If you're a flea market fan, this rough economy is good news/bad news. Last fall, when I was researching New York City flea markets, the manager of the Green Flea on the upper west side filled me in on the micro-economy of fleas: when the economy is flush, even the marginally-employable can get a job; when it tanks, those who want to avoid a job at Starbucks sell at flea markets instead.
There are more deals to be picked up at consignment shops as well. An article in today's New York Times, "When Conscience and Closet Collide," noted that more women are selling and buying at resale shops (they recommend Michael's on Madison Avenue). One woman relates how she has consigned her expensive purchases, including a Balenciaga handbag, because "I like seeing that little bit of extra cash."
When your house is being repossessed and you can't afford to store your furniture, what to do with it all? Sell it at auction, of course. The Flint Journal had an article in March called "Bad economic times are good for auctions." Economist and industry analyst Tom Kontos says "When economic times get tough, when there's more defaults and bankruptcies, there are going to be more automotive repossessions as well."
I would love to see the flea markets, resale shops, and auctions swell with more and better goods. And putting cash in the hands of someone down on their luck is a happy thing. Still, the idea makes me queasy. If you happen upon a 40-ish woman selling a bunch of Danish art nouveau porcelain . . . stop by and say "hi." That will be me.
Kristi, just caught this good piece. It reminds me of what an Electrolux executive told me 25 years back - recessions were good for selling high priced vacuums. Buyers weren't more eager to spend, but there were more part-time salepeople pushing harder to sell them vacuums. If the economy continues to drag, it will be interesting to see how this affects the mix at auction houses.
Posted by: Tom Curran | Wednesday, July 23, 2008 at 08:31 AM