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Choices are varied, but buyer beware
By Suzanna H. Cullen
Once dominated by private dealers, high-end auction houses and tony antiques shows in East Coast and European cities, the antique market has undergone something of a revolution over the last 20 years.
Because of an enormous interest fed by an increase in flea markets, television shows and Internet exposure, the antique market has exploded, giving collectors more buying choices than ever. Buyers have so many venues to explore that it almost makes it more difficult ... and it certainly allows for a wide margin in quality and recourse.
There are pros and cons to each venue available, and I will map out each one so that you can choose what's right for you. Ultimately, it's best to explore all of your options to decide which method of buying is most appropriate for your level of collecting.
Dealers
If you want to take the fast route to finding out who are the most knowledgeable dealers in your area with the most authentic merchandise, call your local museum. Museums can't afford to make mistakes so they will only do business with dealers they regard as having the most integrity and best wares to sell.
The best dealers in the business offer a guarantee that what you are purchasing is guaranteed to be as described in a written invoice. They also ask for first refusal should you decide to sell the piece. Why do dealers want to purchase items they've sold to you? Really good things are hard to find—dealers want their good pieces back to sell again.
Also, good dealers want to teach you about antiques. It is in a dealer's best interest to have a knowledgeable buyer who understands the pieces, the market and the value. Another perk about working with dealers is that there is a very high level of service. They can arrange everything from shipping to insurance invoices to phone calls letting you know of an available and appropriate piece for your collection.
Treat antique dealers with respect. Do you walk into your attorney's office or the dentist or the department store and start bargaining? Expect dealers to give you a reasonable amount off if they have it in the margin, but do not expect ridiculous discounts. It is not possible, and it is offensive. Most people in the antique business are in it because of the passion for the objects ... not money.
You can learn about antiques by visiting galleries.
Photo courtesy of The Levison & Cullen Gallery.
Auctions
There are various levels of auction houses and, while the details differ in each, the fact remains the same: caveat emptor—buyer beware.
It is up to the buyers to be knowledgeable about what they bid on and purchase. While some of the higher-end auction houses will take back an item that is deemed a complete fake, most take the position that you buy at your own risk. Read the very small print in any auction catalog and bid sheet to see the policies.
While this can be a risky venue, it can also be very rewarding and fun. It is a great learning tool to be able to walk through the rooms and preview the items. You begin to understand why some things are worth more compared to other items.
Attending live auctions is really fun because there is so much energy in the room and it is interesting to see what objects sell for. But one misconception is that you can get really good deals at auctions. Occasionally this will happen, but it is rare. Most often, prices actually get driven up in an auction when bidders get so caught up in the moment they run right through both the estimate and their own price limits.
Even with less expensive pieces, it is imperative that you decide your spending level before the sale. Otherwise, it can cost you dearly. And don't forget, sometimes phone bids and faxed bids work, but sometimes they don't. It's always caveat emptor.
Often, collectors will ask a consultant to represent them at auction for three reasons. First, and most importantly, a consultant can vet the item for you and recommend whether you purchase it and for how much. Second, it is easy to lose yourself in the thrill of bidding and run the price sky high. A consultant represents the buyer and stops at the predetermined limit. Third, many collectors like to protect their privacy for security reasons. At the high-end level, anonymity is paramount.
Also, many people forget that the auction makes money two ways: the consignor pays the auction house a percentage to auction the merchandise and the buyer pays the house a fee on top of the hammer price.
Among the many places to buy antiques is at a gallery.
Photo courtesy of The Levison & Cullen Gallery.
Antique shows
At the very high end, antique shows are generally tied in with charity events. While the opening night is usually crowded, the rest of the show often falls flat because many people think that they are overpaying to buy at a show.
That's not necessarily the case.
Dealers look at shows as investments, advertising opportunities and places to meet potential clients. Most of the time the merchandise is the same price on the floor of the show as it would be in the shop. Dealers cannot afford to alienate buyers with exorbitant prices. Go to shows, talk to the dealers, learn about new subjects and if something strikes your fancy, buy it.
A number of shows today are vetted, which means respected dealers or other professionals review everything in each dealer's booth before the opening. If a piece is questionable, the dealer must remove it. This is the show's way of offering a further guarantee to the buyer.
Flea markets
America is crazy about flea markets. We love the chase, the hunt, the art of the deal. Even more than the auction houses, caveat emptor reigns at the fleas. It is a wonderful combination of sometimes finding great deals and good merchandise because dealers want quick sales. Other times you might find junk sold by dealers who don't have a clue about what they're selling. It is a wonderful, quirky slice of America where you can find the very best jewel tucked next to a piece of trash.
But there are several things to remember about flea markets. One, these dealers are more savvy than you may believe. Sometimes the prices are comparable to dealers with retail shops, but you think you're getting a bargain because you are at a flea market. Secondly, there is a tremendous amount of merchandise at the flea market, but most of it typically falls into the mediocre category.
We've all heard of the "great find" at the flea, but it's sort of like that one really great, huge fish story ... it happens once in a blue moon. Also consider that rarely, if ever, do you have any recourse. And you will have to feel out dealers in each individual market—some thrive on the art of the bargain, and some simply state the price with no room for haggling.
This is "buyer beware and be knowledgeable" territory.
Online auctions
What the Internet has done for the antiques market! There are a myriad of opportunities for buying various levels of quality online. Check them out to see which, if any, are right for you.
Higher-end auction sites, such as Circline and Sotheby's, offer guarantees to the purchaser. They also allow the purchaser to contact us with specific questions. It is nice to know who your seller is and that there is a guarantee to back up the items. Also, it is typical for these types of auctions to monitor the quality level and rarity of the items represented on their sites.
In another arena, eBay, an online auction site, is an anomaly that has done a super job. There is a tremendous diversity of objects, rarity and quality. Also, buyers can find out the history of the sellers before doing business with them. Additionally, eBay has had pieces go for really high dollars as well as others that slide through for much less, making it a great place to explore.
Just remember: There is no equal guarantee among online auction sites. Take a look at all of the sites and learn something from them. Like any auction situation, read the fine print and know your limit when bidding.
Ultimately, however, time will tell if Internet sites will replace dealers, auction houses, shows and flea markets. While many of the Internet sites have done so well, there will always be people in the market who want to touch and see the object before buying. Hopefully, everyone can continue to work together as it affords the most and best opportunities for the customers. It's another great market to learn from.
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