When in doubt, Go With What You Know

Last Tuesday I went to my first auction of the year, and sadly the selection wasn't very good. The few nice lots they did have either went for a lot of money or were sterling silver, so it would be hard to make a decent profit. Instead of leaving empty handed, I decided to change my game a little.

Here's a list of what I came home with: some books by Taschen, Bruce Weber and Annie Leibovitz, an Epson scanner, a wheel from a BMW, and a wireless router with some USB wifi adapters. So the question is, what do all these thing have in common?

Well in truth, nothing, unless you're a photographer who uses high end computer equipment and drives BMWs. In other words, me. It's what I know about aside from antiques, and while it's a lateral purchase that's not going to increase the value of my inventory, it's still going to make about $500-600 on a $112 investment.

Some days are Filet Mignon, and some days are hamburger; the trick is, not going hungry.

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.

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.

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.