Walt Kolenda, better known as Auction Wally, appraises an antique print at the Readsboro, Vt. Historical Society's Antiques Appraisal event.

Walt Kolenda is a busy man, indeed.

Probably better known as “Auction Wally,” Kolenda has turned his love for and knowledge of auctions, antiques and appraisals into a highly successful—and enjoyable—business.

Born and reared in Pawtucket, Rhode Island, Kolenda now makes his home in Barre, Mass., where he hosts a radio show, publishes a newsletter, writes a national auctions-and-antiques column for The Examiner newspaper, manages a free online appraisal archive, and—in his spare time—works as an auctioneer.

In an interview with WorthPoint, Kolenda said that antiques and auctions have always been a business for him—not just a hobby.

Kolenda always has an eye out for something that will be of use in this radio show, newsletter, national newspaper column, appraisal archive and auctioneer business.

“I began by selling some personal items, like records and books, to shops on the East Side of Providence. A couple of book dealers taught me what to look for and told me what they’d buy and for how much, so I started picking up more of it, and branched off into glass, jewelry furniture and then anything thought I could re-sell at a profit. I really became a picker right away in the business, and still consider myself to be one.”

We asked Kolenda how important the Internet had been in developing his business.

“It wasn’t that critical in developing the different lines so much, but was a huge boost to my overall bottom line. Now, instead of every item going to a wholesaler, I get my inventory directly into the hands of collectors, or, if not collectors, then at least to dealers who will pay more than what I was used to getting.”

Kolenda says that the many charity auctions he does are both fun and important: “Like a lot of auctioneers and antiques dealers, I do events for local charities, libraries, community centers and other non-profit groups.

“The most unusual events I’ve done were two ‘Llamas for Ludlow’ auctions in Ludlow, Vermont. The first was for about 35 full-sized hand-painted or sculpted llama statues. There were llamas on a wide range of themes. I even sold Boston Red Sox and New York Yankees llamas. The Yankees llama beat out the Red Sox llama by about $500.

“The highlight was a llama made with thousands of tiny pieces of stained glass. It went for $10,000,” Kolenda said. “It was a fun sale, and we grossed more than $80,000 for ‘Streetscapes of Ludlow,’ a non-profit art organization.”

Kolenda says his business rode out the recent Great Recession fairly well. “Much better than most businesses,” he said. “Prices are down a bit, but because so many people are liquidating, there is more activity than ever before.”

As for the major trends in the auctions and collectibles business in 2010, Kolenda says that “the public waking up to the fact that antiques and collectibles are much cheaper than their current counterparts.

“It’s a myth that the average antique is priced exorbitantly. Sure, an authentic Chippendale highboy can cost many thousands of dollars, but there is an enormous amount of nice, solid late-19th-century oak furniture passing the auction block for less than $100 a piece! If you go later into some of the very well made 1920s to ’40s mahogany pieces, you can get many of them for $50-$75 each.

“I think people are finally catching on that the particle-board furniture at the big box stores, accessorized with cheap sheet metal and plastic lamps set on wafer-thin rugs that curl up at the edges is not a bargain at any price.

“Most of these shoddy goods break or wear out long before the credit-card payments are complete. You can still get new furniture that is of equal quality to antique furniture, but it’s not at the big box discount stores, it’s at fine furniture outlets.

“I was in one such place recently that had beautiful, high-quality spindle-back benches for $1,000, solid oak and mahogany dining room sets starting at $3,500, and bedroom sets at about the same price. So you can furnish your house with quality furniture that will match the workmanship of many antiques, but for an average home, you’re probably looking at a cost of $35,000 to $50,000 for a full-house of furniture and accessories.

“Or, you can be patient, pick your battles and have fun at auctions, antique shops and flea markets. A savvy buyer can get a house-full of furniture and accessories for less than $3,000. You won’t be able to order it from a catalog and pick out exactly what you’re looking for, but for people who love this stuff, the thrill is in the hunt. Not only that, but if and when it comes time to sell it, there’s a good chance you’ll make a profit or at least re-coup a good part of your investment.”

“And here’s an added plus: Antiques and used items are the ultimate green products. After all, there’s no manufacturing impact on the planet for an item that’s already made.”

Kolenda’s endeavors include his weekly auction in Barre that is a general merchandise sale, which usually features a good selection of antiques and collectibles. He’s excited about an upcoming antique sale on May 20, which will feature an excellent Henry XVI bronze & marble clock, fine porcelain figurines glass and china.

Ongoing projects keeping him busy are his online appraisal archive, where he also answers questions about auctions and antiques in his column, “Ask an Auctioneer.”

He loves sharing his knowledge of antiques, auctions & negotiating. He is most proud of his business roots as a picker and is currently finishing up a new e-book, “How to Buy Antiques Like a Pro,” in which he’ll be sharing his best information, tips and secrets on buying antiques that he’s gathered in his 30 years as a picker.

For more information on Auction Wally, please visit his:

Free Online Appraisal Archive

National Examiner column

Weekly Newsletter

Auctioneer Business

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Anatomy of an Auction

QUESTION: What is the universal signal from bidder to auctioneer   means  that “cut your opening dollar amount in half?” I thought it was when you took your bid card and kind of waved it sideways at the auctioneer with a cutting motion.

– A Reader

ANSWER: “I’m bid 50 . . . now 100 . . . I’m bid 50 here will he give a hundred, now 100? . . . Awright, sir, then 75 . . . 75 ? 100, and 100, I wanna 100 . . .”

There’s nothing like a melodic chant of the auctioneer to grab one’s interest and capture the imagination. Passing from the lips of an expert, the chant has a magnetic appeal that is addicting to some and enjoyed by all. It lures bidders to the sale and encourages them to covet offerings as varied as the creations of man. And when done right, it emboldens them to spar with their bids to gain the final victory—offering the winning bid! But to play the game you must understand what’s going on.

Our auctioneer was calling for a $100 bid when a man gave him $75. How did that happen? He received a “cut” bid. So what does that mean? Like the questioner noted, it means the bidder signals the auctioneer that he will offer half the increment the auctioneer is asking for. Here, half of the “jump” from the $50 bid to the $100 sought is $75.

The “slice” the questioner described is made whit either the hand (or the bid card) and it’s a widely recognized signal for “cut” bids. It can be made in front of or beside the bidder. By example, if the auctioneer has a bid for $20 and is calling for $25, a bidder’s “cut bid” signal indicates the bidder’s willingness to bid $22.50. Some bidders with a particular flair for drama make the cut across their throats. That one always gets your attention.

Another signal for a cut bid is to hold the hand up and press the end of the thumb against the last joint in the index finger. You might practice that but remember, I said the index finger.

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QUESTION: I always hear from non-dealers that they don’t like some auctions because there are too many dealers who drive the prices up. It seems dealers would only pay wholesale, so non-dealers should almost always get a good deal, unless they are bidding against each other. Any thoughts on this?

– A Fellow Virginian

ANSWER: Dealers who buy to resell can never outbid serious buyers who buy for their collections, so long as profit remains the objective. Dealers have to buy wholesale so they can mark their merchandise up sufficiently to cover their costs and then sell at, or near, retail and make a profit. It’s just simple arithmetic and basic business. Auctioneers say serious bidders will pay retail, dealers will pay wholesale, and some bottom bidders are the same as “No Sale!”

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— by Steve Proffitt

Steve Proffitt is an auctioneer and attorney at law He is the general counsel with The Motley’s Auction Group and an instructor Reppert School of Auctioneering.

© Copyright John Stephen Proffitt III

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