Lean Times for Antique Buyers

Smith's book covers Fenton products from its 1905 begining to the 1930s.

Photo by Linda Karn
(posted Oct 22)

Tom Smith, Jeff Crabb, and Doug Hammerling will tell anyone it is not a good time to enter the antique business during the current economic slowdown. The three men discussed the antique business in between appraising customers' items at the Main Attraction Antique Mall on October 18.

"It is all discretionary spending. People are buying memories and happy thoughts," Crabb said.

Crabb said there is misconception about getting rich in the antique business, people think that dealers buy antiques for pennies at garage sales, only to mark them up for a substantial profit. The two men described the current market as a buyer's market that is expecting a ten percent or greater discount.

"You have to kiss a lot of frogs to find the prince," Smith said.

Crabb shared a one time "prince" experience. He said he purchased a tote full of items for $100. He discovered that most of the items were broken and thought he wasted $100 until he got down to the last piece in the tote. Just when he thought he might break-even, he found a chip on the glassware's lid. What he didn't realize was that he was now the owner of The Dancing Lady series made by Fenton. Crabb called Smith to examine the piece. Smith, who authored Early Fenton Rarities, told Crabb of his rare find. "Oh my God, do you know what this is?," Smith said to Crabb. According to Smith's research, there are only two Dancing Ladies in existence.

To survive in the antique show business, especially in down times, Smith said is extremely important to have quality items and a fresh inventory. Smith, who participates in two dozen shows a year, said that vendors often make the mistake of bringing the same inventory to show after show, year after year. Stale inventory drives customers away.

Crabb said it is easy to develop an attachment to antique pieces and not want to sell them, but selling is the important part of financing the business.

"It is the pursuit of the item or the find that makes it exciting, but it does not pay for itself," Crabb said.

Smith said that wealthy investors have been pulling money from the stock market to buy coins, gold, high end stamps and paintings. Crabb and Smith encouraged people to buy antique furniture when the economy is like it is now. Crabb uses nothing but antique lamps and has them checked and rewired to save money.

"(New) lamps are crazy (in price)," Smith said.

Smith said they had seen a lot interesting items brought in Saturday. The interesting pieces stay etched in Smith's mind. Not many people realize that antique dealers are acting as stewards of history. Smith said the items are being preserved to be passed on for generations to come.

The three men encouraged customers to research their items to see if they can find more information about the artists or manufacturer. Kay Iozzo came in with her great grandfather's early 1900 tobacco humidor. The appraisers commented about its great condition. "Nobody ever touched it," she said. The three men also looked at her teapot, but said it was difficult to determine its value because of a lack of markings or artist identification. Hammerling said it would intrigue tea pot collectors.

Smith said there are certain questions a buyer needs to ask before the purchase.
"Have I seen it before? Will I see it again? Will have I regrets if I walk away?"