I’m a junkyard genius – here are my top five tips for picking up a bargain that could make you a fortune
A JUNKYARD genius has revealed his top tips for spotting a bargain that could net you a fortune.
Salvage dealer Drew Pritchard, who stars in the TV show Salvage Hunters, travels around the UK searching out antiques which he can then sell on for a profit.
He’s now passed on what he’s learnt from years in the business in his book How Not to be an Antiques Dealer.
It’s packed with information about how to operate in the industry, offering practical advice on what you’ll need, how to navigate buying and selling and how to do things the right way in order to get ahead.
An essential bit of kit any antiques dealer will need particularly when starting out is a large set of wheels to be able to transport the items about.
A van would be useful or Drew’s personal favourite, a Volvo estate.
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He also says a Mercedes-Benz estate will also do the job but he prefers a Volvo.
You’ll save money on costs if you can take away bulky items with you.
There’s no name on the side of his silver Volvo as the 52-year-old likes discretion.
He told : “Last night I was driving around with a painting in the back of my car that’s worth a lot of money.”
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Setting up as an antiques dealer is no small task and you’re also going to need money.
The more you can save up to make that initial investment, the better, according to Drew.
He recommends an initial sum of £5,000 is needed.
Drew said “It’s simple economics: the more you start with, the more you’re able to make.”
He also advises to be aware that a dealer is not a collector, saying that turning over stock is more imperative than keeping an item gathering dust in your shop or garage.
Drew also warns that too many would-be dealers today, research the value of an item and think that’s what they should be charging.
But they don’t realise there is a chain of dealers where an item’s value will rise, each making around 20 per cent profit, until it reaches a showroom which has wealthy clientele as well as costly overheads.
While Drew thinks many see being an antiques dealer in a romantic light - but the reality is very different.
It’s a world of early starts, long journeys and no-nonsense deals.
Many dealers carve out a successful career as being a sort of runner – making quick buys for small profits and connecting items with other dealers who they know will want them.
Drew said: “That’s the reality. It’s flat out.”
That leads onto his next tip – buy from a dealer, sell to a dealer.
He said: “Dealer to dealer is the best business you’ll ever do.
“There’s no messing about. They give you a price, you either accept it or you don’t, and that’s it – done and dusted.”
Drew added: “I have a lot of imitators – and some of them are now doing Drew Pritchard better than me.”
His next tip is to not haggle too much.
He said: “Don’t try to haggle people into the ground.
“Ideally you should try to build a longer-term relationship so you can come back again and again.”
Currently, Drew is looking for the next “it” item having had a leading role in forging trends in the antiques market.
Over the years he’s had a hand in the rise of brown furniture as well as industrial furniture.
Drew said: “I’d like to say it was for some other reason, but it was because of me. And that sounds really big-headed, but it just is.”
He added: “And when I was dealing in quirky oddments, everyone was buying quirky oddments. And now I predominantly deal in very fine furniture and they’re all doing that now. So it’s just made me up my game again.”
His final big tip is to always buy complete sets.
He said: “Make sure you buy complete items – avoid buying part of a set thinking you can buy another part or piece at another time, elsewhere.
“There’s no guarantee you’ll complete the set.”
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Ultimately though, Drew sees being an antiques dealer as a noble profession and providing a service.
He said: “We save more, we understand more, we fix more. And we teach more than any other trade. Nobody comes close.”
