Working definition of the Antiques Trade

Working definition of the Antiques Trade

The antiques trade relies on the movement of a material object from a place where it is undervalued to a place where it is valued and extracting the surplus value created in that movement.

Example One:

            At the flea market, I purchased a 1940’s Boy Scout fork knife and spoon set for a dollar.  A person or persons (I don’t know) comes through my booth and buys anything Boy Scout related that I put out.  I moved the object across town. It did not require any modification, cleaning, repair etc. I mean I literally moved it less than three miles across a geographic space. It sold for sixty dollars. The total profit is about 45 dollars if we consider booth rent, gas time etc. That is 45 dollars for moving an object from a space where it was undervalued to a space where it has greater value.

            Of course, this makes it sound easy.  There is an art to knowing what objects to purchase, research time, expertise etc. Knowing what to buy and where to sell it is a bit trickier than it sounds but in the end, this is the whole game of antiques.

And yeah, a 1940’s BSA mess kit is probably more a collectable than an antique but lets keep some fluid definitions here.  I might talk about the difference later but right now, I don’t want to get in to it.

Example Two:

            A friend of mine bought a group of dolls on top of a table at an estate auction. Within twenty minutes, he had sold a portion of these dolls to another person for about twice the cost of the original purchase. This covered his table cost and created a surplus value or profit. The purchaser had been busy when this table came up for sale and still wanted this group of objects.  In this case, the movement was not across space but across time.

The Takeaway:

          Knowing what to purchase, and where to sell it is tricky but in the end the antique dealer is an object mover that extracts value by shifting the market of the object. To do this the antiques dealer must know the object and its surplus value. Or just get lucky.

Use value in Antiques

Use value

Use value is the cost of an object because it has a use. Use value can be the value in wanting an object, but we are going to focus more on the utility of the object as our ‘useful’ form of use value.

Consider hand cranked meat grinders.

I see a lot of these and generally pass them up. Mainly because I don’t know anything about them.  However, they sell well in the vintage markets. Why? They may have some sort of industrial ascetics but in truth I think they sell because they have use value. (or at least perceived use value)

Many antique objects have use value. They can be used. Furniture is a good example. An art deco dresser can still be used as a dresser.  

I like to buy antiques for myself and retail that have use value.  I think they are more likely to sell. 

Except furniture and some high-end metal objects use value helps to move objects for the reseller.

Decorator and craft magazines help identify for the dealer current trends in use value.

Three years ago I couldn’t move milk glass for the world. Recently decorator magazines have been showing it in table decorations and tableaus. It is selling well in my area now. I still wont buy it but that is because of my personal rule “Don’t buy glass” I may write about that rule later.

I started in this business because of use value.  I could go to Lowes and buy a Chinese made hammer for 20 dollars or I could buy a used hammer for eight. Not only do I end up with a vintage object but I also end up with an object with use value.

If you have an object that has use value then I think you have a higher chance of reselling it.

Some exceptions:

            Vintage appliances-never had any luck with these. I know there are collectors that get these for non-use value but not in my area.

            Some use value objects-such as large case clocks or jewelry are sought for their exchange value or ascetic value more than their use value even though they do have use value.