The Great British Bargain Hunt

Recent reports in a Newspaper article commented on the fact that there has been a surge in interest in the purchasing of Collectables and Antiques, Due mainly to the "Glut" of TV programs on our screens, concerning Buying and selling.

So How easy is it to spot or buy a bargain?  Can YOU make money by buying and selling, Is collecting items worth while?  Will they increase in value?

While I certainly do not profess to be any sort of expert in the world of Antiques or collectables, I have been interested in the Subject for several years, and can often be found at our local auction room.

So if you are interested in Buying and selling  (And hopefully making a small profit along the way)  Perhaps I could offer a few tips.

As a Newbie to collecting and collectables, How much value do these TV programs give YOU?

The Programs are a good way of finding out WHAT is collectable and what is not ...But beware, All is not always what they seem.  Lets break down some of these Programs and see their pitfalls.

The Antiques road show.

The Grandaddy of all these types of programs, It has graced our screens for many years.

The Antiques Road show is an excellent program ... IF .. You are interested in antiques.  (Note Antiques NOT collectables)

The format of the road show is pretty simple.  They set up a venue, you bring along your prized possessions, They tell you all about it and value it.

Sounds simple, however each road show attracts Hundreds of hopefuls with their little treasures, But only a very small percentage appear on your screen.

Truth be known, the antiques road show can be selective in what they show you, Picking only the best pieces.

So lets imagine they review an antique Sideboard ...You have one almost Identical (Inherited from Auntie Bella)

WOW ...Suddenly you are interested ... The Expert completes his review by asking the Owner "Have you this piece insured?"

"NO" ..."Then I suggest you insure it for £1200."

Now before you tie your Auntie Bella's sideboard onto the roof of your Lada Riva and head off to the sale room, What is this Insurance Value thing all about.

Well most of us have normal house insurance, Some will have a New for old Policy.  So if you house contents get dammaged  (Say by fire or flood)  You get nice New replacements.  However how do you replace something that is antique.  Do you really want Auntie Bella's Sideboard replaced with a nice new one from Argos?

Of course not ... In fact the piece might be irreplacable, Therefore you MUST insure it, for more that it is worth, to compensate for you loss.

So the Road Show has placed a value of £1200 on this sideboard, what is its selling Value.

Not an easy question to answer, However as a rule of thumb, the Selling price would be around a third of the Insurance value, or in this example, You could expect around £400.

The dissappointment does not stop there, Take the sideboard to an Auction and they might suggest that you enter it into their sale Catalogue at £250 - £350 ..With a Reserve of £300.

What this means is that the Auction rooms WILL try to achieve the top end of the Valuation, And will NOT sell your piece for less than the Reserve of £300.

Of course on the day of the sale, IF two or more people are interested in buying your sideboard, The price might go beyond the £400 (Perhaps reaching £500/£600) .. Then again if it does not reach the Reserve you set, You have to tie it back onto the roof of the Lada Riva and take it home again.

In short, Don't be decived by the Valuation placed by the Antiques road show ... It is mostly for Insurance purposes.

Bargain Hunt

Possibly the program that started off the interest in collecting.

The Show format is very simple.  Two teams of Two People are given a cash sum. They have 1 hour in an Antiques Fair to buy, With the help of an Expert, Up to three items.

A couple of weeks later, The items bought are auctioned off, If the Teams items sell for a profit they get to keep the balance.

Certainly its is a lot more entertaining than the Antiques Road show, And not all the items bought by the Teams are Antique, Indeed most are better described as Collectables.

A couple of drawbacks with "Bargain Hunt"  First it is a game show and should be treated as such.

Another point that concerns me about Bargain Hunt, Is the bargaining teams do at the Antiques fair, While purchasing the Items.

For example :   An item is on a stall priced at £120 ..The contestents haggle with the Stall holder and get it for £70

Now this worries me ..If a Stall holder is prepared to drop his asking price by £50 ...Then surely the item was overpriced in the first place ... Would you want to deal with someone like that?

If the Stall holder is prepared to sell the iten at £50 less than his asking price, and I am sure at that he is still making a profit over what HE paid for it ..Then surely something is wrong.

In my experience Stalls at Antique fairs are run by Antique dealers, Haggling with them and they will reduce their price ...A LITTLE (Perhaps £10/£15) but no more.

I also have to ask myself ...Antique dealers ...Where do the buy there stock from?

Have you ever walked past an Antique shop and seen a massive string of people outside, all carrying their possessions in carrier bags, trying to sell then to the Shop?

If dear old Anutie Bella passes away, Do you get in touch with you local Antiques dealer to come and buy her furniture?

This may happen, But not often, Truth be told MOST Antique dealers prowel the Auction Rooms looking to buy collectable reasonably cheap and then sell them on for a profit.

The exact opposite of what the contestants in bargain hunt are trying to achieve!

Is it any wonder, then that very few of the Contestants make a profit?

Antique fairs are great places IF you are a collector and are looking for certain items, But do NOT expect to go there and find bargains that you can sell on at Auction and make any reasonable sort of Profit margin.

Flog It

Basically Flog It is an updated version of the Antiques road show.

They set up a venue, Hundreds of people appear, they select a few pieces, But the difference being, The experts tell you their estimate of the Selling price, and providing you agree, they then present it in an Auction.

Quite a good program, however again the experts select only the Pieces they KNOW will attract the buyers.  I also feel they tend to under estimate the Value, Hence when the item sells, It makes for good television.

Cash in the Attic.

A totally different format to all the other TV shows.

A householder decides they want to raise a cash amount by selling off some of their possessions at Auction.

In comes an expert, and he prowls you home looking for items to sell, until he arrives at the total the householder want to raise.

Then it is taken and sold at the Auction.

The main difference here, is that the Show expert cannot be selective, Things like jugs/Vases etc that can be found in most homes are valued (Not just expensive antiques).

This show, comes closest to What YOU can expect when selling Your items.  More often than not cetain lots in this show do not meet their estimate or do not sell.

For any new comer into the world of Collectables, this is the show that is more useful and down to earth.  It certain gives you the sense that Money can be made, from items that YOU may concider as junk.

Cash in the Attic: A great place to start your learing curve into the world of collectables.

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So you decide you want to collect or buy and sell antiques or collectible items. The first thing you must do in either case is decide what it is you are interested in  (Crockery/china/furniture/paintings etc.)  Collecting or buying and selling items that you are not really keen on is a big mistake.  Buyers will quickly recognise your lack of enthusiam for the item and be reluctant to buy from you.

So when you start pick on a certain item and learn all you can about the firm that made it.  Knowledge is a powerful ally.

Where to buy?

Antique fairs/Shops
Not the best place for beginners.  Always bear in mind, the shopkeeper will probably know a lot more than you do about your chosen item.  Remember the shop is the owners bread and butter, they must sell at a profit to earn a living.  Do not expect to purchase an item from an antiques shop and sell it on for profit.

Car Boot sales
At one time a very good place to find bargains.  In fact you can still pick up the odd treasure very cheaply at a car boot, But as the TV shows become more and more popular, So does the car booters knowledge of what is valuable and what is not.

Charity shops
Same as car boot sales, suddenly these shops realise that they were selling collectables at rock bottom prices, and have taken steps to rectify the matter, You canstill find the odd quality item at a fair price.

General Auctions
A Very good source of Collectables. General/household auction rooms can be stacked full of little treasures, Some can be bought at very reasonable prices (depending on the amount of people interested in that item).

What to do before you Buy.
Inspect/caress/touch/rub.  Do not be frightened to check the item very carefully, after all you will be paying out your money for a secondhand item, you are entitled to ensure it is in good order before bidding/buying.

China/Pottery:- Pick up the item, run your fingers over the surface and rims, Check for minute damage (Cracks/chips/Crazing ...Cracked glaze) all these faults affect the price of the item.

Look very carefully (yes even use a magnifying glass if you have one) check the pattern/the glaze for wear.  (Bear in mind that the older the item the more wear you should expect).  Look and read any inscription on the underside.  If you have any doubts or questions talk to the shopkeeper/auctioneer.

If the china/pottery is chipped or cracked ... Forget it, Wear on the glaze is not so bad (Depending upon the age of the item)

Carefully check the Rim of the item ...does your finger notice a slight bump ...perhaps the item has been restored .. again affecting the value ...Ask the seller if it has had restoration work done.

Paintings:- Look very carefully at the painting, People do paste paper prints on to canvas backing, and then coat the paper with clear varnish to give the appearance of an oil painting (Generally these prints are worth the value of the frame only)

Run your fingers lightly over the painting, do you feel little ridges of paint following the shape of the artwork, if so it may be a real oil painting (on canvass or board), Again if unsure ask the seller.

Furniture:- Inspect for any sort of damage, Scratches, staining of the wood can affect the value of the item.  Check every piece for damage (Tables, chairs) lift them up ensure the legs are sound.  If the item is a sofa or suite remove the cusions check the springs arms legs.  Remember if you buy or bid for a secondhand item, you are to late complaining about damages when you have the item home.