How would you explain the unexpected outcome of that auction held at the Sheraton New York Hotel and Towers in Manhattan November 14? News about the auction was in all the papers. It's the one where items seized from convicted swindler Bernie Madoff and his wife by the United States Marshals Service went on the block. A blue Mets jacket, looking very much the same as many other blue Mets jackets, sold for $14,500. A pair of earrings for which the maximum expected bid was $9,800 actually sold for $70,000.There are retailing lessons in the entire Madoff episode. For instance, a St. Louis businessman who successfully bid on bracelets for his granddaughters said his message to go along with the gift will be, "If it's too good to be true, it's not right." Remember that epigram when dealing with your vendors.
Another set of lessons applies to publicity. Oscar Wilde, the Irish poet and playwright, wrote, "There is only one thing worse than being talked about, and that is not being talked about." My explanation for the unexpectedly high bids on the Madoff items is that especially in individualistic cultures like the U.S., consumers are fascinated with famous rascals.
When the retail personality you aim for includes "exciting" and your target markets include people from individualistic cultures, publicize how your business tests the limits. Tell people about your rascal retailing image.
Still, there are limits on our fascination with testing limits. In general, consumers prefer not to think about conducting retail transactions with convicted criminals. One of the items that did not fetch more than was expected in last Saturday's auction was a Rolex watch which got its nickname because it was sold on credit to a British POW during World War II. The nickname was "The Prisoner Watch."
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