Success as a seller at auction means being realistic about your prospects

May 22, 2023

Getting the asking price right is as much a skill at chattels auctions as it is when putting your home on the market: price it too high and you can kill demand but undercook it and you risk giving it away.

Overexposure over a prolonged period tends to raise questions as to the condition of the property on offer. A newly redeveloped house near me went on the market for around 30 per cent more than I would think is reasonable. This is because it was priced according to what the plot cost to buy, what the developer paid to knock it down and create the house that now stands there, and what their projected profit would be added on top. After a few months, no one has shown any interest – the price may reflect the developer’s needs, but it doesn’t reflect the market.

Soon, I expect market reality to kick in and it will be re-priced accordingly, but that exposure will cost the owner dear, and they may well end up with less than if they had simply pitched it at a more competitive rate in the first place.

It’s the same for chattels auctions. Those prepared to consign items at come-and-get-me estimates very often spark a bidding battle, with lots selling for what they really hoped to get for them, or even higher.

Protecting oneself as a seller can be done through setting a reserve below which the item may not be sold. In the UK, at least, it is illegal to set the lower estimate below the level of the reserve, because that would be fraudulent: effectively offering an item at a price that you already know you wouldn’t sell it at.

However, the clever seller will build in flexibility to their reserve, usually allowing the auctioneer a ten per cent leeway on it, if it is clear that they will secure a sale that way on the day. Even if it isn’t quite as much as the seller hoped to get in the first place, it gives them certainty and a quick return.

The least successful sellers at auction tend to be those who have an unrealistically high view of the value of their consignment and refuse to budge. They may be able to force their point of view on a reluctant auctioneer, but they won’t be able to force it on the bidder.

Getting back to basics helps us judge the future

Apr 21, 2023

After decades in the business, new developments continue to amaze me. Following the emergence of NFTs (Non Fungible Tokens) as a traded digital collectable, we now have the rise of Artificial Intelligence. That hit the headlines recently when German artist Boris Eldagsen turned down the Sony world photography award after admitting that his entry had been generated using AI. Meanwhile love letters, poems, songs, greetings cards messages and other missives can now all be created using AI instead of having to engage one’s own brain. To top it all, AI generated artwork is also selling at auction.

It’s not often that I dwell on the philosophical, but I do wonder whether anything created by a computer programme, without the input of the spark of life and spiritual inspiration, can be classified as art. I’m not expecting an answer to that one in the next five minutes – after all, the human race has been creating art for at least tens of thousands of years and no one has yet been able to pin down a catch-all precise definition of what art actually is, and in many ways I hope they never do, because that would break art’s magic spell.

This calls to mind the late great Kenneth Clark, whose ground-breaking TV series Civilisation put the cultural cap on the 1960s.

In his introduction to the first episode, entitled The Skin of our Teeth, Clark famously opined: “What is civilisation? I don’t know; I can’t define it in abstract terms, but I think I can recognise it when I see it.” Of all the emblems of civilisation across the world, what did he decide to use as his backdrop to illustrate this point? Notre Dame in Paris, now rising from the ashes after is catastrophic fire in 2019.

It’s reassuring to know that great treasures of the past, the results of creative genius, still mean so much… and that traditional art and antiques can still get the heart racing at auction.

For auction newbies, why not start by looking at Coronation collectables?

Mar 28, 2023

You would have thought after all these years of antiques TV shows that just about everybody would be at ease with auctions, but we still get a few shy ones coming through the doors in Fernhurst. They’re clearly interested in the whole process, or they wouldn’t be there. If you’re one of them, have no fear, we don’t bite, and I’d be amazed if you couldn’t find anything to spark your interest.

My advice to anyone who hasn’t yet got to grips with auctions but would like to find out more is to come to a viewing before the sale. That way you can wander around and look at everything that’s on offer in a relaxed fashion. At viewings you will find lot numbers attached to each piece on display, and they correspond with the numbers in the catalogues, which are also around the saleroom so you can check out the description and estimate. Staff are on hand to answer any questions or help you get a better look at anything – you’ll find that’s true at any decent auction house.

And if you want to see a great bit of traditional auction drama, come along to the early part of one of our general auctions when the saleroom manager takes bids in the back viewing room rather than from the rostrum. You will find all the bidders standing together among the pieces being sold. There’s nothing quite like it to get you hooked.

A topical way of looking at antiques and collectables for the first time is to study Coronation memorabilia. May 12, 1937 – 86 years ago now – marked the Coronation of King George VI and Queen Elizabeth. Coronation mugs from that event are still changing hands, as is memorabilia from the late Queen’s Coronation in 1953 and all the jubilees since.

While a Queen Victoria 1837 Coronation mug in good condition might now fetch £700-800, her successors’ Coronation mugs can generally be had for less than £50, even that for Edward VIII who was never crowned.

In modern times, though, the one to look for is the alternative 1953 Coronation mug, modelled by Wedgwood on a design by the artist Eric Ravilious. For that you can expect at least £250 and probably more.

How you can identify the valuable collectables of the future now

Feb 27, 2023

A collector I know has proved very successful in identifying trends – perhaps even creating them himself – by taking calculated risks as a pioneering force. Describing himself as a ‘homesteader’, he has acted like one of the great pioneers of the West in the 19th century, heading out and staking his claim before seeing if it yields anything of value.

The thing about people like this is they accept that a lot of the time their efforts will yield very little, but it’s all worth it because here and there they hit paydirt.

So, look about you and ask yourself a few questions. What do you see that will stand the test of the time? Does it have mass appeal? In time, will items associated with this field decline sufficiently to create that vital rarity factor… but not become so rare that not enough of it is left to sustain a collecting base? Does it have the potential to create a strong sense of nostalgia? Perhaps have retro or kitsch value? Is it the sort of thing that could be a future design icon or simply a fascinating piece of history?

One of the best ways of doing that is to see what is coming into fashion now.

A superb example is memorabilia and particularly photographs linked to the Apollo missions of the 1960s. At the most important art and antiques fair in the world a few years ago, one dealer devoted his entire stand to photos from the Apollo missions. Not only was it a stunning display, but it was also able to capitalize on the fact that it was building up to the half century since man first landed on the Moon in 1969. Momentum always accelerates as you get closer to a significant anniversary.

First generation iPhones only date to 2007 – only 15 years ago. Yet in February, one of these, still factory sealed in its box, took $63,000. And that’s the key with items like this: condition is everything. In mint condition is good; still in its original box is better; factory sealed is best!

Recycling, upcycling and excitement – the secrets of why auctions enjoy enduring success

Jan 27, 2023

Death, Divorce, Debt and Disaster. These are the four Ds, as they are known, that have traditionally defined why people decide to sell their belongings at auction. Now, I am adding another two: Downsizing and Decluttering.

From family heirlooms to duplicates within collections that can be recycled to fund the next purchase, these sources of auction consignments bring hard-to-find rarities to the surface all the time. Auctions provide probably the best hunting ground thanks to house clearances and deceased estates, where interesting antiques and collectables that have been hidden away for decades get their first public showing. Pitched right, they can create a lot of bidding competition. But these circumstances also create the perfect opportunity to pick up a bargain. That’s why general auctions are such an exciting experience – you never know what will turn up.

Before the days of throwaway consumer culture, this is how many people furnished their homes.

One of the great obsessions in our industry is how you attract the next generation of buyers and sellers. Forty or fifty years ago, newly married couples tended to go to auction to buy furniture and decorations for their first home. They were the original recyclers, unwittingly supporting the green end of the economy.

Then the era of mass consumerism, with its disposable, flatpack furnishings, took over, tastes changed, and the local general weekly auction started to look like a thing of the past.

Well, close to half a century on we’re still here and as relevant today as we have always been. Yes, we have had to adapt, offering more specialist sales, better catalogues, clear costings and, in the advanced technological age, live bidding via the internet.

What hasn’t changed are the twin thrills of finding something special hidden among the day-to-day items and the charged atmosphere of competitive bidding and ultimate victory as the hammer comes down. I’d say they are as attractive characteristics of the auction process for the young as they are for the more mature among us. What’s more, the concept of recycling and upcycling is stronger than ever, so the tradition continues!

A new year – and time to look to the past for a better future

Jan 2, 2023

One of the most interesting aspects of working in the art, antiques and collectables world today is just how few people realise that they are part of it. Antiques may be things of the past, but it’s an ever-changing world, which means there is a constant supply of ‘new’ antiques, objects that have just become more than 100 years old.

In the end, it is an arbitrary measure; what really matters is the quality of the piece in question. Values can change depending on a range of factors, such as rarity and condition – and, indeed, age – but perhaps the two factors that most alter the general cycle of buying and selling are changing tastes and habits.

Think of tobacciana and smoking accouterments. Cigarette cases of the 1930s remain highly collectable, but will that always be the case no smoking itself is in such decline?

A similar view can be taken of dining room furniture. Personally, I think a return to having a special room for dinner parties and the like is long overdue, but while larger homes may still accommodate this if they choose, the average new-build house simply does not have the space.

What we need to seek out then, are the antiques of the future.

There is one collector I know of who has proved very successful in identifying trends – perhaps even creating them himself – by taking calculated risks as a pioneering force. Describing himself as a ‘homesteader’, he has acted like one of the great pioneers of the West in the 19th century, heading out and staking his claim before seeing if it yields anything of value.

The thing about people like this is they accept that a lot of the time their efforts will yield very little, but it’s all worth it because here and there they hit paydirt.

So, as we embark on 2023, look about you and ask yourself a few questions. What do you see that will stand the test of the time? Does it have mass appeal? In time, will items associated with this field decline sufficiently to create that vital rarity factor… but not become so rare that not enough of it is left to sustain a collecting base? Does it have the potential to create a strong sense of nostalgia? Perhaps have retro or kitsch value? Is it the sort of thing that could be a future design icon or simply a fascinating piece of history?

Tips for the New Year

Dec 5, 2022

What should you look out for in 2023 when it comes to auctions and collecting? What will be hot, and where will the money be? If I could say for sure, then it’s more likely I would be cruising the Caribbean by now instead of rolling my sleeves up for another year of hard graft (although I love it really!). However, decades of experience have taught me to spot the signs, and here are a few to whet the appetite.

• Modern British art. The wonderful exhibition running until April at the Pallant House Gallery in Chichester – one of the most influential public institutions of its type in the UK – illustrates this perfectly. Inspired by the South Down and titled Sussex Landscape: Chalk, Wood and Water, nowhere does it capture the spirit of that landscape better than in the exhibition’s cover painting, Chalk Path (1935) by Eric Ravilious. Mod Brit works are here to stay, with many prices climbing.
• Railways. A century ago in 1923, all the small, independent railway companies were brought together under the umbrella of the big four companies: LNER (London Northeastern Railway), GWR (Great Western Railway), SR (Southern Railway) and LMS (London, Midland & Scottish Railway). Railwayana already has an extensive following; expect auctioneers to mark the centenary with specialist sales, along with dedicated exhibitions at public institutions.
• Pre-owned luxury brands. Handbags, scarves, clothing, accessories, jewellery, sunglasses – if you want to attract a mass following at auction, this is a sure way to go. Millennials, Gen Z, ladies who lunch… all of them are piling into this sector, so much so that the original brands themselves are now launching sidelines in secondhand versions of their own products.
• Watches. With prices of new watches going up, vintage has become even more attractive. From Rolex and Patek Philippe to Cartier and Omega, there seems to be no end to their popularity and ability to hold value. Ladies and gents are both keen collectors, as are fans of engineering, luxury and lifestyle statement collectibles.

It’s time to look forward to the Coronation of King Charles III

Nov 8, 2022

November 14 is the 74th birthday of our new king. As Charles III, he has brought in the new Carolean era – indeed Carolean has been chosen as one of the words of the year.

Major events in Royal life are always accompanied by a fresh release of memorabilia. From Coronation mugs to Jubilee tea towels, almost every household has had at least one item pass through its doors at one time or other.

The Royal Family mean different things to different people, from the staunch royalist to the anti-monarchist, but none can dispute that their presence and impact on public life is as far-reaching and important today as it has ever been.

Those worried that the campaigning frankness of Prince Charles, especially on matters of the environment and architecture, would continue once he had donned the crown, making the role more political, can now rest assured that will not happen.

The new king has clearly learnt from the unrivalled experience of his mother, the late Queen, and is set to put his own stable regal stamp on the coming years.

This creates the ideal circumstances for cultivating a new era of collecting in the royal memorabilia sphere, and this will undoubtedly start with the Coronation in May.

The king is known for wanting a stripped back monarchy and less opulent start to his reign – a noble and sensitive approach in these straitened times – but even he is unlikely to deny his many devotees the opportunity to obtain a small keepsake of what will still be a grand and landmark occasion.

The earliest surviving pieces of Royal memorabilia, some dating to the previous Carolean period of Charles II, can make six-figure sums. However, even Diamond Jubilee mugs specially made for children to mark Queen Victoria’s 60 years on the throne in 1897, appear at auction regularly and can be had for around £150-200. Similar prices can be had for subsequent Coronation mugs, including those for George V and Edward VIII, whose short-lived reign meant that he was never actually crowned.