OK, so maybe I did low-ball on the Louis Vuitton luggage owned by the classic film star, Lauren Bacall. Hmm, to have or not to have in the store... Pricing was the real issue here. I believed Barbara Bogart when she said it was the real deal, but that doesn't mean the buyer is going to be convinced and take our word for it. (By the way, being the daughter-in-law of legends Lauren Bacall and Humphrey Bogart, I doubt I intimidated her! Though maybe I did... ha!) It wasn't exclusively designed for Lauren Bacall or autographed by her. It was simply monogrammed LB, which to the average person walking in off the street, might mean Lucy Brown!
With that in mind we agreed that $800 was fair. $700 is about a third of its estimated retail price of $2,060, and $800 isn't too far off of $1,000. When pricing there are two schools of thought. Price it higher and the item languishes on the shelf and attracts more of its kind, or price it more reasonably and the item moves and makes money for the store. I was thinking the latter.