Looking for thoughts and advice on setting up a new local show
The_Dinosaur_Man
Posts: 1,060 ✭✭✭✭✭
Per the thread title, my wife and I have been actively discussing using a venue within her workplace to set up a coin show. Down in Southeastern Massachusetts, we only have one show that runs roughly every three months on a fifth Sunday. All other shows are over an hour away.
The venue space can support 10 to 15 dealers, possibly more depending on how the tables are arranged. Getting power cords to all the tables shouldn't be an issue.
The catch is this: the venue would be a local museum, which has a $10 admission fee. Visitors would also be able to enjoy the museum's collection while browsing the show. The fees are standard fares for the museum, regardless of any hosted event.
What are your thoughts on this? Can a new, smaller show function with such admission costs?
*Edited to remove museum name, wife's request.
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Comments
I'm relatively local to you, but I wouldn't go to a show like this and pay that admission fee. Certainly, others would, but it isn't for everyone and I don't know that you will make up the lost, hardcore coin folks with casual, museum goers. Also, what would security be like in this venue if you were to set up a show?
In honor of the memory of Cpl. Michael E. Thompson
Too high of an admission charge for too small of a show.
Over the years, I've heard too many collectors crying about a 4 dollar entry fee, let alone 10.
Certainly something to consider !
Coin collectors are a cheap group. They don’t like admission fees, especially for a show this small. Here in Tampa a promoter, with big ambitions, tried to start a major show.
He was able to get a fairly large group of the major, national dealers, but the show failed because of poor attendance. One of the big reasons was high overhead for those who attended. Parking was over $15 a day, and he had a full show multi day admission fee of $15.
To make a show work, you should avoid admission fees, provide free parking and hold it on a regular basis, like the “X” Sunday or Saturday of every month. You need more than 10 to 15 dealers. Thirty or more would be more like it. You need active dealers who are constantly flipping their inventory. Going to a show and seeing the same dead stock month after month will kill it.
Having once lived in Massachusetts, I know you are up against a show promoter who has been around for many years. He bought his shows from the late Tom Lacey who established them. He has a lot dealers committed already. So getting them will be tough. I think you will have to rethink your venue and business model.
Why that venue?
Isn't admission potentially negotiable? Could you roll a bulk admission fee into the space rental?
A $10 admission fee for a 10-15 dealer show is not going to work. I would be hard pressed to attend any tiny show even if it was free.
$10 admission fee equals no collectors attend. Your idea will not work.
With a $10 admission fee, it will be difficult to get dealers to commit to the show. A coin club I was previously in had a show with no admission fee and it was difficult to get 15 tables sold. BTW, our breakeven point was 14 tables sold, there are a lot of costs including hall rental, security, advertising, etc.
My suggestion is (1) that you look for another venue that will charge no admission fee, (2) that you then try to find the appropriate number of dealers, (3) that you also figure out who you will hire as your security person. Once you have accomplished these three things, you will be on your way.
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Creative, cool thinking. I applaud your idea and I would probably go . . . but I concur with the majority of your opinions above . . . . . the cost would kill it.
Drunner
I appreciate the feedback. The comments are in line with what I was expecting and I'm satisfied to hear them from this group. I do not agree with an admission price either. Regarding security, I am aware of local police detail rates and that would be the route I would go. The venue itself would be different from most shows with it being inside a museum and is already the setting for lectures and related events. The thought of having a coin show there was with the intent of diversifying the use of the space and helping it make it more attractive for more visitors in the future.
I still would love to set up a show in my area to fill the void. There is a good number of collectors and dealers nearby and I want to do my part to keep this hobby going.
Custom album maker and numismatic photographer.
Need a personalized album made? Design it on the website below and I'll build it for you.
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