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    4 Replies Latest reply on Oct 14, 2007 12:30 PM by WEBillions

    Getting into the antique business???

    teacup Wayfarer

      I am by no means an antique expert. I have one antique in my entire house. A friend of mine who runs a gift store, was approached by one of their trusted suppliers - who happens to be in the Chinese antique furniture business for many years, but is now forced to leave the country. Long story short - - there's an opportunity for me to purchase their warehouse of antiques at cost or to put their items on consignment. I hate to pass up a good opportunity, however my friend & I know nothing about Chinese furniture antiques.

      First question that popped up in my head: What if this stuff is all reproduction? Second, how profitable is the antique business? Can a novice get into this business? Or am I just asking for trouble, and I should just stick to running my own businesses vs. venturing into new uncharted territory. Please advise.
        • Re: Getting into the antique business???
          LUCKIEST Guide
          I am sure that the antique business can be very profitable.
          Starting or in your case purchasing a business takes motivation, desire and talent.
          it also takes research and planning.
          To increase your chances for success, take the time up front to explore and evaluate
          your personal goals. Use this info to write a business plan that will help you reach these goals.
          Do you have an Accountant?? What is the value of this business??
          What is the turnover?? Owning a warehouse of antiques that do NOT sell can be costly.
          How soon do you need to make a decision??
          Lots to think about. Good luck, LUCKIEST
          1 of 1 people found this helpful
            • Re: Getting into the antique business???
              teacup Wayfarer
              Thanks for your advice Luckiest. Today, I am going over there to view the antiques and plan to ask the seller if I can bring an appraiser or borrow a few pieces to bring to an appraiser. I will keep the community posted. Thanks again for your support.
                • Re: Getting into the antique business???
                  DomainDiva Ranger
                  Do NOT ASK the seller if you can bring an appraiser. Bring one with you. If the deal is on the up and up, the seller will have no problem with a professional offering you advice. If the seller is in any way shape or form reluctant to let a professional look at the merchandise run... don't walk away from this deal.

                  You will want the professional to look at each peice you purchase and to perhaps issue some kind of authenticity statement as to the condition of the inventory..that way if you need to borrow money to expand the business you will have something with which to gauge the value.