Time For a Change?

Lately I've been thinking of a change.

A pretty drastic change. 

I've been thinking of getting out.

Getting out of the antiques business, that is.

There are lots of reasons you could point to....

Like:

A desire to just do something different...it has been over 25 years of this.
Or perhaps a midlife crisis?
The events of this past summer wearing me thin emotionally?
Repros and fakes flooding the marketplace via eBay (etc) with no end in sight?

But, the reason is pretty simple, when I think about it. 

 I am just plain tired.

I need a break, and I don't see any way of getting that break short of getting rid of the business entirely....or, at least all my inventory.  

But, that leaves me with a big question....what would I do?

Actually, that is easy....

I'd write....get my book(s) actually going, started, finished, down on paper/disk. 

I'd have to have that financial cushion in order to do that, which selling the inventory should give me...but, finding someone who:

 (A) recognizes the value in the inventory I have 
AND
(B) is financially able to purchase the inventory

It would take $200,000 as a lump sum to buy me out, I figure. That is lock, stock and barrel. All my inventory, good and bad, high end and low end.  

Realistically, retail value of the inventory is likely in excess of $1 million......and that is no joke....and no I am not off my rocker. 

Remember, that is at retail; and frankly, taking it item by item it adds up fast.  Even at "wholesale" pricing...and by that I mean at the reduced figures the inventory would wholesale to other dealers at.... (say, let's use 50% of retail across the board) you're looking at $500,000 in inventory.

Crazy? 

Not at all. Think of all the work that has gone into accumulating the inventory, piece by piece. Fuel, time, knowledge, sources, vehicles worn out, all those expenses incurred running around, hauling, storing sorting, and on and on and on. 

Factor in/add the expenses incurred in sourcing the inventory to the actual cash cost of the inventory at time of purchase, and you would be well over that $200,000 mark. 

  But, antiques and collectibles inventory tends not to be easy to liquidate into a million dollar figure in a short time. This is not a "get rich quick" sort of business.   You have to love the stuff  to be in the business.  

But I think I may be falling out of love with it.

I still get a high from the hunt, and I am good at it, so eventually, maybe  I'd do some "custom picking" for the new owner(s) of the business. 

Who knows. Most antiques businesses get liquidated by their owners; rarely do they sell "en bloc." 

It all seems pretty much all a pipe dream at the moment. 

But, then again, that could just be because I am tired.

So tired.

  

Bargains For Me, Bargains for You!

 ________________________________

I admit it, I have a heck of a time passing up a bargain.

 

I can pass up a bargain, but when I see that it is priced well below value, I have to stop and think...

Sometimes thinking about the item much longer than others.

If I am "smart" that day, I will leave many of those "bargains" on antique shop showcases & where they are sitting on thrift store shelves, and yard sale tables.

The reason being is that I end up figuring out that the item really is not a bargain. 

Sure, the item is priced at $5, and well should be worth $50. 

However, it is only be worth $50.00 once it is sold for that....

And I have to clean it.

And store it.

And haul it around to a dozen antiques shows.

Wrap it.

Unwrap it.

Clean it again.

"Sell" it...IE: market it to a potential buyer, talk up the piece, etc.

And then find out they have one identical and were only interested in pricing out theirs.

*Sigh*

And start again....and on and on and on, 

Until such time that someone comes along, and is willing to buy it.

But only at a discounted price....

Sold! 

Finally!

But only for $30....

And I had to absorb the tax.

Now, did I realistically make any money on my $5.00?

Nope.

I always need to remind myself that my time is worth money, and so is my knowledge & experience.  I am where I am because I have "paid my dues" over many years.

I have tons and can get tons of inventory. I find stuff where others can not. I find the things at bargain prices, without being dishonest with people.

 I have many sources, connections, etc.  

Add that to my broad scope of knowledge, curiosity, and ability to get interested in vastly different subjects. 

I can go to an auction where the competition is fierce for the advertising items, and where it seems that there will be no bargains. I will end up bidding on a lot where the auctioneer is desperate to get a bid, and thanks me for taking it away for $2, and people in the crowd think I am nuts for buying that box lot of trash.

I smile and say to the auctioneer:

  "You're welcome...and ya owe me a beer."  

My smile is not entirely due to my joke, it is due to knowing there is a  $500 item in amongst the junk.  It is not an advertising piece, but  Staffordshire Pottery. Despite a couple small chips, it depicts unusual subject matter, and will be a quick flip for $250 to a fellow dealer, after taking some pictures and dropping him an email.

 I am good at what I do. 

And I work darn hard.

I am not rich, cash wise.... heck, I'm not even "well off" financially.


 Life happens, and it has "happened" in such a way that I am not exactly where I wanted/planned to be by now, at my age.

 Then again, being retired by 40 was my plan. 

Yes, I was extra optimistic at 20!


Anyway, the point is I have tons of inventory (literally!), and really do not want to deal with it all. I am tired of the grind of wrapping, unwrapping, etc, etc, etc, etc.

Yes, there is LOT$ of money to be made on that stuff.  However, I like..(wait just a minute...scratch "like")...I  PREFER a "quick flip", a fast sale, a bulk sale, a whole pile of stuff being sold at once to one person, etc, etc, etc....and I don't care that an item/items go out at  wholesale figures. I'm not greedy, I don't need, nor want top dollar for everything.

I have tons of inventory, and really need to get rid of it. I have no time to put it all out on shelves, clean it spic-and-span, package and price it, etc, etc.

It is time to cut my losses....the merchandise is fine, salable, and not junk.  But, all the bargains I bought and really are not bargains once I "do the work." Combine that with my market access. It is tough here, really, to sell many things.   

 I can buy some wonderful art glass at a heck of a bargain, but when it comes to selling it in the shop....well, that bargain is taking up space....and slowly becomes something that is costing me money. Yes, when the item takes up space for things that will sell quicker, that slow seller begins to cost you $$$$.

The odds are I will sell 20 old tin signs before anyone looks at the Orreffors vase.....grossly underpriced at $200......no one, that is, except the little old lady who looks at the price and gasps...or brings it over to the counter with a toonie ($2) in her hand.
So, my bargain hunting eye and years of buying, bidding & rooting around all over has caused an accumulation of stuff.....lots of  inventory.  
Darn good inventory (heck, GREAT inventory) if it gets to the right market.

What I am getting to here is thus:

 I am soon going to be offering much of my inventory at WHOLESALE and BELOW WHOLESALE prices.  

The catch is, a buyer has to buy a large lot. From a 2' x 2' boxful, to a gaylord container full, to a truckload.

Instant inventory for someone to sell at their store, flea market, auction, on eBay, whatever.  Cash in my pocket, potential profit in the buyer's pocket.  Did I mention I also hate doing eBay sales of anything these days?


PLUS, not only do I have vintage stuff galore, I also have "new" stuff, modern merchandise, army surplus stuff, and more. 

I did say I had a hard time passing up a bargain!  

So, soon you can buy lots bulk from me. 

I did the "heavy lifting"
 

 The "windshield time"
 

 The dirty work,

The dangerous work,

The loading & sorting

 

And not to mention  accumulating it into larger quantities of "like" items...all the stuff you'd spend tons of time doing, when all you want to do is sell, sell, sell!

I make some money for my work, you will make money for your work. 

Let's see how it works out!

  If you are interested in this opportunity, "Friend" me on Facebook.

And keep watching this blog, too!    
  

Wholesaling

I've never had a problem with wholesaling merchandise. 

Retailing is much harder...but I have/will cover that in other blog posts.

I LOVE a quick sale! 

The item/lot is gone, you just forget it and go buy more stuff. You have cash in your pocket, and if you have bought it right, you paid for your time and hopefully done even better than that.  
 
Remember all the work that goes into retailing items. Leave the cleaning, researching, handling, shipping, packaging, storing, preserving, restoring, marketing etc, etc, etc, to the buyer....who is likely also a steady reseller.

 Photo: Gerry Frost of Crazy Horse Antiques (Calgary, Alberta) and 

the Author, with part of a bulk purchase "The Driftin' Cowboy" made. 

 If Gerry happens to look familiar, you may have seen him buying and 

selling at various western Canadian antiques shows over the years,

 and most recently he has appeared on "Canadian Pickers"

(aka "Cash Cowboys" in the US and other markets) doing appraisals,  

and seen attending some of  sales put on by the two TV pickers that we in the

 business tend to refer to as "The Boys" (aka Scott Cozens & Sheldon Smithens)

Other resellers can be far better customers than the general public and/or collectors.  Selling to other pickers, dealers, second hand shop owners, etc creates steady and ready customers...and, just as importantly, are not so heavily influenced by such lines of thought as:

"I already have one of those in my collection."

"I only want one, not all 10."

"I just need that one to complete my set, not the whole set."



"I just want the 3 best condition ones, not those 20 others."


If you have been reselling anywhere, you know very well that this list can go on and on and on and on.

I also try not to wholesale to the general public, unless they actually are resellers themselves, and are willing to buy in bulk. They could become your future steady customers.   

 I do keep my "retail" prices pretty reasonable, but bulk buyers certainly get even a far better deal from me than Joe or Jane Schmo buyers. "Bulk" means different things to different people. I regularly encounter J. Q. Public that seems to think "bulk" means that their buying 5 items, under-priced at $6 each, means I should be readily giving them a 70% discount...and absorb the taxes.

There are other used goods/surplus goods/antiques/collectibles resellers who don't subscribe to the same philosophy as I do,  but usually they have another source of income, thus do not need to turn over inventory to pay the bills.....or they are newbies, and when they stay dedicated to that mantra of "retail only, minimal discounts, no wholesaling" they tend to not be in this sort of resale business long term.


Hang in there when it comes to those sorts.... 

Ten, five, two or even just a year from now, you may end up buying all their inventory, fixtures, supplies, etc; for pennies on the dollar, at some storage locker auction!

If you are really lucky, and keep reading this blog, maybe even buying my book(s) (when they get done!), you may well end up PAID to haul away the inventory you were wanting to buy!

Happy Picking, Folks!



 

The 3 F's - Future, Family, Furniture

Made a trip to Winnipeg last week; mainly to take my stepdaughter back to her home. With us we brought an antique wardrobe she had purchased from a friend of ours.  The unit is quite large, being about 7 1/2 feet tall. Quite the beautiful piece; exterior components being made with single super-wide planks of oak, 1880s, sporting hand cut dovetails and machine cut square nails. It is likely European (more than likely British) in origin, considering it had evidence of the type of woodworm occupation seen on many European pieces.  Woodworm, of which the sort that this piece shows damage from, does not occur in Canadian made items, due to our climate being less than ideal for that pest to survive in.

Being the loving step-dad, I got to load/pack/secure the wardrobe, deliver it, help unload it, and even repair/re-glue it, etc once it was in her apartment.  Her dad (yes, her dad and I are on friendly terms) supplied the claps and assorted tools I did not have with me. She's lucky to have 2 loving dads and a loving mother, all interested and plenty of experience in the antiques business. That has helped her in various past endeavors  and interests, and will help her in the future. She will realize this more and more as she goes through the years, but at present, she is young (21) and may not realize how much help this support will provide & educate her. No matter, she is on her own life path, and we are here to assist her.

Sometimes I am sure she thinks we are being a pain in the butt, critical, annoying, stupid, or just plain irrational....all of which might be true on occasion! She'll just have to sort out which times are legitimately "nutty" and which are truly our attempts to help steer her in a positive direction.  That is part of life experience, and she's an intelligent sort. As with anyone young & newly "out on their own," the haze created by the glitter, dismay, annoyance, sadness, excitement, anticipation etc, of her current  daily experiences, many of which are fresh and new, will become "ho-hum" and commonplace.

Once that occurs, the fog will clear, and she will see  things far more clearly, and in ways she didn't view them before.

We love her, and wish to see her succeed in whatever she wishes to pursue.

The lives of those in the "junk biz" are quite different from the "mainstream", and thus seem unusual to those who have never been part of this lifestyle. We are the same as everyone else in this world, really.   We have faults, needs, desires, goals, ups, downs, wishes, fantasies, dreams, interests, dislikes, good habits, bad habits, and  all the other long list of positive, neutral and negative attributes which comes with being human. 

So, now that everyone is weeping and feeling all gushy, it is time to change the subject!

This particular piece I had seen at an local antiques auction. I didn't stay for the entire sale, as I didn't need stock, and had bills to pay.  Knowing that it was a good piece, I had no doubt it would sell for $400 at minimum, despite some of is issues.  It was a well advertised sale, and every good item that was being sold received bids that were at retail levels,and most were actually exceeding retail levels. 

Tip, just because it is an auction, does not mean you are buying it wholesale no matter what you pay!

And that includes bidding against a dealer....we collect, too!  We also bid & buy on behalf of friends, relatives, collectors, etc! Plus, we are not stupid...we know when you are just trying to "bid us up"...and that is a dangerous game to play....it may cost you far more than you would think, and I don't mean just in dollars and cents, though you will take a hit in your pocketbook, for sure....if not at this auction, it may be the next.  The antiques community is far smaller than people would think, and with online social networks, your little game may have consequences that reach further than your local community.

No, nothing occurred at this auction to make me venture into that little tirade...just some good, solid advice for those newbies out there who may be tempted to play the games that some reality shows portray. Real life is not like Reality TV.. The true REALITY is that when you find the consequences of your actions coming back to haunt you, affecting you in negative ways, it is suddenly no longer amusing, interesting, nor  entertaining.

So, back to the wardrobe....

I found out later that an "oak" wardrobe at the sale sold in excess of $600. There happened to be two wardrobes at the sale, only one of which was really oak. 

My assumption was that it was the oak piece that had sold for $600+, and I was not surprised. Well worth that, and with a few repairs/restoration, and if assembled properly (the auction company's staff had assembled it with the base upside down!) it could garner $1500 - $2000.

The other wardrobe sold for $50, and it was a local used furniture dealer who purchased it, who we deal with and are friendly with.

I heard another friend of ours bought the wardrobe, and for a still cheap amount of $250, delivered. Good profit for the furniture dealer, and a decent price for the wardrobe, which I assumed was the "faux oak" (see my "Test Time" posting) one. It was maybe worth $450, in my opinion.

When our friend showed it off to us, I was stunned to see it was the REAL OAK one...The "faux oak" one had sold for over $600!


The truly valuable one sold for a bargain basement price of $50!

  I thought that the base being flipped over was quite obvious, but in retrospect, it perhaps  was not obvious to all of the potential bidders. I can only assume that they looked at the (typical) heavy wear present on the upright facing underside's 125+ years of floor contact produced wear as severe damage...to what they assumed was portion of the side that was meant to be visible. .

Goes to show that, despite an item being at a well advertised, well attended auction sale (or ANY sale), you well may be the only person in the room that recognizes the true value of that object.