Issue link: https://maltatoday.uberflip.com/i/188841
16 BUSINESS & FINANCE maltatoday, WEDNESDAY, 9 OCTOBER 2013 Part of the collection up for auction for the October sale, to be held 16-18 October at Obelisk Auctions, Attard The ins and outs of running a professional auction house in Malta Pierre Grech Pillow, auctioneer and valuer at Obelisk Auctions Gallery, speaks with MaltaToday What made you go into this particular field? I guess you could say that antiques are in my blood. I was born into the business, and from a very early age I acquired an interest for this particular field. I used to accompany my father as he went about his antiques business and, as a result, I got an excellent foundation and a great deal of knowledge of antiques and fine arts. How did Obelisk start off? It has always been a dream of mine to go into the antiques business on my own. I could think of no better way of achieving this dream than by the setting up an auction house. Thus, Obelisk was born as a culmination of all my previous involvement in the business of antiques and auctions. Why should professionals be used at an auction house? To be successful in any business, one has to be a professional in all aspects of one's chosen field. At Obelisk, we looked in detail at how the major auction houses such as Christie's, Bonham's and Sotheby's operate and then proceeded to shape our operation in much the same way as them. It is only by offering a fully professional service that one can hope to survive in today's business world. How easy (or difficult) is it to sell at an auction? It is relatively straightforward for any of our clients to sell one (or more) of their antique items. We usually offer free valuations for all items, and once the client decides to go ahead with the sale of his or her item at an auction, then we can do the rest. How easy (or difficult) is it to buy at an auction? Buying at an auction could not be easier. We have a good number of clients who have experienced the ease of doing this first-hand. In fact, most of our clients are repeat customers who, once they have tried out buying at one of our auctions, keep coming back over and over again. Is there a big market for auctions in Malta? How does it compare to abroad? Well, because of Malta's population size we are not in the same league as the international auction houses referred to earlier, in question 3. Nonetheless, there is a healthy market for auctions in Malta. This is especially so when it comes to good-quality items. Does Obelisk target a particular audience? Obelisk would like to encourage everyone, young and old, to acquire an interest in antiques. One can start on a small scale, gain knowledge and experience, and then expand one's portfolio of interest in the antiques field. The important point to bear in mind is that antiques are not just an investment but are there to be enjoyed on an everyday basis. How many items does Obelisk have? Since we started operating some six years ago, we have handled tens of thousands of items, which we track through our purpose-built computer system. The system is also used for the preparation of the auction catalogues, as well as in the running of the actual auctions themselves. How much do your items cost? What is the price range? There is a big range of prices in our antiques. We have guide prices, which start from as little as €10, to major items which have sold for more than €120,000. In fact, we have set the highest price ever paid for an antique item at an auction in Malta. We have also been involved in selling multimillion-euro items. What process is there to sell what you have? Apart from the frequent auctions which we hold either at our gallery in Attard or, if requested by our clients, at their private residences, we also sell items from our gallery to regular visitors. Do you get many people looking to sell their valuables through your auction house? When one sells valuables or antiques through an auction, one stands a better chance of getting the best price for his or her item. I am sure that many of our regular clients will vouch for this. Do people bring your items to you by or do you scout for valuables yourselves, too? We have now established our reputation for being the premiere auction house in Malta, and by far the larger quantity of items are brought to us directly by their owners. What details would you look for when valuating an item? The main things to look out for are the state the item is in, its originality, the amount of detail, the likely demand for any particular item and whether one can identify clearly the originator, in the case of paintings. In your experience, what would make an item more valuable, its condition or its era? The value of any item is a combination of both. Have Obelisk ever had fake items brought in? No. We pride ourselves on the fact that we can identify items which are not quality ones. Sometimes we have to disappoint their owners, who may have been under a different impression. Obelisk Auctions Gallery can be found at 1, Mdina Road, Attard