OUR RECENT PROVIDENCE BUSINESS NEWS SPOTLIGHT
Providence Business News (PBN) journalist and contributor Katie Castellani, recently interviewed Vallots founder Michael Dym on his work as an auctioneer, and how a move to Rhode Island revealed a world of hidden treasures!
Photo credit: PBN PHOTO/MICHAEL SALERNO
Article by Katie Castellani
OPEN FOR BIDS: Vallots Auctioneers founder Michael Dym with some of the art to be auctioned at his auction house in Providence. Dym started the business in New York City in 2003 but moved it to Providence in 2021.
Michael Dym has always been drawn to all kinds of art, but not just making it.
Before he could even walk, Dym would flip through his mother’s encyclopedia of art created by the Metropolitan Museum of Art in New York. The collection was on the only shelf in Dym’s home that he could reach as a young kid. But he was also infatuated with studying the different kinds of art and visual depictions.
“A lot of my world got constructed just looking at things and looking at artwork,” Dym said.
As he got older, Dym became more interested in how art is valued and pondered questions like, why are some pieces overlooked and why are others so valuable? And what determines or creates value in a work of art?
He saw one clear career path – auctioneering.
So, in 2003 – after attending auctioneering school – Dym opened Vallots Auctioneers in New York City, which he has since moved to Providence. There were some auction houses in New York City when he started his business but not many that specialized in fine art.
“I saw an opportunity there of having a high specialization, but also I was excited by the prospect of working with people who had estates and longtime collectors to bring art to a competitive audience,” Dym said. “It had immediate results. I wouldn’t be standing around a gallery – this was something exciting, it was event-driven.”
Dym hosted more-traditional in-person auctions at first. But then he was tipped off to the emergence of online bidding, which attracts bidders worldwide.
“I very quickly realized that it brought in a whole other group of people into the room, so to speak, virtually,” Dym said, noting Vallots was one of the first auction houses to host online auctions.
In 2021, Dym and his partner moved to Providence, and he brought Vallots with him.
Since there are much fewer auction houses in Rhode Island, Dym found himself expanding from specialty art to many other art categories, which he finds exciting.
A few months ago, the heirs of former owners of the Lizzie Borden house called Dym looking to auction some of the items from the famous haunted house. The very next week, Dym was set to go to East Greenwich to check out a marionette collection.
“Something I love about my business is I learn something new every day,” Dym said. “I never know what I’m going to encounter.”
In Rhode Island, Dym has noticed people own items that are much more valuable than they think.
A Newport woman recently contacted Dym about selling a portrait of a young woman she believed was painted by renowned 19th century British artist Sir Thomas Lawrence, but it was unsigned. While the artist couldn’t be fully confirmed, Dym found a historian in London who uncovered the story behind the painting’s subject, who lived a short, tragic life.
Such background, when added to an auction listing, can resonate with bidders and increase values. Indeed, the painting of the young woman, originally estimated to be worth $8,000 to $12,000, sold for $162,000.
“Engaging people with stories is so important,” Dym said. “Once they start turning around in their brain, then they become attached to something and they want it.”
When estimating what an item is worth, Dym says, he usually looks at what prices similar items were sold for and if there are obvious blemishes such as cracks or moisture damage. But sometimes bidders’ tastes simply change.
“It doesn’t matter whether you paid $5 or $5,000 for it; it’s just about what it’s worth today,” Dym said. “It’s very much an art and not a science.”
Thank you again to PBN for featuring us!
Article courtesy of Providence Business News
Author: Katie Castellani
Photographer: Michael Salerno