November 10, 2005

Old Hat Auctions, rewriting the rules of how auctions are conducted, completed its tenth fine arts, antiques, and estate sale on Sunday, November 6. "By utilizing the Internet and blending it with more traditional elements of live auctions, complete with auctioneer and the use of telephone bidding, we are able to generate more interest while attracting sellers with the goods the market demands" said Stephanie Reeves, Old Hat's founder and proprietor.

Old Hat utilizes the best technology available and combines it with the more traditional auction everyone recognizes. Through meticulous research of items of interest and careful attention to a piece's history, Old Hat has attracted sellers and buyers unlike conventional auctions. "Many people think I'll just put this on eBay and see what happens," Reeves said.

By selecting and focusing upon only the items of interest at a particular time, and creating demand through exhaustive research and excellent photography, Reeves and Old Hat have created a niche that is attracting attention.

"Sales with a particular theme such as African American art or European porcelain attract buyers and hold their attention from beginning to end." says Reeves.

Many professionals have bemoaned the use of electronic media in serious estate, antiques and fine art sales. Old Hat has embraced the new medium in a way that has set the industry on its' ear. "Everyone likes to hear the auctioneer do his thing. It is quite entertaining and effective." says Nancy Nation, a Houston-based interior designer. "But in reality, the audience is quite limited, mostly by geography." Traditionally, auctions held in a locale were advertised in newspapers, magazines, or other media. But the amount of revenue could never be estimated with any level of accuracy, making marketing expenditures highly speculative, with no assurance buyers were being reached.

Through electronic means, marketing expenses are reduced and reach more interested parties efficiently. Regional differences in taste or fashion can be exploited in a manner that benefits both buyers and sellers. Combining the excitement of a "live" auction with the advantages available online, buyers and sellers scramble and mix it up not unlike the trading pits of the large and well-known stock and commodity exchanges.

But estates and antiques are not commodities. Each item selected by Reeves has a special story and history that only research and being in the business on a day-to-day basis can bring. "Old Hat's auctions are always filled with what is hot or what is coming up on the horizon. I appreciate that, and so do my clients," said Jana Wright, an antiques dealer and interior designer.

Some of Old Hat's best customers are art and antiques dealers. "If items linger too long in my showroom, that is bad for business," says a local dealer. "Old Hat creates an opportunity for me to sell high quality pieces that may have not been seen by interested buyers."

For example, "Houston has many fine quality Asian pieces but there is little interest amongst local buyers," Reeves said. Old Hat's strategy eliminates that concern, and sellers can rest assured their items are being offered under optimal conditions to a global audience.

Electronic auctions create a network that allows buyers to peruse the catalogue in advance, ask questions, and conduct their own research without leaving their desk. The research, descriptions and photography of each item, backed by Old Hat's standards and experience, are where Reeves says she earns her keep. "When people ask me why they shouldn't just sell this collection themselves, I cringe. These are probably the same people who represent themselves in divorce proceedings," says Reeves, with a knowing smile.

High quality preparation of a catalogue does not come easily, but is the key difference that adds depth to the experience and brings clients - both buyers and sellers- back for more.

Old Hat's latest sale on Sunday had its usual excitement that always exists when buyers meet sellers. "The phones were hot, online bids were feverish. Each auction grows exponentially," says Claire Bond, an Old Hat assistant. "Art glass was of particular interest on Sunday," continues Bond. "It is likely to be something else next time."

It seems constant change is what charges the batteries of people like Reeves, who is always networking with some of the most noteworthy minds in the business, looking for what is needed and desired or, just as importantly, what won't sell.

Reeves' next auction is scheduled for early 2006, but she is already busy lining up items for that sale. The cycle never stops and it looks like Old Hat Auctions doesn't either.

J.Kevin McConville can be reached at mcconville.k@gmail.com

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