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Thursday, September 04, 2008
Do your homework
Posted by Antique Trader Staff
School is back in session in Wisconsin now that Labor Day has come and gone. I have to confess, I am one of those geeks who loved school. And I am enjoying it the second time around, too, helping my son with spelling words, homework and special projects. It’s like I am learning all over again (did you notice as we get older we tend to forget things?).
When I was a real student the first time, getting good grades came pretty easy for me. I never got a chance to get a big head about it, though. My mother would quickly remind me, “Brain smarts don’t mean anything if you don’t have common sense!” (What class do I learn that in?!)
A few weeks ago we asked readers:
How do you determine a seller (or buyer) is trustworthy? Have you ever been the victim of an antiques-related scam? Any advice on how others can avoid the same trap?
The response could be defined by my mother’s two words: Common Sense.
If you want to avoid being scammed, take a good look at the offer. Is it too good to be true? Then it probably is.
Reader Helen wrote about the Patricia Jacoby case: “A 22 percent return on investment in 30 days! That sounds shady to me. The investors had to know something wasn’t right. If they had made 22 percent on their investment did they intend to pay taxes on that? I don’t think so. Mom was right, no such thing as easy money.”
Sometimes, though, it’s not so easy to spot a scam artist. The victims in the Jacoby case said she was a “nice lady” who seemed to have their best interests at heart. Why shouldn’t they believe her?
Reader Barbara from Tucson, Ariz., said she and at least 40 other consignors in the Southwest are fighting to get their money from an auction house there.
“We trusted these people completely,” she wrote. “We were shocked, we thought they were as honest as they come.”
Now at least one of the alleged victims is trying to share information with the others – and future consignors – through a Web site. Let’s hope this network of sharing information will help police gather enough information to file charges if warranted and help these antiques collectors get the money coming to them.
We also can’t underestimate the power of word-of-mouth “advertising.” If a business or individual isn’t following through on their promises, let other potential consignors and investors know so they don’t make the same mistakes you did. On the flip side, certainly spout the virtues of auction houses and shops who have lived up to the reputation of being “as honest as they come.” There are a lot of them! In these times of schemes and scandals, they certainly deserve our business, right?
Let’s go back to “school” for a minute and think about how we “learned” common sense. Do moms get all the credit? How about the wise old shop owner down the street?
Antique Trader would like to know: What’s the best piece of advice anyone gave you on how to buy, sell or collect antiques?
Drop me a line at
robyn.austin@fwpubs.com
or post a reply here on the Antique Trader blog.
In the meantime, do your homework! School is back in session and we are never too old to learn ... about anything.
— Robyn
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9/4/2008 2:30:19 PM (Eastern Daylight Time, UTC-04:00)
Comments [1]
9/30/2008 2:11:29 PM (Eastern Daylight Time, UTC-04:00)
Robyn,
I could not agree more with your mother's saying: “Brain smarts don’t mean anything if you don’t have common sense!”
The whole idea of education is "not to teach you what you already know, but to show you what you don't know." Education is a continuous life process.
The best piece of advice anyone ever gave me on how to buy, sell or collect antiques was to arm myself with lots of literature on antiques and collectibles. Then only deal with dealers who can comfortably discuss the items in question without stumbling all over themselves. Also a fortune is not always found in a junk pile. Some of my best finds were found in high quality antique stores.
Antique dealers are not Gods. God is supposedly all knowing. We cannot always know everything. This is where education (about antiques in general) comes in handy.
We all should do our homework! Read! Read! One can never know too much.
Before I ever got involved in the antiques business, I was an avid collector. I thought to myself it is better to educate myself before buying. This was self advice that was repeated by many quality dealers later in my collecting days. It reinforced my first baby steps into the world of collecting.
John Hogan
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