Confessions of an Amateur Antique Dealer

Amateur Antique Dealer Rotarian Stephen Slinn Milton Keynes Grand Union Rotarian Stephen Slinn gave a presentation to a breakfast meeting in July 2005 entitled "Confessions of an Amateur Antique Dealer." Stephen explained that he was due to retire in the not too distant future after spending 46 years in the printing business and was now looking for a new challenge to keep both mind and body active in retirement. As such he considered himself just to be an amateur in the business, but hoped to aspire to professional status with time. Confessions referred both to the early mistakes made whilst acquiring stock and the people encountered in the antiques trade ranging from some very nice ladies and gentlemen to some less reputable individuals passing off reproductions as original antiques. Interest in antiques developed as a result of watching television programmes such as the Antiques Roadshow, Flog it and others. The business of antiques trading is frequently synonymous with collectables and hence the trading name of the new venture became Peartree Antiques & Collectables.

The first stage of the process was to learn as much as possible about the business and this was achieved by reading extensively, visiting antique fairs, talking to dealers, attending antique auctions and researching on the internet.

Stock had to be purchased always bearing in mind that before a purchase could be made, the likely selling price had to be firmly fixed in the mind. Antiques do not have a recommended retail price and it is essential to haggle with dealers before agreeing a price. This is very normal in the business and if trade discounts are not available, then it was better to walk away.

The selling price of an antique is a function of its age, condition, rarity and desirability. There are many reference works that give a guide to price, but experience very quickly gives an indication of the correct price. Visits to fairs, auctions and antique centres will re-enforce the opinion and a final check can be made by visiting the web site of the leading antique journal, the Antiques Trade Gazette.

Antiques can also be purchased from car boot sales, although this involves getting there extremely early and in spite of several spectacular finds in the past it is getting increasingly unlikely that this will be repeated too frequently as the traders become more knowledgeable. Antique Fairs are another source for buying although most transactions take place between dealers present before opening to the public. Some bargains with large discounts towards the end of the day are possible if the dealer has had a particularly torrid sale and is anxious to recover the costs of being there.

The most popular method for acquiring stock is the antique auction. Great care is required and caveat emptor should be firmly impressed in the mind. It is essential to view the lots in person before the auction and do as much research as possible. Most auction houses publish their catalogues on the internet well before the sale. The absolute golden rule is to decide the maximum bid before the auction and then stick to it rigidly, The auctioneer will do their very best to elicit just one more bid before the fall of the hammer. Resist the temptation at all costs because the end result may result in a purchase which cannot deliver a return on sale.

All auction houses now charge a buyer's premium which is normally about 15% of the realised price. This premium can attract VAT, therefore when fixing the maximum price to bid, it is necessary to take account of this additional, approximately 18% charge. If an item fails to sell because it has not reached its reserve price, it is worth visiting the auction sales office to see whether a deal can still be struck.

Internet auctions, such as eBay, are another possible source for stock buying. This is a fairly high risk strategy because the item will not have been viewed prior to the sale, and it is not unusual for the lot to be wrongly described or the condition not accurately stated. Although returns are possible it is inconvenient and there have been many cases of fraudulent dealing where money has been taken and goods fail to arrive. Although a typical eBay auction lasts for 9 days, the most frantic bidding normally takes place in the last few minutes before it closes.

Antique shops and centres are another source, but it should be remembered that buying at retail prices is unlikely to deliver an adequate return on re-sale. The benefits are the knowledge of the staff and the ease with which returns can be made should this be necessary.

Buying from private vendors can be fraught with problems if the vendor has had the item valued for insurance or probate purposes. The problem is that the dealer will only offer a price at which the piece can be purchased by the trade which may lead to the vendor becoming disillusioned and labelling the dealer as a rogue. Some members of the public do not realise that dealing is a business with overheads and costs that have to be recovered together with the capital that can be tied up for some time until a sale is made.

Selling is possible at all of the above options. The speaker chose to sell at antiques centres where space can be rented and commission is payable on all sales to the owner of the centre. Because the speaker only deals in small items, lockable cabinets are used and ownership of the stock remains with the dealer until the sale. The dealer is responsible for maintaining the stock level and pricing, but the centre provides suitable sales staff and normally offers seven day trading with credit/debit card services. The speaker currently uses three selling sites located in the antique centre in Olney, the antique cellar at Brackley, and Reindeer Antiques at Potterspury.

Early on the speaker realised that it was advisable to specialise because nobody is likely to become an expert in the entire range of antiques and collectables available. The specialisation chosen was the work of the Doulton Potteries which later became Royal Doulton. The first pottery was started in Lambeth, London which continued from early Victorian times until 1956. The second pottery was established in Burslem, Stoke-on Trent and this only closed this year, with production now transferred to the far east.

The Doulton story is a classic Victorian rags to riches tale with the founding member, John Doulton, seizing the opportunity to manufacture underground pipes for the sewage system in London and disposable pottery containers for medicines, ginger beer, ink and other uses. He invented the technique to glaze the pipes on both the inside and outside which prolonged their life and some are apparently still in use in parts of the City. It was the second generation, Sir Henry Doulton, who really developed the company and was persuaded to take students from Lambeth School of Art to create his now famous range of stone glazed vases and pots. These were often signed by the artist and impressed on the base with information leading to fairly accurate dating. It was these items which resulted in the company receiving its Royal Warrant in 1901 from King Edward VII. The full story is available on the speaker's web site.

In closing the speaker made the point that when buying antiques condition is of paramount importance. Antiques are unlikely to prove a good investment in the short to medium term although they can give the owner tremendous pleasure. The popularity of various items fall in and out of fashion. At the present time, brown furniture sales are going through a tough phase which means that it is probably the best time to make acquisitions. Popular ceramics such as Troika pottery and Clarice Cliffe items are probably at their peak, but are still enthusiastically purchased at relatively high prices.

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