made to feel as though I didn’t belong.  I never thought of myself as an outsider for a single second. The day I first showed up with my suitcases and all my toys, I was hers and I was hers for the rest of her life. In her will, her “three” children divided everything evenly.

I would be remiss if I did not give an honorable mention to my poor uncle Arthur. He also put up with me for all those years and never once complained. What I put him through, while he patiently tried to teach me to ride my bicycle without training wheels, would be considered an act of terrorism today. I was the daughter he never had and, after having to put up with me on a daily basis, I’m sure he was glad he never had any others. They don’t make them like him anymore.

01/25/2012 by Anne Benedetto

Category: Family /

Develop an Email List for Your Small Business

January 25, 2012 / Anne / No comments

If you have a small business and you don’t have an email list, you are not taking full advantage of today’s business environment.  One huge benefit that a small business has in today’s market is the ability to build relationships with its customers in a way that a big business with a massive advertising budget cannot.  Email is a powerful tool to use in fostering those relationships.

Building strong relationships with your customers can begin the moment you convince them to give you their email address.  Encourage them to fill out a form that includes their email address in exchange for a special offer or a coupon of some sort.  Make sure the forms are in plain site at all times and train your employees to make the offer. If you are an auction house owner, you can ask each of your customers for their email address when you assign them a bid card,

It is said that all business is about relationships.  People are more inclined to do business with people they like and respect.  By using an email list as a tool for sharing a more personal aspect of your business, people will come to know it as more than a place where they buy things.

Plan on emailing your customers on a regular basis so they become accustomed to receiving your messages.  Use these mailings as an opportunity to share information that is useful to them but has no immediate payback for you.  For example, a gardening center might send out seasonal gardening tips. You might inform customers of community events or just share personal observations.  It all depends on your personal style and the type of relationship you hope to foster.  The cost to do this is minimal, and by delivering free information you expand your relationship with your customers beyond the purely mercenary.   

If you have a website, put a link to it in every email.  Consider starting a blog on your website and encourage your customers to visit it.  Post to it regularly so they have something new to see when they visit.  Place an email opt in form on every page of your website and your blog. Encourage people to give you their email address in exchange for something like an informational product they will find valuable, or offer them the same incentive you offer your physical customers.

Find a way to reward your customers on an individual basis.  Start a birthday list, an anniversary list or a customer loyalty list.  Once each year mark the occasion by giving the customer a special consideration of some sort. For example, auctioneers can wish a happy birthday to any bidder in the audience that has a birthday, or an anniversary, that falls near the date of the auction. A $10 gift certificate wouldn’t hurt either.

Beyond just using your list as a vehicle for a one-way exchange of information, encourage your customers to communicate with you, either by replying to individual emails, or by commenting on posts on your blog.  Blog comments have the advantage of turning a two-way conversation into something that can be shared by an entire community of people.  An entire community of people interested in not just you, but your business as well. 

If you don’t have a list yet, start one.

01/25/2012 by Anne Benedetto

Category: Auction Houses, Small Business /

Free and Cheap Advertising for Your Small Business

January 24, 2012 / Anne / No comments

If you are a small business owner, you probably already know how crucial advertising is to your success. What many small business owners don’t realize, however, is that free or cheap advertising methods can be just as effective for promoting small businesses as the more expensive ones. Use these free or inexpensive advertising techniques in conjunction with your more costly mainstream marketing efforts to boost your company’s visibility and attract more business.

 Word of Mouth

A picture may be worth a thousand words, but a job well done is worth even more. No matter how much of a hurry you may be in, the finished product you provide for each customer, whether it is merchandise or a service, can either bring you additional business or it can send potential customers elsewhere. A happy customer will brag to his friends, relatives and co-workers about the good job you did – and each of those individuals will be inclined to call you when they need what you have to offer. Trust me when I tell you, word of mouth is the king of all advertising when it comes to the auction business. There is nothing more effective.

 Social Networking

Social networking isn’t just a way for you to keep track of loved ones and old friends. It also provides small business owners with valuable free advertising. Create a social networking page for your business and spread the word. As friends and family members share your business page on their own social networking pages, your company’s visibility will increase and you will attract new customers. Auction house owners don’t always think about using the Internet in this way. They figure they are not an online auction so what good is Internet advertising? It’s just as good, if not better, than the ads auction house owners consistently run in their local newspapers. Don’t look now, but print media, especially many newspapers, is on the decline.  Not so when it comes to the Internet, the Internet continues to grow every single day.

 Offer Freebies

Many businesses can afford to provide free sample products to their customers. This can be very helpful when it comes to convincing potential customers that your products are the right choice for them. Small businesses that provide a service instead of a product or products have to be more creative. Especially auction houses. Most auction houses don’t have a huge profit margin. They have to cover all of their expenses on just a percentage of their auction sales.

Auction houses that can afford it should buy promotional items whenever possible. Free pens, free note pads, refrigerator magnets – anything with the name of the business on it. With the right connections, these promotional items could even be bartered  – the merchandise for a no fee consignment.

Auction house owners are always attending other people’s auctions. If you own an auction house and you come across a deal on 500 of the same cookbook for very little money, you should buy them. You can use them as giveaways during your auctions. When someone spends $100 on an item, you could toss him/her a cookbook; or you could give a free cookbook to every new customer who registers for a bid card.

 Gift Certificates

Auction houses always have a problem getting their bidders to stay right to the bitter end. As an auction house owner, you could have a drawing for one or two gift certificates to be awarded at the end of each auction. You could set your own rules for qualifying. Some recommendations would include:

1. Bidders must be at the auction to collect.

2. Bidders must have made a purchase worth more than the face value of the certificate.

3. Certificates may not be redeemed for cash.

Even if the certificates are for only $10 each, it is an incentive that will help keep people in their seats longer.

 Build Business Relationships

Building business relationships with merchants and providers of similar products and services is invaluable to small business owners. Consumers often ask other merchants for recommendations when shopping, and you want merchants within your industry to recommend your company over the competition.

While free advertising doesn’t make up for adequate paid advertising, it’s still a valuable tool small business owners can use to attract clients and help their companies grow. Free advertising is particularly crucial for small businesses that are just starting out and do not have the advertising budget larger companies enjoy. By properly networking yourself and your business, you can increase your customer base and get your small business noticed in the community without spending a fortune.

01/24/2012 by Anne Benedetto

Category: Auction Houses, Small Business /
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