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Discover Mid-America — April 2008

To generalize or specialize,
that is the question

One of the fundamental decisions any dealer in antiques and/or collectibles has to make is whether to be a merchandise generalist or a specialist. It's a decision not writ in stone and may have to be revisited at various stages of a dealer's career. There are advantages and disadvantages to both strategies, and some rules of thumb to follow in order to maximize the success of either.

Joys and perils of generalization

A successful generalist in the trade is someone with a good eye for a variety of merchandise that might span several eras and/or centuries. This is the dealer who can find an attractive Art Deco bronze and display it next to an 18th century Windsor chair, and sell both at a profit. The dealer with this talent can afford to buy what he or she likes in full confidence that others will like it enough to buy it in turn.

This finely and elaborately enameled Chinese saucer bears a red painted enamel mark reading Kuang Hsu, one of the last emperors of China (1875-1908). A long tradition of honorific marking, in which later potters paid tribute to earlier ones by using their marks, has been joined in recent decades by outright fakery, in which modern manufacturers employing very talented artists produce items specifically meant to deceive. Although the relative lateness and obscurity of the Kuang Hsu mark make it more likely that this particular item is "of the period," the field of antique Chinese porcelain is fraught with authenticity problems.

One of the advantages of a generalist approach to dealing in antiques and collectibles is that the merchandise is less vulnerable to the whims of changing consumer taste and the softening of markets in particular fields. The challenge is the need to deal knowledgeably in several categories at once. This is a tall order since dealers can easily underestimate what it takes to know enough to deal effectively as a generalist. Some mistakes will be inevitable — the sale for a song that later sells at auction for many times what you first got for it. But over the course of a career, a talented generalist can certainly win more than he or she loses.

Frankly, many dealers who might consider themselves generalists don't actually have the talent for it, which accounts for the serendipitous piles that pass for booth displays in many multi-dealer shops. A successful generalist in antiques and collectibles can't afford poor taste. As with an appreciation for fine art, it's possible to educate the eye for good merchandise in the antiques and collectibles trade. Any generalist not willing to invest in that kind of ongoing professional self-development should spare the trade and the buying public.

The luck of the draw in specialization

In specialization, there are many ways to slice the melon: by century or era (Art Nouveau, 17th century, etc.), by material (wood, glass, etc.), by category of merchandise (e.g., furniture, textiles, smalls, art pottery), by country or culture of origin (Mexican, Navajo, Scandinavian, etc.), or some combination of these.

Much will depend upon the availability of inventory and how robust the market is in any given specialty. Some areas of potential specialization will suck up more capital than others: art pottery and high-end art glass, for example, will require considerable buying reserves, not to mention some excellent luck in finding examples of either with room in them for resale. Some other categories might require a level of expertise that is beyond any but those who have studied the field for many years (e.g., antique Chinese porcelain).

The biggest danger for a specialist is the potential for a downturn in the market for that specialty. Some antique furniture specialties, for example, seem more volatile than others. Nineteenth century Eastlake furniture, and oak furniture in general, seem to drift in an out of favor with surprising rapidity and right now are in something of a trough.

Colorful tin lithographed toys such as the seesaw in the middle and the tank at right were extremely popular among the buying public, and were made from the turn of the century through the 1960s. The examples here are from the 1930s-‘40s. At left is an early Mickey Mouse toy in rubber. (photo courtesy of Concord Antique Gallery, Storrs Street, Concord, NH.)

Market downturns are a particular danger for those dealing in 20th century collectibles, especially in the field of toy collecting. Many children's toy fads that become overnight adult trading obsessions are destined for posterity's dustbin. (Ty Beanie Babies™ come to mind.)

In distinguishing a passing fad from a phenomenon with staying power, it helps to ask this question: Can I imagine this item mattering (i.e., being taken seriously) a few decades from now? Asking that question will help a dealer with good buying instincts to distinguish toys with the potential to become cultural icons from those that were merely immensely popular at retail. If I were a dealer wanting to specialize in collectible children's toys, I'd go for the stuff made in the 1930s or earlier — items that already have a track record of appeal across generations of collectors.

A close-up photo of that rubber Mickey Mouse toy shows the surface a bit rough. But it's a wonderful, early image of the famous mouse, probably from the late ‘30s. (photo courtesy of Concord Antique Gallery, Storrs Street, Concord, NH.)

Of its nature, dealer specialization appeals to a specific market within the broader trade, which may make them less attractive to the general public than a more eclectic group of merchandise. Of course, there's something to be said for this appeal to a targeted market as well. The most obvious advantage is the chance it gives a dealer to know a particular field in depth — and to develop a reputation among other dealers and retail shoppers for that knowledge and expertise as well as for carrying that particular kind of inventory. Specialization can be an especially effective strategy for items such as antique tools that are difficult to find in shops that deal more eclectically.

If I were a dealer and wanted to specialize, I'd probably hedge my bets by choosing two or three areas of complementary specialization. For example, I've seen a booth in a multi-dealer shop where the dealer has managed to make an attractive display out of sterling flatware and antique table textiles.

In any case, whether one decides to generalize or specialize, the key to success is to buy the best merchandise one can afford, at prices with room for resale….Hey, nobody said the trade wasn't a challenge!

Peggy Whiteneck is a writer and collector living in East Randolph, VT. If you would like to suggest a topic she can address in her column, email her at allwrite@sover.net.

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