The Painted Corner Cupboard

This may be a true story. But even if it's not, the circumstances it recounts get at the very heart of "insider trading" in the antiques business.

In a small town somewhere in New England, two antiques dealers--we'll call them Jim and Bill--had antiques shops located directly across the street from each other. Each considered the other a friend, and they often compared notes on new acquisitions and frequently bought from each other--as dealers tend to do.

One Monday morning Jim parked his van in front of his shop and asked Bill to give him a hand unloading a beautiful, painted corner cupboard that he had bought from a local house the weekend before. It was one of the truly great ones, in untouched, dry surface, perfectly proportioned, and in great condition. Jim helped Bill to get it into his shop and place it in the front window for all to see. When they had finished, they both stood there, admiring the piece for several minutes.

Bill crossed the street to his own shop and went about his work. All morning he thought about the cupboard. Every time he looked out of his own shop window, there it was, staring back at him. He thought about it as he ate his peanut butter sandwich. He thought about it all afternoon. During dinner, he was preoccupied with it. All night he dreamed about that cupboard. By morning he had decided that he had to own it.

Bill got to his shop early that morning and gazed out of his window while he waited for Jim to arrive. As soon as he saw him, Bill ran across the street and asked, "What's your best on the cupboard?"

Jim thought for a few moments and gave Bill a price. Without hesitation, Bill accepted. The two dealers then carried the cupboard across the street and set it carefully in Bill's window. After Bill had written the check, they chatted for a while before Jim returned to his own shop.

It was mid-afternoon before it started to bother Jim. It had been, after all, just about the best cupboard he had ever owned. It's worth much more than he sold it for, and now it's in someone else's shop. Jim went home that evening with a heavy heart.

On Wednesday morning Jim was on the step in front of Bill's shop before opening time. When his neighbor got out of his van, Jim told him, "I wish I hadn't sold the cupboard. What are you asking for it?" Bill, thinking, "I really love that cupboard, but it's only a piece of furniture," answered, "What the heck, I'm a businessman; I'll sell it back to you." With that, a price was agreed on, and the two dealers returned it to Jim's window.

To make a long story short, Bill and Jim continued to covet the painted cupboard. During the next few days the piece moved daily from one window to the other, each time going up a bit in price, with each change in ownership approaching its true value.

One day, when the cupboard was in Bill's shop, Jim left early in the morning for a house call in a neighboring town. He returned in mid-afternoon and, as was his custom, glanced at Bill's window to see the cupboard. His jaw fell. It was gone.

He ran across the street and breathlessly inquired, "Where's the cupboard?"

Bill informed him that a retail customer had been in the shop that morning and had bought the cupboard, which Bill had delivered at noon.

Jim stared at Bill in disbelief. After he had collected himself, he said, "I can't believe you did that."

Bill answered, "Did you expect me to pass up the sale."

Jim responded, "I just don't know what we're going to do now. You I were both making a pretty good living from that piece!"

Okay, okay, so it's an old joke. Yet, this aspect of the antiques business has spawned a wealth of tales. You've probably also heard the one about the two antiques dealers on the desert island....

If you have a favorite version of this fable, we invite you to e-mail it to us. We'll include some of the best in a future newsletter.

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