o- What tips and advice can be offered to anyone considering the Art and Antiques Industry as a future career move?
o- Is a business plan a must in a new or established Art and Antiques business, even if one cannot predict income?
Posted in: Uncategorized
Michael
November 24, 2011
of course…….no business can own a crystal ball and predict sales…..You enter business with the purpose of either making money on sales or providing a service that makes money. If you do not have a coherent plan then the externals of the world will put you in tatters.
Salina
November 24, 2011
Choose a section of the business you enjoy, bare in mind that larger items like furniture will carry more expense in terms of space needed to display in a store, transportation and booths at antique shows and fairs.
There is a saying in this business, the way to earn a small fotune in the art trade is to start with a large one – be prepared to work 24 – 7 and definately get yourself a biz plan, you need targets even without fixed income, especially in this climate.
Jason Kaufmann
November 27, 2011
Inherit or marry well!
Jason Kaufman
Adjunct Faculty at Sotheby’s Institute of Art
http://www.jasonkaufman.info/
Mary Helen McCoy
November 27, 2011
As prepared as you think you may be there are always outside factors that you cannot control. If you go into this business because you have a knowledge and passion for what you are selling you must realize that is not enough. In this ever changing economic climate you must be entirely secure financially apart from your investments in your inventory…..I advise owning your own real estate so that you are not at the mercy of a landlord. Try to do your some of your own marketing on a personal basis. Become involved in your community. Become involved is associations with like kind dealers to set yourself apart from the “hobby dealer merchants”…..Exhibit at Fairs that offer the most exposure with “like kind” dealers…..Be accessable at the Fairs and do not put future clients off by ignoring them…..these are just a few suggestions…..Remember, this is a very risky business and be prepared for the ups and downs….
http://www.maryhelenmccoy.com
Jason Kaufmann
November 27, 2011
Jason Kaufman • The essential avenue to such a career is study. Take a look at Sotheby’s Institute of Art where I am an adjunct faculty member. The program offers M.A.s and professional development in many categories of art, with hands-on exposure to objects and market-oriented perspective lacking in most fine art higher education programs. ANd they have effective career placement services.
Exhibitors
November 27, 2011
So, the road to utopia starts with finding a wealthy uncle, and gettiing yourself on a Sothebys Institute of Art course. If only it were that easy Jason !
It would be interesting to know how many students actually go on to become trade members / dealers. Much of the Art and Antiques trade have long considered auction houses to be an arch enemy – do auction houses think the same of the trade? In your opninon, how are we viewed in the eyes of the large auction houses?
Jason
November 27, 2011
Jason Kaufman • Actually, Sotheby’s Institute of Art is not owned or operated by the auction house. It was started by the auction house, but yhears ago it was sold to a private family-owned company, Cambridge Information Group of Bethesda, MD, which owns education and information companies incluoding ProQuest, the online consolidator of full-text academic journals. They license the Sotheby’s name and the auction house provides unique access to experts and objects for hands-on instruction. The Institute also places interns at the auction house, because many students aspire to work in the auction business, and even those who don’t know it is good experience. Not utopia, but a good place to make a living or learn a great deal about the business of art. As to your question about enemies, I can’t speak for the auction houses, but suffice it to say that in order to gain as much of the market as possible the auction hosues are encroaching on the primary market, buying or affiliating with galleries, showing curated exhibitions, offering expert advice, and of course engaging in many private treaty sales – much as any gallery would. The actions speak for themselves.
Alabaster
November 30, 2011
A friend went through the Sothebys Program. In their opinion it was very disorganized and stated that and an internship is not in fact guaranteed. In addition, they said that there is no real outside networking structure in place and in fact, one meets very few people outside of the confines of Sothebys. As with most training/intern programs, it does not really provide much of a leg up for the true price tag it carries. Generally speaking, it does provide unpaid interns to the auction house (who have paid to be given the chance), and makes another company some money.
Mary Helen McCoy
November 27, 2011
I did not have to have a course to learn. I had a special group of dealers (generational dealers) who were older and took an interest in unselfishly teaching about French furniture. They were all French and at the top of their field. They were impressed that an American woman from the South would have such an interest. I then sought out historians and other experts in France who also took an interest in teaching me as I was a very interested pupil….I learned about design from these various periods and I formed a library from some of the best sources in France, England and the US. Many of the books were out of print yet written by wonderful scholars….It was these dealers who sponsered my membership into the prestgious SNA over 11 years ago.However there is nothing like a total hands on experience throughout your career. The learning must continue and an open mind is necessary.
http://www.maryhelenmccoy.com
Elliot Lee
November 27, 2011
It sounds like mentoring played a large part in the early stages of your career Mary? This is precisely what is missing in the market today. With many UK dealers such as Stair, Norman Adams and Hotspur now a distant memory, the opportunities for a new generation to gain hands-on trade experience is almost lost. The wisdom and experience that these and other dealers / Industry figureheads posses, is invaluable to the future of the this trade. During my career, legends such as Lanto Synge, ‘Dick’ Turpin and Gerald Satin always offered great advice, and thouroughly enjoyed encouraging younger hungry members of the trade, which I always reciprocated with good trade prices. Seemed to work well. Definately agree that a more open mind is neccessary in these difficult times. How to get the trade to open up is a diffiuclt question? Apathy is a blocker to progress.
http://www.graysantiques.com
Mary Helen McCoy
November 28, 2011
The professional antique dealer in my field today is not like the dealers who were the mentors to me. I find that since the economy has squeezed so many out of business everyone is holding on tight to their cookie jar which includes the auction houses. I find that there is much more shaing among those not in my field. That is, I can have an honest conversation with an English furniture dealer or a ceramics dealer. Now among my like kind friends (only a handful at this level) here in the states we do talk openly about business. One sentence….business is not great and is a hit and miss. 18th c French furniture is not dead….the really great pieces still sell and have totally retained their value.
As for the auction houses, when I started in this business they were our friends, one of our sources. Now they are retail in many respects and they wish to capture the entire market. Yes, they are still a part of our business with buying and selling but they have a determination to offer themselves up as more than they really are. What is lost is the many years of knowledge and experience that a specialist/dealer has. A good professional dealer is a passionate specialist, a prudent advisor and a responsible player.Good Antique dealers ensure that your transactions are fully transparent. They are your partners whether you are buying or selling through one.
http://www.maryhelenmccoy.com
Katherine Cook
November 28, 2011
Katherine Cook • Oddly enough, we had a young man as this very thing on Thanksgiving. He wants to go into architectural antiques, something my husband has a great deal of knowledge about.
We told him to learn everything he can. Just choosing a single and narrow interest in the antiques business is asking for trouble–and a prime way to lose potential income! Although he will obviously need to know about stained glass and the different column caps, he will also run into furniture, collectibles, who can tell?
Also, we told him to not just learn about the pieces themselves, but be certain to keep up with prices too.
http://www.northgeorgialiving.com/
Exhibitors
November 28, 2011
Is it not a tad difficult to keep up with prices of Architectural antiques? One would imagine, a vast amount of items in this field are unique and therefore hard to price?
Does passion for a subject come into it? How do you price that in to buying an item?
Michael westman
November 28, 2011
michael westman • capital…knowledge…patience
http://www.theartfinder.net/
Katherine Cook
November 28, 2011
Katherine Cook • Passion, alas, has no relationship to price…although, sometimes, if I adore something that no one else does, that may make it cheaper….not that bad, after all. Desire may increase value, but my passion for what I love (or what I assume you mean by that word, Elliot) doesn’t count for much!
No, prices on architectural aren’t all that difficult, although the really unique pieces (which we call ‘blind’ items around here) are a free for all. If something is really unique, you can simply price it for what you think you can get. Wait….that’s what we always do, isn’t it?
We haven’t done exclusively architectural in a while, though. I think that it is always better to know a lot about everything you can, and if you can’t know it all, know someone who does–and is willing to help you price!
http://www.northgeorgialiving.com/
avalon
November 29, 2011
Avalon Antiques Market • I respectfully disagree with Katherine. Avalon is a medium sized mall. We, like all flea markets, malls, etc. are constantly selling items to specialized dealers who know more about their part of the antiques (including art and collectibles) business. My general knowledge dealers make a little on the item, but the specialists are always saying things like “Don’t you know what this is really worth?” My dealers who specialize, or at least focus on an area of the business do very well.
http://avalonantiquesmarket.com/
Bob Brooke
November 29, 2011
Bob Brooke • Unfortunately, many people think they can dabble in antiques. It’s a business, a serious one, like any other. If you don’t do your homework, you’ll get burned. It’s as simple as that. Furthermore, it’s imperative to create a good business plan, outlining what you plan to sell and information about your competition. It’s a fact that antique shops do better when there are others nearby, but each of those shops offers something special. While each may not specialize—that’s a whole different thing—they may lean towards one category or another. So you may want to set up an architectural antiques section in your shop, but offer other items as well. However, the majority of your knowledge will be in architectural antiques. And remember, the value of any antique is what someone is willing to pay for it. Your local market—what people are paying for things in your area—will determine how much you can charge. For more information on starting your own antiques business, check out my book, How to Start a Home-Based Antiques Business for Pleasure and Profit. Don’t let that title fool you. The in-depth information in the book applies to all antiques businesses. It’s available on Amazon.com.
http://www.bobbrooke.com/
Katherine Cook
November 29, 2011
Katherine Cook • Sorry to mislead you, Avalon Antiques, I’m not suggesting you shouldn’t know everything possible. (And don’t we all try to!) Knowledge in the antique business isn’t just power…its money! But I can’t know everything, nor can anyone. For example, if you get into an estate, you better have some general knowledge! How many fabulous opportunities would you miss if you didn’t? More than once we have had the opportunity to be the first person into an estate. Our general knowledge made us thousands we wouldn’t have without it!
Personally, I can’t stand if another dealer says “You could have gotten more” so I will do any and everything to price something well. Of course, I love doing that very thing.
If you are a specialty dealer, though, you better know your stuff! Oddly enough, though, some dealers just aren’t like that, it just seems that they want to do what they want to do, and that’s really great too-its one of the things that makes antiques so wonderful and makes malls good picking spots. Money may not be the ultimate fulfillment for them, antiques-wise. For example, we have a friend who is the most AWESOME picker of all time. Not kidding, I have been doing antiques since I was fourteen, my husband since he was ten—so we have known a host of pickers in that time (and been them!). This picker friend literally amazes every dealer who knows her! We have tried for years to convince her to learn about what she finds. Sometimes she asks someone’s opinion, sometimes she just sells stuff for a tenth of its value. Dealers she knows drive her crazy constantly to buy the stuff she finds. But you just can’t convince her to learn more, because, it isn’t what she loves. It isn’t about money for her or knowledge. She just loves the hunt. She’ll tell you that, too.
We’ve known guys who have made big money and built incredible reputations in the antique business. People who went on to work for the big auction houses in NYC or build incredible businesses all on their own. We also have friends who are the ultimate expert in their fields, and they are those quiet dealers to whom reputation and knowledge is everything. Many are home-based and they are specialists of the highest order.
Bob is absolutely correct (and not just that we all know about “hobby dealers”!) you need to also understand business basics (I’m going to suggest that we or someone get our young fellow your book for Christmas, Bob -thank you for the suggestion, I have heard of it before.) However, the young man we are trying to help out right now is just struggling to figure out what he should buy, what he can pay, how to negotiate, etc. He is really at level one. He was in another business before now, so his basic knowledge of business should be fairly solid. He just doesn’t have the knowledge of pricing yet and where he can move the things he’s finding, or even if they’ll sell. Business rules are a very basic need for him, too, (and everyone!)-don’t get me wrong- but you obviously also need good gear, well-priced, or you won’t have customers!
That is one of the most intriguing things about the antiques business, or collecting in general, though. The sheer, fascinating VOLUME of things to see, to touch, to learn, to find and buy and sell and to share!
And of course, architectural antiques are a curious thing. My husband loves them, knows them and knows most everyone in the business in the Southeast and beyond. However, they are certainly a younger man’s business (yes, yes, we knew people like George Epstein who was doing it until he died in his eighties)….which throws in another consideration we never thought about when we were in our twenties…the sheer weight of the stuff! We are so happy that there are people like this young man who want to continue doing it.
We just want to see this young fellow get a good start in the business; he’s already into some great gear!
http://www.northgeorgialiving.com/
Bob Brooke
November 30, 2011
Bob Brooke • Starting out selling antiques at home or in small shows is also a good way to begin. Both of these options allow the beginning dealer to work at it part-time, setting shorter hours, perhaps just on weekends in the case of home-based selling or only selling at smaller shows. Believe it or not, many start selling at flea markets. They’re a great place for a new dealer to get their feet wet. Obviously, only smaller architectural antiques—door hardware, small stained glass windows, unique railings or molding, etc.—would do in this case.
http://www.bobbrooke.com/
Michael James Chappell
November 30, 2011
No question, nothing substitutes for capital. If you’re pretty thin financially and wish to work in the trade full time, this is probably not the business for you. Of course, a strong intellectual background in the type of material that interests you is essential, but don’t expect that punters will seek you out the result of your particular expertise. Marketing yourself and your material is essential. A shop in an established venue is imperative, and a slick, easy to use website with good search engine placement is at least as important as a shop. For those who wish to enter the business on a full-time basis, you had better expect to be self-financed- I’ve never come across a bank that had any particular interest in providing financing to the trade. As well as strong equity in your stock, I would also suggest at a minimum a cash backlog equivalent to six months’ overhead. And, finally, times being the way they are, don’t fall in love with your inventory. Make certain it is priced to sell. In our own business, we endeavor to turn our inventory completely every two years.
http://www.chappellmccullar.com
Nachum
December 5, 2011
Nachum Katz • As someone who just very recently entered this field through my wife’s new business in antique jewelry, I can say that the important thing is to first have the passion, then learn, learn, learn,see what the market might be where he or she lives, start making actual and careful steps to “jump into the water” without investing a whole treasure in it, to check it out and more. A booth on a market is less painful way to get started, after you gathered enough pieces.
Very important is to know your stuff, be open to learning, develop a good relationship with customers, ask, listen, research every piece you have, post prices, know how to price stuff, and more..
Hope this helps
http://www.freewebs.com/nachumkatz/
Exhibitors
December 5, 2011
Your thoughts most definately help, thank you. It will be interesting to hear in the coming months how your wifes entry into the Industry develops. Which genre of jewellry has Mrs Katz decided to persue? How was the passion for Antique jewellry ignited?