- Editor’s
Note:
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- This
column is a regular feature in the Wayback Times in which my
husband takes interesting people out to lunch … and sends
me the bill.
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- (It's
a tough job, but someone has to do it!)
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- Send
us an e-mail if you have someone in mind for one of Peter Neilly's
interviews over lunch.
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- Peter Neilly is Out
to Lunch
- Breaking bread with
interesting people
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- Out to Lunch!
- with Peter Neilly
- At the Wayback Times, we are always receiving emails and
letters from readers asking for advice on getting into the antique
business. As a rule, we usually recommend starting out small
by consigning items in an antique shop or setting up in an antique
mall.
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- Online websites like eBay don't seem to be as profitable
as they once were, but are well worth a try if you are handy
with a computer and enjoy being online. With this in mind, Today’s
Out to Lunch guest is Bob Cooper, a veteran antique dealer
who operates a successful antique business, but does not have
a shop.
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- Instead, Bob is set up in a number of different antique malls
and also participates in antique shows throughout the year. We
are meeting for a nice lunch and a few wobbly pops at one of
my favourite places, Capers Restaurant in Campbellford, to discuss
the ins and outs of the current antique market.
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- Hopefully, we can help answer a few questions for people
thinking about getting into the antiques and collectibles business.
Peter: Before we get into your situation, I have to ask
you how you got started in this business.
Bob: I guess it all started when my wife Judie and I first
got married. We would go to shops, yard sales and auctions to
buy pieces for our house and at times, especially at auctions,
found we would have to buy a box full of stuff to get what we
wanted. We would then sell the pieces we didn't want at our own
yard sales. I was still teaching so we only did this part time.
I didn't get into the antique business full time until I retired
10 years ago.
Peter: Instead of opening your own store, you decided
to rent space and sell out of different antique malls. Can you
explain how that works as a vendor?
Bob: Each mall is different, but they all charge you monthly
rent for your space, depending on its size, and a percentage
or commission on your total sales each month.
Peter: We are always being asked for advice from potential
antique dealers on how to get started selling antiques and in
most cases we don't recommend opening a shop because of the start-up
costs involved. But there are also other reasons.
Bob: Many people don't realize the hard part of this business
isn't the selling. If things are priced right, they sell quickly.
Buying the right pieces at the right price is the hard part and
that requires a lot of time and searching. If you spend eight
hours or more working in your store it takes up a good part of
your buying time. If you have to pay staff to look after your
shop while you are out buying, then that is an additional cost
along with the heat, hydro, advertising and insurance each month.
Being set up at an antique mall or market means I only have to
be there to replace stock or pick up a cheque.
Peter: Any advice for someone just starting out?
Bob: I would suggest start out selling at a flea market
or holding a few yard sales of your own just to get the feel
of selling and dealing with people. You must know what your pieces
are worth before you try and sell them. The more knowledge you
have, the easier it is not to make mistakes.
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- Peter: When Sandy and I first started out we made
our share of mistakes as "newbies." We learned a lot
at the first show we did many years ago. When we sold over $2,000
(mostly in smalls) in the first half hour to show attendees as
well as some of the vendors, we were pleased. But we soon realized
many of our items had been priced far too low. We hadn't taken
the time to properly research them and saw several items in other
vendors' booths for a much higher price. A few vendors were even
kind enough to point out that we had grossly underpriced some
quality pieces and shared their knowledge with us. It was a good
lesson to learn. Know your pieces, know your prices.
Bob: What you learn by making mistakes usually stays in
your mind longer.
Peter: How many antique malls or markets are you set up
in?
Bob: I am in six different malls currently: Quinte Antiques
in Belleville, Craftwork’s Antiques at The Barn in Fowlers
Corners. Nostalgic Journey in Peterborough, Twind Mills in Colborne,
the Orono Antique Market in Orono, and Caviar and Cobwebs in
Port Perry. The markets cover a large area, but I can reach many
different buyers with varied tastes and as long as I keep the
spots filled with merchandise my time is my own. If something
isn't selling at one location, I will move it to another mall
and many times it will sell right away.
Peter: Your stock at these locations varies from nostalgia
and collectibles to higher end pottery and china pieces as well
as furniture. It's probably better as a vendor to be selling
a variety of pieces rather than to specialize in one area of
antiques.
Bob: I think it gives you a better chance to make a profit
the more diversified your selection is and I find that different
things sell better in different areas. Having various locations
also allows me to rotate stock.
Peter: In the 10 years you have been doing this full time
you must have seen many changes in the antique business.
Bob: It's constantly changing, both with values and trends.
A few years ago dealers would pay $50 for a Shelly cup and saucer
to resell and now they go for only $15 to $20. It's more difficult
to buy at auctions for the right price and many yard sales have
items that are grossly overpriced. You have to pay attention
to the changes in the marketplace or you get left behind
Peter: Do you think the abundance of antique, pawn, picker
and auction shows on television has had an effect on prices and
interest in the market?
Bob: I don't know for sure, but I do know the older I
get the more times I can watch an antique show on television
and not realize that I have seen it before until I'm more than
half way through it.
Peter: You also do antique shows all year.
Bob: I don't do that many. Usually around eight to 10
shows a year. I know many dealers who do more than 30 a year.
The shows are not only a good place to sell, but also a good
place to buy from other dealers and at many shows you can meet
customers and get leads on people who want to sell antiques or
collectibles from their homes.
Peter: When I get leads and do house calls I usually find
I overpay for items, especially if it's an elderly lady who is
selling family heirlooms.
Bob: I make a point of paying more for pieces at a house
call mainly because the people are nice enough to invite you
into their home and also if you treat them fairly and give them
an honest price, you might get invited back if they want to sell
anything else. If people trust you they will deal with you again.
It always makes me laugh when I watch that pawn shop show and
they ask the customer how much they want for the item they are
trying to sell. They always seem to offer half of what the customer
wants regardless of what the item is really worth. If you were
going to sell the item for $400, why would you offer somebody
$50 if they were only asking $100 for it?
Peter: I have also seen you selling at a few flea markets
out of the back of your truck.
Bob: Flea markets are a good place to move certain pieces
and a great place to buy from other vendors. Lots of times I
end up spending more than what I have sold for the day, but I
end up with some nice items to resell.
Peter: Well thanks for meeting with me Bob and continued
success in this ever-changing business. I hope readers who are
thinking of getting into this business can take away a few suggestions
from our talk. It's a fun and interesting way of earning a living,
but it is also a lot of hard work.
Bob Cooper lives in Northumberland County and owns Ye Olde
Plough Antiques and Collectibles. He is always interested in
purchasing quality antiques and collectibles. He can be reached
at 705-653-3414.
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