2.6.11

Rich yet counting dollars

 
Palos Verdes, California. Population: Approx. 42,000. Median household income: $95,000. It's zip code, 90274, was US' 47th most expensive zip code in 2007 according to Forbes.com. To Lesley Tanchum, this was the perfect place to set up her art gallery/shop that sold/consulted/framed art affluent consumers that appreciated the value of art.

Much to her surprise, it was everything but. "The mindset of these people was far from what I expected." She described the residents of Palos Verdes to be 'avid negotiatiors' and 'conservative' with their spending, always looking for a bargain. Customers that come into her store wanting a piece of art to be framed often try and haggle the price down to a number that they can find at a mass market shop, saying things like, "wow, $100 to frame this? I was looking online and saw that you could frame this for $20 less than this amount." The irony is astonishing to her, as she quoted that it was "funny seeing how people would drive up to the store in their Ferrari's yet come in and ask to pay the lowest price for a frame."

And if anything, the recession has only made this worse. Lesley's sales are down nearly 50-80%. Residents of PV are spending less money on art. And if they are, they come to the store saying, "my husband will kill me if I spend this money..." or something of the like. 
 

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