When I was a full-time auctioneer, I always felt that one of my most important jobs was to manage my seller's expectations. In other words, help them get as clear a picture as possible of their likely sale results. The reason I did this was quite simple: in most cases, when I'd help a lifelong collector sell his or her collection, the last interaction that person had with their collection was a settlement check. And to some extent, it really didn't matter how great the service I gave them was, or how fantastic the catalog looked, or how big the sale day crowd was; if that check was smaller than expected, that seller was likely to be unhappy. Truth be told, this is, in my mind, the great frustration of the auctioneer. The single biggest factor in a seller's satisfaction with their auction experience is the one thing no auctioneer can really control - the prices.
These days, this can be a real challenge. It's a new world, and a new market. While the top of the market continues to amaze with crazy prices, the vast majority of the market does not. Many segments, such as formal American furniture, brass, and fireplace items (I could go on, but I won't) simply aren't bringing what they used to bring. If you spent the 1980s and 90s building a collection by shopping shows (i.e., retail), the selling today at auction (i.e., wholesale) will sometimes result, after commission, in 30 to 50 cents on the dollar. I can hear your sighs and groans from here.
Sound bleak? Perhaps you are considering saving yourself the perceived pain and not selling. Maybe you'll let your kids deal with your stuff after you are dead so that you won't be around to witness the inevitable bloodbath. Well, I'm here to tell you that it does NOT have to be that way! Let me ask you one question that might help you begin to get some perspective: did you collect antiques for profit?
I'm going to guess that the answer for the vast majority of you is a resounding "no." Of course you didn't. You did not spend 30, 40, or even 50 years traveling all over the place to auctions and shows seeking out treasures so you could flip it at age 65. You didn't spend countless hours reading and learning about early lighting, jacquard coverlets, painted surfaces, and weathervanes so that you could enjoy a fat profit margin.
And you did not get to know countless dealers, auctioneers, and fellow collectors, many of whom you now consider friends, so that your collection could pave the way to a house in the South Seas. You spent much of your spare time and money on antiques because you love old stuff, you love history, and you love art. You likely have more fond memories of collecting than you do chairs and brass candlesticks.
For me, and for most of you no doubt, living with antiques has been one of the joys of life - a remarkable opportunity to be surrounded by beautiful and tangible connections to our past. And let's also remember that collecting is a hobby, and almost by definition, hobbies are something you spend money on and they rarely make you money.
As you think about the eventual dispersal of your collection, remember this - you collected antiques for fun, not profit. Think of all those good memories - can you put a value on them? How many times did you excitedly snap up that rare Staffordshire plate or treen box, carry it home triumphantly, and put it in a place of honor on your mantel? What are those experiences worth to you? If the sale of your collection results in a financial loss, try amortizing that loss over all the years you collected. Does that make it seem less painful?
I could also point out that that amassing your collection was likely cheaper than decorating and redecorating your home for half a century, or that because you bought "recycled" furniture, you did not contribute to overseas sweatshop labor and your carbon footprint was much lower than that of your neighbors. Instead, I want you to focus not on what you spent on your antiques, but what antiques have contributed to your life. Do this and I am confident that you will realize what a bargain antiques truly are.
Andrew Richmond is the owner of Wipiak Consulting & Appraisals, and he also publishes planning tips at www.planforyourstuff.com. He is a frequent contributor to Antiques & Auction News and can be reached by emailing andrew@wipiak.com.