Philanthropy | Consigning for a Cause: The Exchange Turns Second-Hand Goods into First-Class Arts

By Sylvia Whitman | Photo by Nancy Guth | July 2022

Many know the fun of treasure hunting in The Exchange, the sprawling consignment shop at 539 S. Orange Avenue in Sarasota. But less well known, according to CEO Karen Koblenz, is the nonprofit’s role in supporting the arts of the local community. 

“With our ever-changing and growing population, I am always delighted to share the history, mission, and impact of The Exchange,” says Koblenz.  “The organization does so much good in so many ways. Our primary purpose is to support the arts of our community. We give away grants as well as scholarships, grants to local art organizations and scholarships to students who are pursuing higher education in the arts.” 

Since the organization’s founding in 1962, those awards have totaled more than $9 million. No capital campaigns, no endowments—The Exchange­ “gives money toward programming that the community can enjoy,” says Koblenz. This year’s disbursement of $310,500 is funding organizations ranging from the Arts and Culture Alliance (for the Inspire Sarasota! family festival) and Circus Arts Conservatory (Sailor Circus Academy Holiday Show 2022) to the Manatee Concert Band (2022-23 Neel Concerts), Sarasota Opera (Sarasota Youth Opera, The Secret World of Og), and Westcoast Black Theatre Troupe (2022-23 main stage season). The scholarship portion is supporting four high school and 11 college students.

Unlike many nonprofits, The Exchange raises less than 10% of its funding through gifts. With the help of about 265 volunteers and a staff of 21, the consignment operation generates the money, creating a ripple effect. “We pay our consignors a higher percentage than most consignment stores—60 percent,” says Koblenz. “And with over 5,000 active consignors to whom we pay more than $2 million annually, as that money is spent it further benefits the community.”

A Not-for-Profit Big Business

In 2016, the Sarasota Chamber of Commerce named The Exchange its “retail business of the year.” The nonprofit’s commercial model is no happenstance. Led by Elizabeth “Liz” Lindsay, a trio of women were looking in 1962 for a sustainable way to support the Florida West Coast Symphony Orchestra. A daughter of an engineering professor, Lindsay had earned a B.S. degree in construction before marrying into the family that owned the Sarasota Herald-Tribune. As the fledgling nonprofit grew, it moved six times before buying its present site in 1969. The bank asked the women for guarantees from their husbands—common practice in those days. But as Lindsay told Scene in a 2012 interview, she refused. Look at the worth of the business, she said.

Lindsay, who died earlier this year at age 96, served on The Exchange’s board for 60 years. Her love of theater, particularly Asolo Rep, showed up in the expansion of grant making. So, too, did her belief in education. In the late ‘70s, The Exchange began underwriting local students who aspired to careers in the arts. Lindsay herself returned to school in her fifties, in the inaugural Executive MBA class at USF. In honor of her six decades of devotion to local arts, this year The Exchange is awarding a special $60,000 grant to Asolo Rep for its 2022-2023 season. Although details have not been finalized, says Koblenz, the board is planning to establish an “Elizabeth Lindsay Arts in Education Grant Program” focused on instilling and fostering love of the arts in grades K-12.

As The Exchange grew during the last decade, the board recognized that a store expansion was necessary to accommodate its growth.  They started building a cash reserve to launch the expansion effort, and in 2017, the organization purchased an adjacent Short Stop convenience store and another parcel, converting the space into a furniture department and a volunteer/staff parking lot. That store expansion, plus a store remodel, required an investment of approximately $3 million, which was funded by its reserves and a five-year business loan.  Despite the 2020 pandemic mandatory shut down, The Exchange paid off the loan three months early. It was a testament to its many loyal shoppers, consignors, and volunteers who understood the mission of The Exchange and its impact, that the organization was able to weather the economic hardship many businesses suffered during the pandemic and stay ahead of its expenses.  It is because of this expansion growth that The Exchange is now aiming to award a total of $500,000 annually in arts-related grants and scholarships.

The Exchange sells close to 13,000 items per month, from zippered red Angel Steps Shoes boots ($13.49) to paired bronze Singha Temple guardian foo dogs ($413.95) to a handmade wool Pakistani Serapi rug ($11,663.99). Prices drop at regular intervals, an automatic tiered markdown reflected on the tag. Most consignments sell within the first month, but Items that remain unpurchased in the store for more than 60 days are donated to The Exchange, which in turn donates these items to Pines of Sarasota or the Salvation Army. 

The highly experienced and discerning team at The Exchange accepts items Tuesday, Wednesday, and Friday, from 8:30 am to 12:30 pm, and on any given morning, 200 consignors may show up. High-end art, jewelry, and furniture require preview photos and an expert going-over. 

One-of-a-kind treasures even make news sometimes. “We once had a painting from the Elvis estate, and that hit all of the media,” says Koblenz. Shoppers lined up outside the store. “It sold within minutes.” A fun moment, she recalls. 

On another occasion, a young man saved the money to purchase a $20,000 championship ring.  It took a bit of time for the young man to save the money, so the consignor pulled it back until the young man could afford it. After he bought it, he donated it to another nonprofit. True kindness all the way around!

The eclectic inventory has put The Exchange on the map even as a tourist attraction. And its mission draws celebrity shoppers, says Koblenz, as well as arts-loving volunteers and consignors. Some of them have children “who have accomplished great things and have big names” in music, drama, and fine arts. “There’s just a lot of kindness and generosity in this world,” says Koblenz.

Volunteer Voices

Barbara Colwell: “When I moved to Sarasota, I was looking for a way to be involved in a program aligned with my passions. I was attracted to The Exchange for its mission to give to the arts. Our family’s lives revolved around the arts since the children were very small—dance, theater, singing—they have been performing since the age of three.  Of my four children, two of my daughters became professional dancers. The next best thing to watching my daughters perform is volunteering at The Exchange. Knowing my efforts at The Exchange work toward the success of other aspiring performers and my work assists in supporting the arts is rewarding. I am happy to be a part of this wonderful organization!”

Per Rasmussen: “Volunteering at The Exchange introduces you to so many people, both fellow volunteers and customers. Every day is a joy!”

Grace Riker:“The Exchange has been a Sarasota landmark for opportunity; for the arts, education, shopping, and volunteerism. There is goodness in everything it stands for.”

Diane Page: This volunteer at The Exchange toured with The Cars in the 80s and sang background vocals for The Lace, the only solo studio album by American rock and roll singer Benjamin Orr of The Cars.

Janet Zinner: Another volunteer at The Exchange, Janet is the mother of Nick Zinner, a record producer and guitarist for the New York rock band Yeah Yeah Yeahs.

Rowan Marsh: “’Do what you love!’ This is a great exhortation of parents to their children and to hopefully to themselves about their own lives especially once their children are leading their own lives. Lucky parents enjoy fulfilling careers.  Even luckier ones enjoy watching their children bloom in their careers. The ‘love/luck’ duo has blessed me all my life. As an entrepreneur, I was lucky enough to retire at the age of 47 from a career I loved. What a gift! 

Multiple volunteer gigs in the last 25 years have opened so many new worlds of interest and kinship for me. A drop into The Exchange on a visit to Sarasota, we knew this was the town for us! The Exchange is a very fun, well-run place in support of artistic venues and people. My world!

Within weeks we had bought a house and I had signed up as a volunteer at The Exchange…To know that one’s, albeit small, participation helps to provide hundreds of thousands of dollars each year to Sarasota’s arts community is a joy. Not to mention the great pleasure it is to meet so many other very accomplished people busy volunteering here too!” 

Rowan’s children are entrenched in the arts. Her son is actor Patrick J. Adams, who had the lead role on the TV series Suits, and is currently on Broadway in the multiple Tony award nominated revival of Richard Greenberg’s Take Me Out. Her youngest daughter, Ariel Adams, has been featured in multiple publications as one of Canada’s top chefs. She has been invited to audition for Canada’s Top Chef competition. Her eldest daughter, Meredith Adams, is a happy blend of entrepreneurial and save-the-world spirit. Her company is busy installing windmills and solar panels all over Haida Gwaii (the Queen Charlotte Islands).

According to Rowan, “My “love/luck” cup runneth over!”

FOR MORE INFORMATION about The Exchange, call 941-955-7859 or visit sarasotawex.com.