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MSA FORWARD VIRTUAL 2021 Conference Education Session Recording

Success with Consignment Vendors: Incorporating Local Artists Into the Store Mix Can Help Build Community Support and Build Store Profits With No Initial Investment. Sponsored by: Quilling Card LLC

Presenter: Aylin Tito, Boca Raton Museum of Art

Knowledge Standards: Business Relations, Financial Management, Operations, Merchandise Planning, Social Media, Strategic Management, Visual Merchandising, Communications

Session Description: Our store has seen lots success with incorporating relevant local artists as consignment artists. In speaking with other Museum Store professionals, we discovered that many struggle with the business management and relationship management of consignment vendors. This presentation will discuss how we go about selecting the artists (to ensure that they are relevant to the Museum’s mission). The presentation will demonstrate the importance of thinking ahead about your requirements. This proposed session will also discuss the importance of having all artists on a consignment agreement that clearly discusses payment terms, length of agreement, separation terms, etc. Laying down the rules of the agreement and periods makes the partnership seamless with no awkward “break-ups” of poor performers. Additionally, the presentation will have a section on “how to” easily manage the inventory, payments, and replenishing stock with the consignment vendors on a monthly basis. Most local artists are great at self-promotion, and the prestige of being part of a museum store. Social media cross-promotion is a very easy form of free advertising that come naturally during these partnerships. Additionally, the local artists are able to do special shopping event opportunities such as trunk shows, or signings. Mainly, opening up some store space to local artists really helps build community support. Visitors (especially tourists) love to take home an original piece of art from your Museum to remind them about their visit. This also helps supports the artists in the community, and the best part is that there is no up-front investment or risk in providing these unique and carefully curated items in your store.