Jewelry Auctions Help Move Old Merchandise

On a recent trip to a strip mall near my home, I observed a banner display advertising a three-day silent auction at Lester Martin Jewelers. I stopped into the store to find out more, and vice president, Martin Pearlmutter, told me the reasons for his auction: to move dated merchandise and to donate funds to a local school.

To accomplish his goals, Pearlmutter placed 270 pieces of old merchandise in store cases, pricing most items at the wholesale cost, give or take. He charged a $5 per-item fee just to bid, and those monies went directly to the school, in addition to 10% of total revenues from the event. Pearlmutter told JCK that if he “moved half of the merchandise at the opening bids,” he’d be happy. Advertising consisted of spots in a local, free shopper’s guide, lawn signs placed along nearby, heavily trafficked roads, post cards mailed to 7,000 homes, and nearly 800 emails.

Day-by-day bids were as follows: 36 bids on the first day, 71 bids on day two, and 125 items with bids on day three. After the auction ended, the jeweler made a $2,000 donation to the school. Pearlmutter said he’d consider trying the auction again, but perhaps with a different charity that hits a little closer to home. All in all, the buzz created from the event was good, helped ring up sales even after the auction ended, and “gave us a good November,” says Pearlmutter.

Shown in the photo from left to right is Martin Pearlmutter, vice president, and Lester Abramson, president, Lester Martin Jewelers, Flourtown, Pa.