IN this week’s SME Focus we hear from an auctioneer who is harnessing modern communications technology to capitalise on strong overseas interest in Scotch and the work of Scottish artists.
Name:
Brian Clements.
Age:
47.
What is your business called?
McTear’s Auctioneers.
Where is it based?
The south side of Glasgow.
What does it produce, what services does it offer?
We offer an auction and valuation service for antiques. Our main departments are art, whisky and jewellery, although over the years we have auctioned just about everything you would find in a private dwelling house.
McTear’s regular whisky auctions are now amongst the biggest in the world and include some of the rarest examples of the amber nectar on the planet. For example we recently sold a 50 year old Macallan for over £20k and we achieved the world record auction price for a miniature of whisky a few years ago, when a rare example of Springbank sold for £1,800.
Our contemporary and fine art sales are now well established with many internationally recognised Scottish artists such as Peter Howson, John Bellany, Graham McKean and Gerard Burns regularly featuring in the monthly auctions.
A few years ago we sold a rare work by Scottish Colourist Samuel John Peploe for £225,000 while in October last year an oil on canvas by E.A. Hornel fetched £23,000 and a rare Robert Gemmell Hutchison work sold for £17,000.
Whom does it sell to?
The general public and collectors are responsible for the majority of items we sell by value, with the antiques trade making up the remainder. Although the UK is an important market we have expanded over the years and now have buyers from across the world bidding via telephone and online at our auctions.
What is its turnover?
Around £5 million.
How many employees?
27.
When was it formed?
1842. It is fair to say the business has changed shape somewhat since then.
Why did you take the plunge?
I joined the company in 1987 and always had an ambition to run the business at some point. I had lots of ideas and I knew there was huge potential for expansion but I didn’t get a chance to really push things forward until I took over as managing director in 2003. This is when we really started to look at growing each of our departments.
What were you doing before you took the plunge?
I have always had a fascination with the auction business and moved in to a small auction house straight from school. I stayed there for a few years and then moved to McTear’s.
How did you raise funding?
When an opportunity arose to buy shares in McTear’s I managed to use my savings to buy a minority shareholding. Two years later I completed the purchase of the remaining shares and took control of the business.
We have undertaken a number of developments over the past few years and we extended the premises by 2,000 sq ft in 2010 to create a bespoke whisky and jewellery gallery. This was funded by the company.
In recent months we have undertaken a major refurbishment of our auction galleries, client services area and research and valuation rooms to create what we believe is the finest suite of auction facilities in the country.
What was your biggest break?
When we were looking to move from our former premises near Glasgow city centre in 2007. We managed to exercise a break option in our lease which freed us up to move to our current location on Meiklewood Road in the south side of the city.
We couldn’t grow any further in our original offices and the business was just simmering. It was far from ideal and I knew we had to relocate if the business was to continue to grow. The move injected a new lease of life into the company and allowed us to expand our offering.
What was your worst moment?
Like most businesses we have faced a few challenges over the years. One moment that immediately comes to mind was shortly after taking over the business when I discovered a near six figure debt owed to the company. Fortunately, with a bit of legal assistance, we managed to get it paid.
What do you most enjoy about running the business?
No two days are the same which can be challenging at times, but it also makes life extremely interesting. One day I may be looking at a George Best Faberge Egg or a Peter Howson oil painting and the next we may have someone turn up with a £10,000 bottle of whisky and a box of rare comics.
Fortunately I have a fantastic team around me, with specialists in all areas.
I am also in the fortunate position that I can devote some resources to helping a number of charities. Over the past few years we have supported a number of good causes including Marie Curie Cancer Care and the Ardgowan Hospice, amongst others. Everything we sell on behalf of a registered charity is sold without commission.
What do you least enjoy?
I think it has to be the long hours.
With sales taking place on an almost weekly basis, we frequently have to work into the night and at weekends, but that’s what it takes to get the job done.
What are your ambitions for the firm?
I want to continue to grow our existing departments but also develop new specialist areas. Our online auction platform has grown significantly over the past few years but there is still huge potential for the online side of the business and I would like to capitalise on this in the future.
What are your top priorities?
Continue to offer first class customer service, ensure staff are happy, continue to develop our existing departments and our international sales, and develop our online presence to ensure our turnover continues to grow year on year.
What could the Westminster and/or Scottish governments do that would help?
Overseas markets will be key to our growth moving forward so we would welcome any initiatives that look to forge closer business links internationally.
What was the most valuable lesson that you learned?
It may seem like a cliché to say that your staff are your most important asset, but it’s true.
How do you relax?
Occasional trips to the gym, occasional glass of red wine, the occasional game of golf and watching Greenock Morton record the occasional win.
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