EDITOR’S NOTE: Brimfield, Mass., is a small New England town with a population of about 5,000 or so. Settled in 1706, it shows its traditional New England quaintness rather well. It has its large, steepled church, and with the leaves of autumn or the snow of winter, looks the part in any Norman Rockwell painting. And then for one week every spring, fall, and summer, the population doubles with 5,000 antique dealers converging on Brimfield to create the “Antique Capital of the United States.”

Dan Borsey travels through Brimfield for WorthPoint to see what is new and what fascinates the dealers and collectors. Surprisingly, Dan met Matt Wylie and Zeb Koch, owners of Back Door Antiques. The surprising part is that both Matt and Zeb are close friends and college students.

“My family is a real close family business. My dad is a big antique dealer and he’s been here 20, 30 years,” Matt says. “I met Zeb a couple of years ago,” Matt starts, but Zeb finishes, “from soccer and just started hanging out and turns out he only lives right down the street from me and just started hanging out with him going to flea markets with him on the weekends. He asked me to go to bigger shows and this is the best one we ever had.”

The main item that attracted Dan to Matt and Zeb collection was an unusually multi-colored beer “pong” table. “It came from a frat house at the University of Maine,” says Zeb. “The use the big drinking horns to drink beer and they take the little ones and do shots with them.” The horns Zeb is referring are hollowed out antlers. There is a version of beer pong played similar to ping pong, although without the paddle and involves drinking beer from a cup where the ball lands. The winner, if there is one, is the one with most of their cups still full of beer. You might guess that this sport is important to the college and professional tailgaters.

Another interesting piece the guys had came from the top of a building in India, probably circa 1860, Matt says. “We had it in our garden for awhile, but I was afraid it was going to deteriorate, so we brought in the hope somebody would make us offer for it,” Matt says, looking at Dan expectantly. No, no sale there.

“Well, you look around these fields and its always a certain age class of people, and it was such a breath of fresh air to see Matt and his buddy peddling antiques with the best of the rest of them,” Dan says to Matt’s father, Bruce.

“Yeah, its’ true. It is such a good thing to see. I love seeing it myself,” Bruce Wylie answers.

To watch a video of Dan Borsey’s visit with Matt and Zeb, click here.

Tom Carrier is a general Worthologist, with an expertise in a wide variety of subjects, including vexillology, or the study of flags.

WorthPoint—Discover Your Hidden Wealth

A retired clown.

Coloradans grew up watching the children’s show “Blinky’s Fun Club” on KWGN-Channel 2 from 1965 until it went off the air in 1998. By then Blinky—whose real name is Russell Scott—had been running the antiques shop on South Broadway that bore his screen name for about 10 years.

In good weather, he would sit on the sidewalk wearing one of his trademark hats and waving back to passing motorists.

Now 87, Blinky has turned in his driver’s license and determined he no longer has the energy to run the store. He closed the doors on Nov. 12. Corbett’s Auction House of Littleton handled the final sale on Nov. 23.

Dressed in an orange cardigan, Blinky cheerfully autographed a stack of black-and-white publicity photos from his TV days and congratulated hundreds of bidders on their purchases. If he was disappointed in the sales, which amounted to pennies on the dollar, he kept it well hidden behind a beaming smile.

“Money isn’t everything,” he explained to well-wishers. “Enjoy yourself today.”

Rows of tables held a bewildering array of collectibles in an equally broad range of conditions. There were boxes of license plates, china, toys, lunch boxes, hand tools, musical instruments and gadgets.

Blinky’s good humor was rubbed off on auctioneer Adam Kevil, who kept a brisk pace even as display cabinets, furniture and other large items sold for well below $100.

But Kevil couldn’t hide his frustration at the slow bidding for the choicer items, such as a century-old Singer red eye treadle sewing machine. Red eyes in good condition typically sell for upward of $400.

“Goodness gracious, somebody bid, or I’m going to lose my job,” Kevil exclaimed before surrendering the item for $25.

There were some notable exceptions. A toddler-sized wicker buggy “pulled” by a rocking horse sold for $255. A Grundig radio sold for $100.

The most popular items may have been Blinky the Clown signs, including bidding for a large sign that Kevil coaxed to $575.

Even in what he says is now his real retirement, Blinky may be turning to what could become a new collectible. He paints and autographs birdhouses that are sold as curios in two Denver-area restaurants.

WorthPoint—Get the Most from Your Antiques & Collectibles

Anyway that is my gripe for year. Now I got it out of my system.
Anyone feel the same? Or should I be ashamed of myself for being a poor sport?

As you turn the corner at an antiques and collectibles show, your eyes immediately spot an item on a shelf in a booth at the end of the aisle. It is the piece you have sought for decades. You had relinquished hope of finding it years earlier. Your eyes begin to tear. Reality becomes a dream. You float down the aisle, pushed by a current you have no will to resist. You enter the booth, lovingly, gently, caressingly grasp the object, and place it next to your heart. If you expect to negotiate a discount, forget it!

Dealers read customer’s emotions. They can spot a sucker, i.e., someone who is going to pay the full retail price without argument or discussion, before he enters the booth. The clues are obvious—the look in the customer’s eyes, drool on his lips, the body posture, a soft restful sigh, and/or a lack of awareness to his surroundings. The dealer looks at the object and customer with only one thought—SOLD!

[EDITOR’S ALERT: Expect one or more letters from dealers objecting to the “sucker” reference in the second sentence of the above paragraph. Dealers perpetuate the myth that sticker prices are real prices. In rare (one of the few times I have used this work in my column) cases, they are. In reality, all prices are negotiable. The only question is by how much.]

When buying antiques and collectibles, the best buys are obtained when the head rules the heart. The head is a much tougher buyer. It is far more critical of condition and price than is the heart. While far from objective, the head introduces a sense of perspective, albeit often monetary, in the buying process.

Love and passion, even obsession, play a role in collecting, and well they should. I love the antiques and collectibles I own. I am passionate about learning more about them and sharing that knowledge. I am obsessed with collecting.

Yet, I buy ninety-seven to ninety-eight percent of the objects I acquire using my head rather than my heart. Okay, I slip occasionally. Every collector does.

My approach is a simple one. I view the buying process as a courting process. I want to romance the object before I marry it, i.e., add it to my harem of other treasures. In many cases, the courtship takes place in minutes rather than hours or days. I believe in whirlwind romance.
Since I only sell information about antiques and collectibles and not the objects themselves, I marry the objects I buy for life. Divorce (sale) is not an option. I have a far better track record with my objects than I do with my wives.

Are there times when the heart should prevail? My heart says answer yes, but my head cautions to do so reluctantly.

Several weeks ago, I received an e-mail from Jennifer Goldberg-Murga, my wife’s daughter, asking my help evaluating a desk listed on eBay. As a youngster, Jennifer owned a Hitchcock Empire-style writing desk. The desk disappeared. The reason is best not discussed. Moving on, Jennifer had fond memories of the desk and wanted a duplicate example. It had to be the identical desk, nothing else would suffice.

Shortly after I met and married Linda, Jennifer’s mother, Jennifer asked my help in locating the missing desk. I asked her to describe it. Although she knew it was manufactured by the Hitchcock Chair Company (1818-2006) in Connecticut, she was not able to provide an exact description, thus making it impossible to hunt it for her.

It is rapidly becoming a truism that if you are patient and search long enough, any object you want will eventually be offered for sale on eBay. Jennifer spent years tracking “Hitchcock” listings on eBay. She was rewarded for her diligence when she found a listing for an exact duplicate of her desk.

I buy antiques and collectibles using the three-part “God means me to own it” theory—the object is in the condition I want to find it, at a price I am willing to pay, and with money in my pocket to pay it. Let’s apply these criteria to Jennifer’s situation.

Using the eBay link Jennifer provided in her e-mail, I opened the listing. I was surprised by the form. Based on Jennifer’s earlier descriptions, this was not the desk I imagined. The desk was a generic Empire-style writing desk with a rectangular writing surface with a multiple tier letter, paper, and supplies, open-faced storage unit across the back, a horizontal drawer in the front apron, and turned (ball and column) legs. The overall color scheme was black with gold accents and highlights. The writing surface and apron sported a dark brown finish. The drawer featured stenciled, floral vignettes.

The desk was in fine or better condition. Although not brand new, it was clear that the previous owner or owners of the desk properly cared for it. Finding a desk in a similar or better condition would take years if not decades. The desk was in buy-me-now condition. The traditional dealer’s “you will not find another one like it” sales ploy applied.

The opening bid was $325, extremely high by my standards. The price failed part two of my buying theory. The “Buy It Now” Price was even more, $375. The eBay listing was several days old and had three days to run when Jennifer discovered it. She was ready to pay the “Buy It Now” price the moment she saw the desk. Her willingness to pay price was far higher than mine.

When I spoke with Jennifer, it was clear this was a heart, not a head purchase. Given this, I encouraged her to buy it. Waiting and bidding at the last moment would have been excruciating. Jennifer wanted the desk, and she wanted it now. She paid $375
.
What should Jennifer have done? The answer is homework in respect to the secondary market for Hitchcock Chair pieces. Had she done so, she would have found that $325 was a very high price and that $375, obviously was a much higher one. The chance of someone paying $325 was marginal to nonexistent.
The eBay seller was located in Shoemakersville, Pa., a 25-minute drive from her grandmother’s and brother’s residence in Wyomissing. Linda and I drive back and forth almost every weekend from our Connecticut home to our Pennsylvania home to visit her mother. We could easily pick up the desk and avoid shipping costs, a plus for Jennifer. Our weekly visits also created another possibility.

My head said do not bid. Let the auction fail. Once this happened, I would visit the seller’s shop in Shoemakersville with $250 or $275 cash in hand and offer to buy the desk. There was no doubt in my mind, the dealer would have sold.

Jennifer should have followed the desk through the listing’s final half-hour. If there were no bids, she had had two choices—opt for the above approach or place a bid of $325 backed up with a sniping bid of $375 or higher just in case another last second bidder appeared. The chances of this happening were far greater in Jennifer’s than anyone else’s mind.

“Woulda, coulda, shoulda,” as my friend Norman Martinus used to say. Maybe things would have worked as I predicted, maybe not. We will never know.

The good news is that Jennifer has the desk. Linda and I picked it up and met Jennifer just north of Hartford, Conn., for the exchange. The extra $100 Jennifer paid pales in comparison to the additional time and effort she would have devoted to continuing the search. One of the wonderful things about antiques and collectibles is that you can rationalize any scenario.

The $375 was a price Jennifer was willing to pay. In fact, she may have been the only person on the face of the earth who was willing to pay that price at that moment in time. If the dealer is religious, he should go to church, light a candle and thank God for delivering Jennifer to his fold. Jennifer paid with a credit card, today’s version of money in one’s pocket. “Money in my pocket” means cash to me.

Heart, Mind—what difference does it really make? I WANT IT is the only reason I need to buy an antique or collectible. How about you?

You can listen and participate in “WHATCHA GOT?,” Harry’s antiques-and-collectibles radio call-in show on Sunday mornings between 8 a.m. and 10 a.m. Eastern Time. If you cannot find it on a station in your area, WHATCHA GOT?” streams live and is archived on the Internet.

“SELL, KEEP OR TOSS? HOW TO DOWNSIZE A HOME, SETTLE AN ESTATE, AND APPRAISE PERSONAL PROPERTY” (House of Collectibles, an imprint of the Random House Information Group), Harry’s latest book, is available at your favorite bookstore and via Harry’s Web Site.

WorthPoint—Get the Most from Your Antiques & Collectibles

“There is no question that things have slowed down,” Malbuff said. “Collectibles are a discretionary, end- of-the-line purchase. . . . Still, folks do shop.”

The Great Strasburg Emporium, located in the Shenandoah Valley, about 75 miles west of Washington, D.C., is housed in an old, 40,000-square-foot silk mill and provides space for 80 to 100 antiques dealers.

At the Emporium, a shopper might find a Victorian claw-foot bathtub, an 18th-century ribbon cabinet, a 1860s Pennsylvania two-horse surrey or a 130-year-old paper scrip used to pay for rides on the old Chesapeake & Ohio Canal.

These days, however, items like the two-horse surrey, which sold for $4,500, or the ribbon cabinet, which fetched $15,000, aren’t the ones that are moving.

“Since the economy has tanked, I’d say our sales are off 40 percent,” said Malbuff. People, however, are still looking for bargains. “Instead of spending a couple of hundred dollars a sale, folks are spending $30 or $40.”

The items people are focusing on are lamps, mirrors, small furniture, coins, jewelry and glassware, Malbuff said. “Though,” he added, “I can’t tell you exactly what style will sell.”

These are items that tend to be more utilitarian or useful, and when obtained by a well-informed and skilled dealer, can actually be a better value than going into a retail store to, say, buy a mirror.

“People look for something rare or unusual,” Malbuff said, “but that doesn’t mean it has to cost a lot.” For example, old glass bottles or pottery pieces from the early 20th century are handmade, distinctive and reasonably priced.

“We look to be competitively priced with stores,” Malbuff said, “and you can do that by going to estate sales, buying lots.”

The key is knowledge of the market—and that is the biggest lesson Malbuff said he has learned since taking over the Emporium a little more than five years ago.

Malbuff and his wife, Annette, had been collectors—buyers, not sellers. “I was interested in historic items, old books and cool stuff,” Malbuff said. “My wife is a serious glass, china and porcelain collector. She’s an expert on Wedgwood jasperware, Irish Belleek and Noritake china.”

A former IT executive, Malbuff soured on corporate America and was looking for a new opportunity, and Leo Bernstein—a Washington banker who had created the Emporium and was then in his 80s—gave the Malbuffs that opportunity.

“He was looking to turn over the ownership, and we worked as consultants for a year, working with the various dealers, and we learned so much from them,” Malbuff said. The Malbuffs would go to auctions and estate sales with dealers, learning the inner workings of the trade. After a year, the couple took over the operation.

The biggest lesson Malbuff said he learned is that there is a huge lack of knowledge and information among both sellers and buyers. “So often people don’t know what they have,” Malbuff said. “When I started, I thought I’d be the dumb one.”

And finding good information isn’t that easy, either. “Some people are going around saying they are appraisers and don’t know what they are doing,” Malbuff warned.

At the Emporium, Malbuff said he learned the value of working with a group of experienced and well-versed experts in their fields. It helped inform his work and management. And that, he said, is his aim at WorthPoint. “The market is so broad that what you need is a knowledge base—the accumulated knowledge of a lot of people,” he said.

WorthPoint—Get the Most from Your Antiques & Collectibles

Individuals fleeing the stock market are building large cash reserves. Growth potential in savings accounts and certificates of deposit (CDs) is minimal. The buzzword on the street is tangibles, solid objects that can be seen and held. Antiques and collectibles are tangibles. Some surplus cash already is flowing into the antiques-and-collectibles marketplace.

And article by Jeanine Poggi on Forbes.com last month pointed out that the auction sector of the antiques-and-collectibles marketplace has and remains impervious to economic trends. Auctions are a winner when times are good as well as tough. In good times, buyers compete to pay top dollar. In bad times, there are those who have to sell no matter what. There are more than enough buyers willing to take advantage of the resulting bargain prices.

“Wallet-whippers” beware

Investing in antiques and collectibles is a tricky business. It requires skill and years of expertise. The wallet-whippers—those individuals who think they can just whip out their wallet and start buying—will quickly find they are in over their heads. Further, investing in antiques and collectibles is an intermediate and/or long-term proposition. Short-term investing does not work. Market movement takes years, not months.

Lest there be any confusion, this column is about financial investment, i.e., buying antiques and collectibles as commodities to be bought and sold as market fluctuations dictate. It is not about love or any of the many other “investments” that make antiques and collectibles fun to own.

When buying antiques and collectibles as commodities, it is critical to identify those objects that bring the highest dollar, not necessarily those which are the most desirable. Thanks to Internet sites such as Artfact.com and GoAntiques.com, data is available to make these determinations.

Number of collectibles-and-antiques categories mushrooms

Throughout much of the 20th century, there were “blue chip” antiques-and-collectibles categories that experienced a steady rise in value over time. “Blue chip” categories vanished as the 20th century ended. Today’s market is trendy. Many previously favored categories, such as cut glass, have fallen on very hard times. The market also has become more sophisticated. Where it once consisted of approximately 1,000 identifiable collecting categories, the count now exceeds 30,000.

Investing in antiques and collectibles today requires an expertise that includes an awareness of past market trends, current market values, factors that might influence the market and future prospects. Unbiased experts are few and far between. Far too many potential investors rely upon advice from individuals with a vested interest in the object or collecting category, usually from the sales point of view.

Foreign buyers view the market differently

Much of the new money flowing into the American antiques-and-collectibles marketplace is going to come from abroad. These investors think globally, a much broader perspective than usually encountered by players in the American marketplace. They are not likely to see the same investment potential in a period Goddard and Townsend Chippendale secretary bookcase as an American investor. However, they understand the investment potential in a photograph with authenticated signatures of all four Beatles. The trade has reached a point where investment-grade material divides into global and national investment-quality pieces, mirroring a similar trend for low- and middle-grade material on auction Web sites.

What, if anything, does this have to do with the average collector or investor? The answer is very little. High-end investing now requires the ability to spend $50,000 to $100,000 or more per unit. This is a key point. Bluntly put, if you only have between $5,000 and $25,000 to invest, find another investment vehicle.

Finally, expect to be bombarded over the next several years with media stories about record prices being paid for items. James D. Julia recently sold a Colt .44-caliber revolver for $800,000 plus buyer’s premium. This is the start. Many more will follow.

Look for buying opportunities

Remember, it is a mistake to judge the strength of any collecting category by its high-end sales. A collecting category’s strength rests on the sales of it low- and middle-end material. When viewed from this perspective, a good market is one in which prices are stable. Continually falling prices are a sign of a bad market. The current economic situation is going to test every collecting category. While caution may appear to be the order of the day, opportunities abound. It is a great time to buy, provided you know what and why you are doing it. If you do not, buy/hire the expertise you need.

You can listen and participate in “WHATCHA GOT?,” Harry’s antiques-and-collectibles radio call-in show on Sunday mornings between 8 a.m. and 10 a.m. Eastern Time. If you cannot find it on a station in your area, WHATCHA GOT?” streams live and is archived on the Internet.

“SELL, KEEP OR TOSS? HOW TO DOWNSIZE A HOME, SETTLE AN ESTATE, AND APPRAISE PERSONAL PROPERTY” (House of Collectibles, an imprint of the Random House Information Group), Harry’s latest book, is available at your favorite bookstore and via Harry’s Web Site.

The News-Times of Danbury, Conn., ran a feature story this month titled “Layaway may make a comeback.” Representatives for big-box stores and local merchants were interviewed to determine who is using layaway. Kmart is. Wal-Mart and Target are not. Some T.J. Maxx and Marshall stores do. Use among local merchants also was mixed. Many local merchants who offer layaway do not advertise the practice, reserving it for their regular (loyal) customers.

As the economy tightens, more and more individuals are using cash rather than credit cards. While the housing market bears the brunt of the blame for the current worldwide economic crisis, overextended personal credit cards and large home-equity loans also fuel the fire. Credit-card interest rates and other charges, some obvious and others less so, compound individual debt, especially for those who only pay the monthly minimum.

Merchants prefer MasterCard and Visa because moneys appear in the merchants’ accounts immediately after a charge is reported. Both companies absorb bad debts incurred when individuals refuse to pay without penalizing the merchant. Will the current economic crisis change this? Yes is a possible answer.

eBay institutes 20-day float

eBay’s PayPal is a case in point. eBay announced a 20-day delay in crediting payments to a PayPal merchant’s account, defending its decision under the guise that most transaction complaints occur within this period. eBay receives a 20-day float using other people’s money and can refund a buyer’s money without any loss to itself if it honors a complaint. Besides not being paid for the object shipped, the antiques-and-collectibles dealer also is faced with the costs involved in recovering the shipped object.

Given the above, it should come as no surprise that layaway with its direct contract between seller and buyer is making a comeback. Layaway is viewed as a key to keeping old customers and attracting new ones.

Layaway a long part of selling antiques and collectibles

Layaway has played an integral role in the antiques-and-collectibles business since its inception more than a century ago. While most sellers do not advertise its availability, it is deeply entrenched, more than most realize.

Until the current economic crisis, many auction houses allowed dealers in the trade to take between 60 and 90 days to pay for purchases. This provided dealers an opportunity to sell their newly acquired inventory before payment was due. Auction houses partially covered their risk by not paying consignors until 45 business days following the sale. Competition in the 1990s shortened the payment period to 30 days, forcing auction houses to establish lines of credit to cover the period between payout and payment.

Internet sales affect auction-house payouts

As Internet sales grew, many auction houses returned to the 45-day payout, arguing that collecting payment from non-house buyers, packing and shipping merchandise, and receiving a final OK from the purchaser added weeks, if not months, to the selling process. Consignors resisted, and many auction houses reverted back to the 30-day payout. Recently, several auction houses, Sotheby’s among them, announced that dealers would no longer be allowed to pick up items bought at auction until the auction house received payment in full. Auction-house layaway became a victim of the current economic crisis.

How does layaway work?

Layaway works as follows. A buyer agrees to purchase an item from a seller at an agreed-upon price. The buyer makes a down payment on the object. The buyer and seller agree on a payment plan to liquidate the balance. Local merchants usually offer 30 days and occasionally will agree to 60 days if pushed. Three months-plus is more typical in the antiques-and-collectibles field.

The seller retains the merchandise until the final amount is paid in most layaway transactions. This is less true in the antiques-and-collectibles trade. Most dealers allow regular customers to take layaway merchandise home, a practice fraught with danger and which often leads to disastrous consequences.

Even at the local-merchant level, layaway almost always is a verbal contract, a handshake deal. There is no formal contract that states terms and conditions. As a result, disputes quickly evolve into a “you said–I said” argument.

Beware shipboard art-and-antiques auctions

Shipboard art auctions, one of the biggest, if not the biggest, ripoffs in fine arts and antiques (decorative arts), have layaway contracts available. Most shipboard art is purchased in this fashion. Individuals are either too drunk or too euphoric to properly read what they are signing. Most contracts contain a provision that if a person fails to make a scheduled payment, not only does the seller have the right to recover the art, but all moneys paid to date are forfeited.

The hook is set deep. Individuals who buy shipboard art and antiques eventually seek an outside appraisal, assuming they will be told their purchases have appreciated. Alas, the usual appraisal is that they should consider themselves lucky if they are able to sell for a nickel on the dollar.

Those who seek an appraisal while still making payments are caught on the horns of a dilemma. They have a substantial sum invested in the art. A false reasoning process occurs. They conclude the only way to protect what they already have in their purchase is to pay off the balance.

No one likes to admit that someone has made a fool of him, another reason why the snookered continue to pay. The only sensible approach is to stop paying and limit the loss. Most ship-purchased fine art and antiques wind up in closets or other out-of-sight storage areas, places where the buyers is not constantly reminded that he was had.

Layaway tips

Consider these points if you are an antiques-and-collectibles seller who now offers or is planning to offer layaway as a purchase option:

1. Prepare a formal document (contract) that contains blank space for key information such as the down payment and payment schedule.

2. Do not allow the customer, no matter how well you think you know him, to take the merchandise until full payment is in hand.

3. Require a minimum down payment of between 20 and 25 percent. One-hundred-percent home financing was one of the major contributors to the current economic crisis.

4. Create a payment schedule linked to a monthly charge to a valid credit card. Beware of allowing payment by check. If your customer falls on hard times, he is going to pay necessities first and luxuries second.

5. Establish a per-month interest penalty if the amount is not satisfied in the specified time. Layaway buyers assume the seller will not charge interest. You are extending the buyer credit, essentially making a loan. Banks and other financial institutions that make loans charge interest. Consider this.

6. Have a clear policy of what happens if a customer fails to fulfill his layaway obligations. While you retained the merchandise, you withheld it from the market. You also paid to store and insure it. You have every right to expect compensation for these services. Some layaway sellers require the forfeiting of the down payment. Others keep all moneys paid to date. Then there are those who return all moneys claiming the good will created far outweighs the financial damage. I think they are crazy.

Are you an antiques-and-collectibles seller (dealer) who uses layaway? What have your experiences, positive or negative, been? E-mail your comments and thoughts to harrylrinker@aol.com.

You can listen and participate in “WHATCHA GOT?,” Harry’s antiques-and-collectibles radio call-in show on Sunday mornings between 8 a.m. and 10 a.m. Eastern Time. If you cannot find it on a station in your area, WHATCHA GOT?” streams live and is archived on the Internet.

“SELL, KEEP OR TOSS? HOW TO DOWNSIZE A HOME, SETTLE AN ESTATE, AND APPRAISE PERSONAL PROPERTY” (House of Collectibles, an imprint of the Random House Information Group), Harry’s latest book, is available at your favorite bookstore and via Harry’s Web Site.

While I was explaining payroll-tax withholding to the owners’ wife, the owner got a ladder and discovered that the main seam in the metal ductwork was not sealed and that the area above the ceiling tiles was stifling hot. Some heating and air-conditioning experts estimate that repairing leaking ducts will save 10% to 20%. The owner will be able to repair the ducts himself with some putty and tape.

Raise deductible, lower premium

I reviewed some of the antiques shop’s expense invoices and found that the automobile insurance was high. What was the deductible on their van? I asked. The answer was $200. The wife called their insurance agent and found they could save $400 by increasing the deductible to $500. Increasing the deductible to $1,000 would result in a savings of 40% of the premium!

Next, I checked the shop’s bank statement to make sure the balance was correct. While doing so, I saw several ATM charges. The wife explained that she stopped at the ATM Monday, Wednesday and Friday each week to get cash for family needs. Their bank was across the county, so she used the local bank, which charged an ATM fee. I told her to either change banks or stop at the ATM only once a week because fees were running $468 per year. The ATM fee is $3 if you get $20 or $200.

Paying son to work saves taxes

As I was leaving, their son came to the shop and asked for his allowance. The son is old enough to have a part-time job. It made more financial sense for the antiques shop owner to not pay his son an allowance but instead hire him and pay him a reasonable wage. The payment of the salary would not result in losing the son as a dependent, and his salary would reduce the antiques shop’s income taxes.

Many a father arriving from work to find a house with every light blazing has asked, “What? Do I own stock in the electric company?” Unless antiques dealers own stock in the utility company, bank and insurance firm, why should they pay more of their hard-earned money than necessary? Why pay the IRS more than needed?

And are we to argue with Benjamin Franklin’s sage observation that “a penny saved is a penny earned”? It was true in the 18th century and even truer today in this time of economic turmoil.

My advice? Don’t overlook even the smallest ways to save money. They will add up in the long run.

– Jim Sturgill is a director of WorthPoint and founding partner of Sturgill & Associates LLP, a DC and Baltimore area CPA firm.

More Jim Sturgill Dollar & Sense columns

Maintain the Value of Your Art, Antiques, or Collectibles Business

Worthology Works Both Ways

Weak Dollar Crushes Antique Shop

Antiques, Art and Collectibles: Sell or Donate

Collecting Can Be Wise Investing

Tax Day: Mileage Pays

More Mileage Cents = More Dollars for Antiques & Collectibles

Antiques Shops Make More Money “Buying Right”

18 Things Worth Knowing about the Business of Antiques and Collectibles

Estate Planning—Antiques, Collectibles & Greed

Estate Planning: Stop Squabbling, Save the Family

Cups, Kettles & Honest Antiques Buyer

Financial Turmoil: Antiques Hold Value

Buy Antiques Now, Have No Regrets Later

Outsource: Save Time, Make Money

WorthPoint—Get the Most from Your Antiques & Collectibles

It’s opportunity time for those of us in this business and for those collectors who have the cash to buy. I’m not saying we should hurry on out to spend our money. It’s opportunity only if we are diligent in our hunt for treasure and select the very best. When we find it, we should take the chance and offer a price that will best assure a substantial profit. I’m not suggesting we be unfair, but rather take into consideration how long it might take to sell that item at the price we’ll need, and to consider if it doesn’t sell at that price, how much further we might have to drop the price days or months down the road in order to move it. These are very uncertain times, and when we’re buying now, we’re taking a bigger risk. That risk needs figure into our offers. Merchandise is only as valuable as the price someone will pay for it. And, right now, it’s anybody’s guess what that price will be a week, a month, or six months from now. By all means, adjust offers to the present market conditions, weighing the risk carefully. Wouldn’t it be interesting to see how much a Mark Rothko painting or an Andy Warhol will sell for today, in light of this Wall Street fiasco. Whoever has cash, can become king of the hill right now.

This week, a woman who has a wonderful Porfirio Salinas Texas Bluebonnet painting, called looking to sell it. I asked her what she thought the painting was worth. She told me,“$25,000.” She might have been right on target a little while back, but not post Wall Street meltdown. The last Salinas, same size as hers, sold for $16,000, and that is a new listed figure. After commissions, the most she could expect would be about $12,000. I explained this to her, and I gave her another place to check further. I haven’t heard back from her yet, but I’m certain I will.

The only way that painting will bring more than $12,000 is at auction. In that scenario, the wait will be several months, and by then, there is no telling what market conditions we will be facing. I just happen to have a buyer interested in purchasing a Porfirio Salinas. At the right price, I could sell the painting very quickly, and she could have cash in her hand.

You might be asking, “Why not pay a little more for the painting and be sure that you get it?” Here’s why: The next call might be an even better opportunity, so why should I hurry to tie up my money? Then, Bingo! The next call was from a person who has some of the best Lotton Glass I’ve ever seen. If the price is right, I will buy it.

When we are dealing in upper end items in the Antiques and Fine Art Markets, it doesn’t take too much of an effort to tie up a considerable amount of money. The rewards in this business can make our lives a lot easier, if we’re careful. Always keep track of where you are in the money department. Know what you can commit and what the risks are. And remember – there is always the Associate Program available to 31 Club members if you find a treasure but don’t have the funds to buy it yourself.

There is a large amount of quality items likely coming to market in the days ahead. I already see some of them coming. At this time, we might not need to spend so much time trying to find items that others have missed. This present and coming market will allow us to pick and choose what we want to buy, and at what price we want to pay. It’s looking like a buyer’s market. Our prices should be adjusted accordingly. Don’t make an offer unless you seriously intend to purchase the item. The seller just might surprise you and say “sold,” and you’ll need to buy. Remember the rules in which we conduct our business. If you need a reminder, or you want to know more about how to triumph in the antique and fine art business, it’s all in our club guide book – “31 Steps to Your Millions in Antiques & Collectibles.” www.31corp.com

Treasure Hunters:

You Find It.
We Buy & Sell It.
You Net 35%.

Partner Up with 31 Club on High Quality Treasures You Find. We Do the Rest!!

An antiques estate auction is an event in which a crowd shows up to purchase an entire family’s history in a few hours. When put in that light, it can seem like a very sad ordeal.

As an auctioneer, I prefer to think of an estate auction that I put together not as a last hurrah but a new chapter in that family’s story. Done right with respect, a well-built auction pays reverence to a family through its accumulated property.
Some family members stay away on auction day because the emotional attachment to the things being sold is just too much to deal with. Many times family members look upon the proceedings in delight as they witness a fresh enthusiasm for the wonderful things they grew up with.

Often times during preview you’ll hear things like, “I used to push my sister around in that wheelbarrow. I’m so glad someone else is going to enjoy it.”
Since not everyone is privy to such conversation, I thought it might be fun to re-create some of the daily uses and possible scenarios behind the antiques in an antique dairy farm auction I’ve been contracted to sell, that of theDuncklee Dairy Farm in Chelmsford MA.

The auction is to take place on Saturday afternoon, October 4th on the grounds of PC Myette’s Inc., a power equipment and landscaping outfit located at 120 Boston Rd. in Groton, MA.
Since the auction consists of the contents of a dairy farmstead, you can imagine there are several of the old galvanized milk cans that were used to store and transport milk. Back in the day they would be driven into town for distribution of the milk. Perhaps one would be set aside for the family’s consumption. Today, these cans adorn the doorsteps steps and porches of the U.S. There are thousands of them throughout the country painted with everything from seasonal scenes to the proud American Eagle.

Of course the dairy farmer would need a way to transport these heavy cans full of milk into town. On this farm they had a wonderful buckboard work wagon. This particular wagon which I’ll have the pleasure of selling is in 100% original condition. It is has been so well cared for that the only thing needed to use it today is a team of horses. (You’ll have to provide those if you win the bid, there is no livestock being sold at this auction.)

This particular wagon is in “the old blue” paint, and has a dump body and a locking tailgate. This was the pickup truck of the 1880s. Every pickup truck needs an emergency tool kit and this one is no different with such a toolbox built in under the driver’s seat. The wheels, being built around heavy duty Moline hubs indicate that this wagon was made for work!
This blue beauty likely served as a recreational vehicle as well, doubling as the family station wagon. I can just about hear Ma calling for the children to pile in for a picnic outing on a rare day off from chores.

But wait… this was a hard working family of some means, and we are happy to say that there are two buckboard wagons to be auctioned on this day without reserve! What was the other wagon used for?
At a distance you might mistake them for identical models, but up close, it’s plain to see that this second wagon is a “Sunday go to Church” vehicle. The lines are more elegant, and its original stenciled paint job, which it still proudly displays, indicates that this was a fancier mode of transportation, geared more for social visits.
The wheels of this wagon are a bit thinner and there are passenger rails alongside the bed. There are steps mounted under either side of the driver’s seat, and you can imagine the gentleman farmer taking his wife’s hand to guide her on board to take her place beside him.

Perhaps already in the back are children in their Sunday best, fighting down cowlicks and trying to hide a smuggled frog in need of redemption. Mother may remark on the glorious day, and Father might ponder how lucky he was to only have to work 12 hours a day to maintain such a fine life for his family. Things were good, thanks were in order.

Heading out of the drive we see on the side of the barn a large enamel sign for Cape Cod Cookies. The print on the bottom of the sign boasts, “48 cookies for 25 cents!” This enamel over steel sign is itself is a work of art. It was manufactured at the turn of the century by the Salto Enamel & Novelty co. It measures a whopping 2×8 feet!

I consider myself lucky to find one of these types of signs per year. We have at least 8 of them in this auction, and the consignor promises another 6 for the day of the sale. Apparently they’re buried in the barn somewhere. There are at least 3 different styles from the same company.
After Sunday church services the family of course would have taken the rest of the day off. This family, as so many of the time did, gathered around an upright piano as the musically adept sat in the talon and ball, spindle back Mahogany music chair with the adjustable seat. How many children dizzied themselves into an “illness” on such chairs to get out of piano class, may never be known.
Today, these music chairs are a staple in the antiques market, I think this one will do well as it has it’s original finish and is right and tight all the way around.
During intermission, Mother would serve some of those Cape Cod Cookies, and at a price of 25 cents per batch of 48, I’m sure there were plenty to go around!

If it was a hot summer day there’s a good chance that Iced tea was served in the stoneware dispenser embossed with the Salada Iced Tea logo. I’ve not seen one of these before, but we’ll have it pass the auction block on October 4th. Let’s see what it brings.
It’s Sunday and that means no “work”, but of course there are still daily chores that need to be completed to keep the household running. Animals need to be fed and watered, barn doors are to be buttoned up, and anything about loose in the yard would be tidied.

After the “light chores are completed” the family would sit down for supper and give thanks for having each other and enough to eat. This family sat at a large round solid wood table which we’ll be selling. After supper, things like pie plates and the iced tea dispenser would be tucked away in the beveled paneled, solid cherry cupboard that will cross our block. It’s 4ft tall and in excellent, original condition.

The children were likely wiped out by this time, and the little ones probably had to be carried off to bed as they were already asleep. A tall headboard Victorian Oak bed would comfortably hold Mother and Father, while an early cradle stood by their bed for the newest member of the family.
The other brothers and sisters were safely tucked away under handmade spreads, talking about Monday morning prospects, and adventures that surely lay ahead.
Of course, this is a fictional scenario, built on likely events of the times, so though we can’t be sure how much of them were carried out just like this, we know some of them were.

Here is what I do know for certain:

* All of the antiques I mentioned in this story are actually in this estate auction, as well as hundreds of other antiques lots.
* Almost everything in the sale is in original condition.
* Everything in the sale will be sold “absolute, without reserve!”
Won’t you come join us for an old fashioned Yankee Auction? They’re a lot of fun!

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