Planning an art gallery liquidation sale
An art gallery may organize a business liquidation sale without contracting with a professional estate or business liquidation company. Fine art is the primary inventory and may include paintings, drawings, sculptures, as well as a number of other mixed medias. There may also be gift items, such as prints, greetings cards, and other art-related products. The last days of a going-out-of-business sale may also include operational tools that belong to the art gallery owner. These might include new and used frames, mats, display counters, gift-wrapping equipment, cash registers and other miscellaneous business items.
Instructions
1. Consult a local attorney. The business may be subject to business dissolution administrative requirements in the state of operation. For instance, this may be the case if the company owes creditors at the time of an intended business liquidation/dissolution.
2. Send art liquidation sale information to loyal customers. They should be the first parties to receive notice from an art gallery. Send a letter and/or email to everyone on the gallery's customer list. Set up a special viewing day for loyal customers that allows them to get in on the art deals before liquidation prices are offered to the general public.
3. Contact competitors and art dealers. Call or send a letter to curators at local museums if the art gallery carries fine artwork that may be considered collectible by museums. Also, contact colleagues and other art gallery owners about the going-out-of-business sale. This may be an opportunity for them to purchase a certain quantity of inventory that can be considered under a bulk rate or reseller rate.
4. Advertise the business liquidation sale. Print going-out-of-business signs. This can include a window sign, a sidewalk sign, as well as fliers. Additionally, advertise in industry publications, such as local art-related newspapers and magazines, as well as in business-to-business art industry journals.
Tags: business liquidation, liquidation sale, business liquidation sale, going-out-of-business sale, loyal customers, that considered
