The forensic
definition of picking in the context of shows like American Pickers, Pawn
Stars, Storage Wars, ad nauseum, generally centers around the acquisition of
items whose full retail value is either not recognized or because of some form
of nuanced negotiation is not realized by the seller; the buyer then proceeding
to maximize the retail value by establishing and promoting the true marketplace
worth of said item.
Although my philosophy
of picking still incorporates these elements, my actual practice of the art
(yes, I believe picking is an art form) varies depending on several factors. Ultimately
I believe that the essence of picking is understanding, finding and giving a
home to under-appreciated art. The beat up ’57 Gibson J45 guitar with 3 strings
in someone’s closet or the John Wood Dodge painted miniature in
a Nashville antique store sold as “nice picture in neat frame”, or even the hammered gold medieval coin covered in British dirt for 1000 years. For me it’s
about finding things created with time, blood, sweat, tears and ingenuity;
pieces of history, sometimes obvious but many times overlooked because of size,
age or amount of dirt acquired along the way. The fun for me is researching and
knowing an area of collectible so well that wherever I am my eyes are always
tuned to see the glint of treasure. The thrill, of course, is in the chase:) Here are a few tips that I’ve learned over the
years, some the hard way:
1. I (almost) never buy anything I don’t
know something about. Seeing an item and thinking “this just looks like it
should be worth more than it costs” is a great way to lose money.
2. Start small. When you are just beginning
to learn an area of collectible buy some inexpensive examples, study them and
learn from them and as you become more advanced in knowledge, sell off the
lower end pieces. My experience is you can usually get your money back on them
because liberally speaking “junk sells”.
3. Learn the market segments for
collectibles and rules and laws governing the buying, selling and transport of different
types of items. For example, pre 1898 firearms are considered antiques by the
ATF so you can send them through the US mail and need no license to buy or sell
them but there are international laws restricting the ownership of even antique
arms in Europe.
4. Know the relevant dealers and
collectors in all the fields you trade in. Developing a network of people that
you can instantly turn to in order to buy or sell or consign is important.
Also, it’s good to know which of them buy and sell on eBay and other auction
sites so that you know who you’re competing against.
5. Find a mentor. Some of my dearest
friends are people that I’ve met and been generously mentored by in different
fields. Someone you can call and run an item by is probably the biggest asset
you can have.
6. Be a mentor. Pay it forward. This
applies to all of life. ‘Nuff said.
7. Stay away from trendy items. Two
words. Beanie Babies.
8. Let your passion drive your knowledge
base; let your knowledge base drive what you buy.
9. I try to never buy any collectible that I’m
not happy to keep long term. If I don’t like it well enough to keep it myself,
then why should I expect anyone else to want it?
10. Finally, never go into debt to pick
anything and keep perspective. If you can't afford to lose it, don't buy it. I do not have a significant portion of my net
worth or discretionary income in antiques and collectibles. Although in general
quality A&C items appreciate in value, individual areas fluctuate based on
many factors including some that are difficult to predict.
Remember
above all, it’s about having fun, educating yourself and sharing your passion
and knowledge with others. In my opinion, making money is the by-product of a
discerning eye and not the end goal of picking.
Happy
Hunting!
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