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If you are in the horsey set, and own a race horse that your colleagues have often admired, and previously offered to buy from you, you are in a much better position to unload it than if you inherited a horse, know little or nothing about horses or the horsey set, and now want to sell it quick with an ad in Craig’s List….
Same is true of art, antiques, guns, cars and I suppose watches or rare coins–or any “hobby” item….
Thus, the bottom line is if you are “into” something (like Rolexes or handmade Swiss watches!) and if you enjoy hanging out with like minded individuals –then of course you are in a niche market. You enjoy owning and trading the product.
You get to know know the business and many other individuals with similar interests. As a result, you can buy and sell at a good prices.
Usually there are (interesting for them!) events for these people where they can get together…
I once knew and still know people who collect old wine, Gibson guitars, very weird quasi-extinct chickens, Stradivarius class violins etc…
One guy in Thailand spends all his time with singing doves. He sold his champion at $26,000! Still others raise pot bellied black pigs, tortoises, and midget horses. Every one of them think that their collections or animals are the main raison d’etre (reason for living)
They can’t understand why others “outsiders,” often do not feel the same passion that they do……They exist in a rarefied world where their cohort collectors or enthusiasts are all also passionate.
So bottom line: If you feel passionately about anything and also want to use your passion and expertise to make a living, of course it can be done. But aside from art dealers, only a very few individuals into ‘collectibles’ make serious money, or even try to –in connection with their passion. The exception is high ticket collectibles. Like what? Like race horses, art works, yachts, maybe rare coin & furniture collections.
In these fields, collectors may spend millions. Dealers like “Christies” or Phillips put on multi-million dollar auctions and make them social events reported in the Society Magazines.
I personally think there are better options when it comes to making serious money but “to each his own.” As Shakespeare said, to paraphrase, “We are all poor players who strut and fret briefly on the stage of life”
So….If you are doing what you love, AND INTERACTING WITH PEOPLE EQUALLY NUTS about the same things, you are better off and having more fun than I’D GUESS 98% of the people….
Post your comments, thoughts, related personal experiences, corrections or questions below.