shagmidmod
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posted on June 20, 2009 09:16:19 PM new
I left the house this morning on a hunt for treasures at neighborhood garage saless. I didn't expect to have such great fortune today, but I found a rare Mid-Century Modern lamp at a garage sale for a whole whopping $2.00. It has a beautiful African mahogony base and the original Vellum shade on it which is completely intact minus the paper trim that once decorated the top and bottom edge of the shade. It is designed in 1951 by John Van Zweinen, and called a T-7-Z lamp.
Here is a link to one on Wrights Auctions:
http://www2.wright20.com:8080/4DCGI/Web_Individual_Lots/AHMM/164
This one appears to have the original shade, though it is not mentioned in the listing. There was another one that sold for $3000, but with a replacement parchment shade.
I am curious to know if anyone has had experience with selling through auction houses that have experience with such items. What are the commission rates, is it worth it vs. selling on ebay.
Any and all suggestions, comments, experience is greatly appreciated.
[ edited by shagmidmod on Jun 20, 2009 09:18 PM ]
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ladyjewels2000
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posted on June 21, 2009 03:06:45 AM new
Wow - great find. How in the world did you know what you had?
I contacted Rago about selling some plates for me but I haven't decided if I'll send them yet or not. I did everything by email. Their estimate was lower than I expected but that could be because of the economy.
The all-inclusive commission would be 21%, which covers all costs, including color photography, insurance and Internet fees. I'm sure different houses have different rates and the higher the sell price the lower the percentage.
This sounds high compared to ebay but then if the selling price goes higher, it could be well worth it.
I'm thinking of doing it just to have a connection with a good auction house in case I ever get something for which I can't determine the value or it truly just not an ebay item.
[ edited by ladyjewels2000 on Jun 21, 2009 03:08 AM ]
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shagmidmod
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posted on June 21, 2009 07:50:41 AM new
Truth be told... I didn't know it was that valuable. What is kind of funny is what made me stop at the sale was a big plastic toy box shaped like the Appollo space capsule. When I got out of my car I saw the lamp and went straight towards it. When I picked it up, the woman said, "$2 for the lamp". I said, "SOLD".
I own a Mid Century Modern furniture/collectibles shop here in Portland, so my first thought was to put it in the store. When I got home I opened my lamp book and found it in there, so I was able to identify the designer, model, and a brief bio. Ironic that it received "honorable mention" for good "inexpensive" design by MOMO in 1951. LOL. So much for being inexpensive now.
There is no way I could justify a big price tag on it at my store. Only a few customers would get it, and none would likely drop a few thousand dollars on it.
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shagmidmod
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posted on June 21, 2009 07:55:01 AM new
I also bought another designer piece at the sale, though not worth anywhere in the ballpark as the lamp. It is a Joe Columbo Boby cart. Got that for $5.00, will likely sell it for around $150 in our store.
On a funny side story... I had called my girlfriend who was working our store yesterday, and she said that Snoop Dog was across the street (he apparently had a concert in town yesterday). She had left the store briefly, and when I found how much the lamp was worth, I drove over to tell her. When I got to our store, she had left for a short lunch break, and there were 6 people outside waiting. I let them in, and in the next 30 minutes I sold almost $3000 in furniture! It was our best day for sales this year. Never did see Snoop Dog. LOL.
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pmelcher
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posted on June 21, 2009 10:50:12 AM new
WOW, great sales and what a find on the lamp. I would not know a good lamp at all but you did very, very well, now sell it for thousands!
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merrie
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posted on June 21, 2009 12:58:04 PM new
Great stories to help lift spirits on dismal sales and weather days (here in the east it has rained or been cloudy every day in June-21 days and still counting).
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otteropp
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posted on June 21, 2009 01:20:34 PM new
Please could we have some of your rain!
Here on Vancouver Island in the 'Rain Forest' we seem to have hit drought conditions like we did a few years ago. No measureable rain this month and we also had a cold but dry winter. Our nice green grass is turning brown and our plants need help.
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merrie
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posted on June 21, 2009 03:03:38 PM new
You can definitely have some of our rain. It has rained some days 2" in an hour. It is cloudy but dry so far for the last few hours, but is supposed to rain off and on all week.
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shagmidmod
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posted on June 22, 2009 04:23:13 PM new
I contacted Wright's for this lamp. They gave me a preliminary estimate of $3000-4000 with a $2000 reserve and 10% commission.
Love the commission rate, as I don't have to worry about credit card processing via Paypal, or any other charges.
They sent me the contract and I am going to look it over. Unfortunately, the auction isn't until October, but at least it will be just in time for the holidays! Hopefully it will sell, and sell well. I will keep everyone on top of it.
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max40
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posted on June 22, 2009 05:17:45 PM new
Smart move. eBay isn't the place for items like yours. There's a lot to be said for credibility of the auction house.
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shagmidmod
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posted on June 25, 2009 12:54:23 PM new
Now it is all about covering it with insurance to get it there. I got a retail value from the auction house of $7500 today (for insurance purposes).
Amazing. I'm still in shock over the whole thing.
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shagmidmod
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posted on September 28, 2009 08:12:48 AM new
The auction is next Tuesday... Hope it sells:
http://wright20.com/auctions/view/H9UO/H9UQ/306/LA/none/I29O/5#description/1/1
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pmelcher
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posted on September 28, 2009 08:29:28 AM new
Good luck, I have bookmarked the auction!!
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glassgrl
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posted on September 28, 2009 09:11:33 AM new
how exciting!
and HOW did you end up shipping it??
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shagmidmod
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posted on September 28, 2009 10:20:51 AM new
I used USPS Priority Registered Mail.
Lamp cost me: $2
Shipping/Insurance/Packing: $100
Go figure.
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ladyjewels2000
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posted on September 28, 2009 02:56:59 PM new
Are you going to the auction? That would be great fun. I hope it goes pass all estimates for you. Keep us posted.
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shagmidmod
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posted on September 28, 2009 03:57:19 PM new
I am a bit superstitious and have been trying not to jinx my luck. I hope it goes beyond estimate as well, but we would be happy with it just reaching the reserve in this economic climate.
This is the first time I have ever sent something to an auction house to be sold. It just seems surreal that a lamp like this is worth so much money.
Keeping my fingers crossed.
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hwahwa
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posted on September 28, 2009 07:11:33 PM new
years ago someone sold a Tiffany studio lamp for her aunt and it went for 13k.
That lamp would fetch 30k in a shop.
*
There is no 'Global savings glut',only wild horses and loose bankers.
[ edited by hwahwa on Sep 28, 2009 07:12 PM ]
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carolinetyler
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posted on September 29, 2009 03:55:10 PM new
That lamp is stunning! I can't wait to hear how the sale goes.
~~~~~~~~~~~~~~~~~~
 Caroline
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shagmidmod
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posted on October 7, 2009 08:17:38 AM new
$2500 was the hammer price. Bummer it didn't hit the estimate, though looking at some items it looks like a pretty crazy auction.
One mirror (lot#299) estimated at $2000-3000 went for $10,000. I have sold many pieces from the artist who did this mirror... just not this mirror.
So, the rundown is this. Wrights charges me 10% consignment. A real value. The buyers premium is 25% (ouch!). So, the buyer of our lamp actually paid $3125, the mirror $12,500.
We had hoped it would go for more, but for a $2.00 lamp I have no complaints. Honestly, it blows my mind that this lamp was worth that much to begin with.
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max40
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posted on October 7, 2009 09:19:51 AM new
Not a bad mark-up percentage. Congratulations!!!!
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pmelcher
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posted on October 8, 2009 03:34:52 AM new
WOW, pretty exciting!! Congratulations!!
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