How to Price a Rare Antique

Owning an antique and being able to sell it are two entirely different things. First of all, there's a bell curve of how rare your item is and how many people want it (who also happen have the money to buy it). Here's the curve:

On one end you would have, something like the Koh-i-noor, and on the other side lets say a single Lego block. In between you have items that are desirable and sell-able. I try to buy items that are uncommon, rare or one of a kind. The main reason is, when you have something unique, you can set your own price and it's hard for a customer to comparison shop. Basically, I go for items with subjective value rather than objective value.

Now here's the second half of the issue. Even if you have a very rare item, you still need a buyer. A few months ago I was at a live auction, bidding on a large Dunhill humidor; I went up to $400 and let it go after a $450 bid against me (I would have had to bid $500 plus buyers premium). I figured I could list the humidor on eBay for $995, take any offer above $750, and after I paid the eBay fees I would clear about $200-250 on a $400 investment.

Here's why I mention this particular item; I just came across it on eBay, listed for $3800. I did a quick price check, and the highest priced comparable Dunhill humidor selling on either eBay or Live Auctioneers was $650. Frankly I did wonder at the time if the other dealer was buying it to keep for himself.

This next chart is a very basic supply and demand graph that you should have learned in school:

So the answer of how to price a rare antique item is; find the point where the scarcity intersects with the value. If you're far out in left field, chances are you will be sitting on the item for a long time.

To Clean or not to Clean, That is the Question

In terms of antiques, the general school of thought is that you don't clean antiques for fear of damaging the patina. In America (unlike the UK where they polish everything to a near new finish) an antique without patina is worth a fraction of the price. I don't disagree with that however...

Here's a pair of sterling overlaid candlesticks, the left one has the original patina, the right one I cleaned lightly with silver cream.

The one on the left looks good here, but the one on the right looks more like silver. Overall it's a toss-up between patina and presentation. But take a look at the same pair presented on a black background:

From the point of view of a dealer, it will be easier for me to sell a pair that looks like the one on the right (if I display them on a dark background). Is it going to devalue the candlesticks? I doubt it. Keep in mind that they're only $75; if they were were worth $750 I would think twice about it.

Here's another example, a 19th century reliquary in before and after states. It is rare and expensive enough that I paid to have this professionally restored. I think the results speaks for themselves; it's still authentic, but now you can actually see that the roof is gold plated (which I didn't even know before), which was hidden by corrosion (aka patina). In this case, I feel justified in asking for more money than I thought it was worth before.

The Secret of Finding the Highest Buyer

I've been wrapping my head around this concept all year in tiny increments, but just recently an example came up that make it easy to understand. You can make money by selling in the right place. Here's the example:

Earlier this year, I purchased at online auction (not eBay), this small brass box with copper and silver overlay in Arabic script. It looked like a nice piece and despite not being able to read the calligraphy, I thought I could double my $150 investment fairly quickly.

 

I took it to every swap meet I went to and tried to sell it. I displayed it prominently at the front of my table so all could see. Many people came, looked, touched, appreciated the box; some asked for a price. I started at $300, then after a couple months of no takers, lowered the price to $250, and later again to $200. I was beginning to feel like I had made a mistake, and the best case scenario was going to be a break-even. Things like this can shake your confidence, and the last thing I need is more doubt.

Anyway, I was putting together a few items to take to a local live auction, and on a whim I added the box in to the other 11 items I was bringing them. Imagine my surprise when I heard the box sold for $800! Turns out there were two bidders who were both intent on going home with the box and dukes it out with their bids.

Although the question "What did I do wrong?" in trying to sell it at the swap meets does come up, I think it is not the right question. The correct question from the very beginning should have been "Where is the best market to sell this item?".

Each item I buy and sell has the optimum (highest price) buyer, sometimes that happens to be on eBay, sometimes at a swap, sometimes live auction. The secret is to figure out what the right market (location where you find the buyer who will pay the most for your item) is for each item and sell it there. I mean some items you can make a good profit on at $20, and there's no sense in taking that to auction or eBay. While other items are heavy, bulky or fragile and there's no sense in beating yourself up lugging them to countless swaps until they sell (unless you're a furniture dealer or masochist).

Now all you have to do is figure out your market for your items, and how to get them there.

On Antique Binoculars

Yesterday at the auction there was tons of stuff I wanted, but most of it went out of my comfort level. Some people get carried away at auctions, but I try to stick to my budget. For instance, there was a really nice brass fire extinguisher that I wanted, but it went for $150 (plus fees). Rather than duke it out, I did an eBay search, and it turns out they are readily available, most for under $100, some under $50. Needless to say, I'll be buying one on eBay for a fraction of the auction price. This time my lesson learned the easy way.

I did manage to bag a couple of lots of vintage binoculars, and another antique lap desk (writing slope):

The lap desk is really cool because it's one of the ones with the built-in stand, and it's quite large (10"x20"). It does have a few cosmetic condition issues, but I'm going to try to sell it as-is (~$500); if it doesn't move, I'll have it restored (cost of restoration $200, increases value to $800-1000 but makes it harder to sell).

Binoculars are an interesting bunch, because they can range in value from $20 to $1000. Leica and Zeiss binoculars top the scale at I got this lot for around $1000 per pair, then in the mid $500 range you have top end Japanese brands like Nikon and Canon. The next tier down are military binoculars from World War 2 like the US Navy Mark 33 that got in the $150-250 range. Down below that is what I got.

Clockwise from top left: 

• Lichter 7x50. Nice binocs made in Japan in the 60's with a German sounding name. Value  $75-100.
• Bushnell Rangemaster 7x35. 11º Field of view, superior quality, all metal construction. Value about $125. A really excellent pair of glasses, I might keep these for myself.
• Tasco 7x35. Entry level Japanese glasses. Value $25.
• Lamaire Paris opera glasses with case. Mother of pearl and brass, 99.5% original condition. Value $125-150.
• Busch-Stellux Prisma-Binocle 6x. Made in Germany, imported by Paul Meyrowitz Fifth Ave & 36th Street New York, circa 1910. Value $100.

In all it turned out to be a good lot and should easily bring $400. Not a bad haul, shouldn't bee too hard to get money back out.

One night at Midnight Sun Antique Auction

Last night was the monthly Midnight Sun Auction, and I went to see what I could score on the cheap. The place was full of the usual suspects, and 300 lots of fine junkery. It was one of those nights that nothing excited me very much, meaning there were no "have to have" items for me. In those cases, my strategy is to pick-off somewhat interesting items for the opening bid price; if I don't get it, no big deal. Here was my take:

 

From top left, clockwise: Hand-painted Japanese vase, real elephant ivory elephant (with poorly repaired trunk that my restorer will make perfect, and missing tusks), a mini tackle-box of trade beads many of which are real turquoise, an unsmokes meerschaum cheroot holder in the original case (lacking a stem which I will have made by my pipe repairman). All of this rests on a nice signed etching of Norte Dame, most likely a tourist piece from the 1960's, but nicely executed. Total cost was $137 including buyer's premium. I will have to invest a couple hundred more to make everything more attractive, but overall I think it's not too shabby.

Santa Monica Airport Swap Meet recap

Last Thursday I decided to see if I could get a spot at the Santa Monica Swap meet. I had done that swap a few times before with varying degrees of success from $400 to $3500 in one day. I called, left a message and hoped I could get a stand-by spot on Sunday.

Sunday I got there early waited around for a bit and got a space by 7am, which was lucky. I set up and had a couple slow hours with no sales, but then the customers started trickling in. I think the dealers were hampered by Thanksgiving, I'm sure many regular shoppers were out of town, while others were at the mall.

Here's a panoramic snapshot of my little 16'x16' patch of tarmac:

 

And a close-up of one of the tables:

Now what's neat about the first shot, is that recently I found another shot I took over a year ago in the same space the first time I sold there. I was sharing the space with a couple friends, 50/50, but I gave them the lion's share of the space because they had cheaper inventory.

The two ovals are my stuff, along with a card table or two at far left. In comparison, it's amazing that I made any money at all. In truth though, all that stuff are things I accumulated over the years and not really "inventory" in the truer sense. I do see that I was making an attempt to accept electronic payment (see orange case at center, it says PayPal accepted), but overall I look back and laugh.

Another rainy Sunday at the Antique Market

I knew there was going to be some rain this past Sunday, but I took my chances, packed up the SUV and headed to the Long Beach Swap Meet to set up my card tables and see if I could move some merchandise. I was in by 7am but didn't have any sales until 9am, at which time it started to drizzle. I only have one large patio umbrella so I tried to keep as many of the more delicate pieces underneath it or inside my two flat display cases.

I did pretty well during the next three hours, selling my Russian icon (photo below), a vintage pond boat, seven "dollar" pocket watches, a couple apothecary jars, a large penca de Balangandan, a pair of binocular glasses, sterling handled carving knife, and a bunch of general brick-a-brack that I had been hauling around for a few months.

 

But the big score was when another dealer came over and asked if I was interested in purchasing a civil war era tintype and an small family album full of photos from the 1880's. When it's rainy and sales are slow, sometime you do  have to resort to moving merchandise sideways.

 

 

The album is full of portraits from Ohio, Illinois and Indiana; I have to do some research to see if there's anything historically interesting there. The soldier is probably post Civil war, possibly Indian Wars era, or even regional militia; in either case, I'm not an expert and will need help from a militaria expet to identify the period.

Louis-Jacques-Mandé Daguerre's 224th Birthday

Today Google today salutes the grandfather of photography, Louis Daguerre with his very own Doodle, (preserved here for posterity).

Being a first photographer and a then collector myself, it was natural for me to collect daguerreotypes, the very first type of photographic images. Below are a few gems from my private collection. I wish I could collect more interesting occupation images but they're very expensive, so I concentrate on early hand tinged images:

 

Auction Day results

Nice easy day today, I didn't have much cash to spend, so I took it easy and concentrated on the box lots. Picked up some stuff that cleaned up nicely:

Clockwise from top; late 19th century catholic reliquary, Gorham jar with sterling lid, an old Dunhill and a nice Peter Stokkebye pipes (there were others (Dunhill, Savinelli) in the lot, but they all need to go in for repair before being sell-able), brass hand mirror with rhinestones, Islamic brass & tin cup, antique cloisonne plate.

If there's one thing I like, it's a nice reliquary, I had been hunting for one for a while. Unfortunately this one didn't come labeled with whose relic is in it, but fortunately there's what looks like a (tiny) 24k gold heart tied to an old silk ribbon (see below), so I think it's a slam-dunk anyway.

I also got an old biscuit jar, pipe rack, Chinese painted eggs, and some miscellaneous porcelain pieces, but all that is going on the $5 table at the swap meet.

Rained out on Sunday

I wanted to sell at Pasadena City College Swap Meet this past Sunday, but it rained and so all the stand-by spots were allocated to permanent dealers who wanted to get out of the rain and into the parking structure.

So I decided to go shopping instead. Here's a short list of the things I found:

Here's my haul from yesterday (spiraling inward from top center, clockwise): 

1. Antique shawm (early oboe relative)

2. Magic lantern slides from England

3. Imperial Russian brass tea box

4. Cloisonne opium pipe with agate mouthpiece

5. c1820 spoon & fork

6. 1937 King George VI & Elizabeth coronation plate

7. Jumbo fountain pen

8. Crystal match striker

9. Engraved cameo conch shell

10. Sterling silver cigarette holder

11. Kaywoodie meerschaum cigar holder

12. Antique pipe stem (don't have a use for it now, but there are more pipes sans stems than vice versa)

13. Christopher Johnson straight razor

Time to photograph and list most of these on eBay or Etsy. The rest will have to wait for the next swap meet I'm able to get into.

 

How do you open a locked Zero Halliburton aluminum case?

I know this question has puzzled many people over the decades, and although I figured this out a while ago (like the monkey with the stick and anthill), but since I had to do it again today, I figured it might be a good time to document the process. First of all you will need some tools:

1. A small punch
2. A hammer
3. Locking pliers
4. A very long screwdriver

And lastly you will need a locked Zero-Halliburton case like this one I bought at the swap meet today.

If your case has a combination lock, you may attempt a brute force attack first, but this is a sure-fire way. Step 1: Take the punch and hammer, and carefully tap the long pin from the center of the piano hinge.

Step 2: Once you have 2" of pin protruding from the other side, get the pliers and grab the pin. Pull the entire pin out.

 

Step 3: Now that the case is open from the back, pry the two halves apart slightly and using the very long screwdriver, remove the screws holding the lock on. Please notice the screwdriver in the photo, it is touching the WRONG screw, if you unscrew this, the handle will come off, you need the undo the screws on the lock itself.

 

Step 4: At this point, the lock should pop off and the case will come apart, some jiggling, cursing or cajoling may be required. With the lock removed reassemble the case by putting the two sides back together and replacing the long pin back into the piano hinge.

Step 5: This may be a bit tricky, but now you need to reset the combination. Peek inside the lock at the tumblers, as you turn the tumblers, the little wheel next to the number wheel will have a flat spot. You need to turn each dial until the flat spot faces the back of the case. Once you figure that out, flip the little lever on the back of the lock and reset the combination to whatever you desire (optimally 000 so you don't forget).

Step 6: Screw the lock back on. Now you have fully functional case.

Caveat Emptor: Do not attempt to do this to anyone else's case but your own. You may damage the case if you are not careful. You may need other tools not listed above, perhaps a bigger hammer or a different screwdriver. Some swearing may be required depending on the size of the hammer and the velocity with which you hit your thumb. This procedure works best on a empty case, if you have equipment inside the case, you may have trouble getting at the back side of the lock. Good luck.

Mid-week antique update

Slim pickings at the auction today. Prices were sky-high on both pieces I wanted, an Elektra espresso machine and a Dunhill humidor, went for $425 each plus buyer's premium. I managed to pick up a nice Batashev Samovar, along with a could other ethnographic metal trinkets, but I need to research them before I actually price them.

I also popped by my restorer's shop on the way back and dropped off a circa 1750 English rapier and a 1825 coromandel lap desk for repair.  They are going to look stunning upon completion.

Attention Formula 1 fans

I was out thriftshopping and found this painting at my secret place. It was expensive, but it looked so good I had to have it. I just know there's a Formula 1 fan out there dying to have an original piece of art like this from the 1970's.

I did some research and based on the year of the painting, the style and color of the car, it is probably a Ferrari 312. Of course it could also just be the idealized vision of a racecar in the artists mind, but it does fit the look and period. The #9 car was driven by several drivers in the late 1960's including Lorenzo Bandini and Chris Amon. Other notable drivers from the Ferrari team of the era were John Surtees, Ludovico Scarfiotti and Jacky Ickx.

Here's a close-up:

I've listed it in my Etsy shop, it could be yours at the drop of the flag.

Auction Day results

Came back from the auction with a modest haul today. I picked up a naughty Chris Cooper original painting that's going straight into a client's collection, a vintage Hartmann valise that needs a little mink oil on the leather bits, a Murano style glass-rod ship in a bottle that's cool but not valuable, a large Carnival glass cookie jar, a pair of mis-matched spurs, and a Peking Glass brush pot in Imperial Yellow (aka chicken-fat).

 
I love the brush pot and I think it's going to live in my personal collection for a while. Here's a close-up:

I also swapped a cool old mail-bag I had won with another dealer who gave me this little footed box.

 

I'm not sure what it was intended to be used for, but it is marked 1821 and has someone's initials on top as well. It's made of pewter, both sides open although the other side does not have a divider. I have a suspicion it might be a snuff box, but usually they have a single chamber and are better sealed to preserve the proper humidity of the snuff.

Today's haul from the Auction

Thursdays are auction days, so I got up early, drove down with 30 minutes to spare for the preview and hit the ground running. I picked up a box lot with some goodies, bought a couple Matryoshkas from another dealer, then picked off a western belt buckle and a piece of trench art.

 

Clockwise from top left: two large hand signed Matryoshka dolls made in Moscow in 1990/1, a dated 1914 trench art vase made from a German Howitzer shell, folding English book rack circa 1910, Navajo style belt buckle with turquoise and coral in nickle silver with brass, unmarked porcelain chess players, porcelain Rapunzel by Lenox (center).

I also picked up a barely used Jura espresso machine that I think was a game show prize, that should be easy to turn on eBay.

In other news: I got a call from the UPS store and my Waterford trunk shipped today. It's coming via truck on a palette, weighs in at 154 pounds, so it's going to be a beast once it's refilled with crystal.