I get asked most weeks about pricing when it comes to vintage.
Mostly from people wanting to start their own company, wondering how it all works.
Others just keen to know how much I get my clothes for
It's hard to give them a firm answer...but here it goes.
Sean Wotherspoon, the godfather of vintage in the US, once famously pulled a bootleg Tupac shirt from a clothing bin for $2 and sold it for $700.
If you haven't got familiar with him already I strongly recommend you listen to him on the Business of Hype poddy.
Anyway, he talks about some vintage items being priceless, and how his price guide relies on the idiosyncrasies of each buyer.
Basically what that means is if you're into The Rock, you'd pay a fuck load more for a vintage WWF tee than someone who doesn't like the bloke.
Nostalgia is both what draws people to vintage and dictates price.
Circling back to me and how I apply this for Vintage Kit, it's two pronged:
1. I am running a business, so I try operate of consistent margins where I can.
I aim for mark-ups to be around the 60-70% mark give or take.
2. Feel. What I would pay for something.
I've always said I never sell something I wouldn't rock myself - nor would I sell something I wouldn't buy.
The margins get murky the second I physically get my hands on each individual item.
My supplier sends a pic, and something I feel is worth $70-80 quickly becomes worth $50-150 depending on quality and fit.
Every piece tells a story, good or bad, and that's what dictates price.
And it's also something new clothing manufacturers can't replicate: time.
If someone is willing to pay $999 for a tee, then that's what it is worth.
But if like me you're trying to run a business, you have to be a bit more pragmatic with how you price your items.
Market research is a good place to start, but learn to love what you're selling.
If you truly know and understand your products pricing will become second nature.
Do your homework. Become obsessed.