F.O. Bailey Antiquarians of Falmouth switches tacks to accommodate a changing industry
The business of old things needs a new strategy, according to Joy Piscopo, co-owner of antique dealer F.O. Bailey Antiquarians in Falmouth. Younger generations aren't as interested in antique shopping as their elder counterparts, and Piscopo and her husband, Bailey co-owner Jack, are edging closer to retirement. These two trends prompted the oldest continually run business in the state to change with the times and close its showroom on September 28. The 188-year old Maine business, which the Piscopos bought in 1977, will continue as an appraisal, auction and private brokerage out of an office in Falmouth. Joy Piscopo will also sell antiques and lampshades once a week in a booth at Pillars, a shared store in Yarmouth.
"In this particular geographic area, I feel there's something of a malaise in the collector's corner," Piscopo, 67, says. "The middle market doesn't have the actual cash flow to collect, or the desire. Most people don't have the time to go from shop to shop and make it a holiday."
Piscopo, who has worked in antiques for over 40 years, believes young consumers are abandoning showrooms like F.O. Bailey's for Internet shopping sites like eBay, or are too busy to spend hours moseying around looking for that perfect retro end table. Piscopo began noticing a decline in showroom business about six years ago, and her observations are in keeping with trends nationally. Newspapers from California to New Jersey have reported local antique dealerships closing their doors, and earlier this month, Philip Davies, author of the popular industry publication TIAS Collectors' Newsletter, told the Minneapolis Star Tribune that Internet competition and lack of interest in pricey antiques means "an entire brick and mortar industry is actually dying on the vine."
Piscopo spends up to 70% of her week traveling around Maine to appraisals and auctions, where she says most of her antique sales now happen. F.O. Bailey runs up to six auctions a year at the Elks Lodge in Portland and brokers sales to buyers who want to avoid the unpredictability of an auction. The Piscopos will close the showroom to focus on the wealthier customers who often collect through brokerage or auction. F.O. Bailey pieces sold this way range in price from $2,000 to $300,000, Joy Piscopo says. About a year ago, Piscopo brokered the sale of a 19th century weathervane to a client in Massachusetts for $40,000. She manages sales to about 2,200 clients, as well as to an unrevealed number of what she calls "private clients" who work with her anonymously.
F.O. Bailey, which would not release its 2006 revenue figures, makes between $150,000 and $250,000 in gross revenue from each of its auctions. The business currently employs one part-time and one full-time assistant, down from about a dozen full-time employees for much of the antique dealer's heyday over the last 30 years in Portland (the Piscopos moved F.O. Bailey from Portland to Falmouth in 2004). Piscopo says her husband Jack, who is 73, will probably soon retire from his post as the company's business manager. Joy Piscopo says she could sell the company if she wanted to, but she's not ready to retire.
"I think the idea of downsizing is a little frightening at times because it's different," says Piscopo. "But I feel very comfortable at this point in my life. I think I've earned my downsizing."
Most Recent
Most Recent
Comments