CAVEAT EMPTOR!

If you think that buying antiques from a dealer with a fancy address or an established auction house guarantees you an authentic purchase, you are DEAD WRONG. The only motto in the antiques trade is Caveat Emptor.

If you really believe that in the year 2008 every antique shop from Brussels to Paris to London to New York to Atlanta to Chicago to L.A. to San Francisco can get a "new shipment" of period pieces in every few months, then you are as dumb as doornail and you get what you deserve. As my mother Deanne Deavours Levison has always said "England and the Continent would have sunk if everybody can continue to get in new shipments of old furniture." It just doesn't exist, and it hasn't for a long, long time.

As for antique dealers, you should know that there is no degree required; in fact, there really isn't a degree to be had. Anyone anywhere can go get a business license and hang a sign and say they're a dealer. I know some that were in the clothing business and some were in real estate and some just couldn't figure anything else out to do, but they had a financial backer, so they hung a sign. They wouldn't know a 17th century piece from a piece made in 1920, but they're in business. Why? Because you give the business to them and you haven't done your homework. And because your designer who is referring you is getting a kickback of anywhere from 20% to 40%...though you might not know it's that much.

As for auction houses, spend a little time with a magnifying glass reading the 4 point print of disclaimers in the front: you will find that their descriptions are not guaranteed and you purchase at your own risk. There is much cache at buying from a prestigious auction house, and there are always the loudmouths who love to tell the story of the "deal that slipped through a small house", but do you really believe that anything good slips through these days? Don't you know that auction houses have long lists of clients that are contacted weeks prior to auctions, and that deal you just got was because the people who are knowledgeable in their fields knew not to buy it?

And then there are the flea markets where every buyer loves to tell about the deal they found there. Here's how that works: if a flea market dealer has a truly great piece, do you think he would rather go set up at 4 a.m. and pay the booth rental fee, or go see a reputable dealer and get a fair price a day or two before and not have to deal with booth rentals? Buy at a flea market because it's an item you love and a price you can live with, not because you think a dealer missed it.

If you want to buy smart: educate yourself and don't buy anything for the first year. Additionally, ask which dealers have sold to museums and ask to cross-reference it. If they have never had a museum acquisition, there is a reason. Dealers who sell to museums are the ones who know their areas of expertise. They are not cost prohibitive to you; in fact, they will guide you wisely for your area of interest. Particularly reputable are dealers who ask for a first refusal. We always asked to have a first refusal if a client decided to sell a piece. Think about it: if the dealer doesn't want to own something great again, why do you want to own it at all?? If you want to buy at auction, be willing to spend a lot of time doing your own homework, or be willing to spend a percentage to hire a very reputable dealer to represent you. Excellent pieces do pass through dealers and auction houses and flea markets, but to think that it is frequent is a costly error. It is a business with no guarantees: be particular about with whom you do business.

In the antiques market, if a deal is too good to be true, then it is. Do your homework: you are in the territory of CAVEAT EMPTOR.