Bazaar Korte Hobe!

Across the road from the Russell Exchange is Suman's Exchange, set up in 1972, which appears to be more discerning in what it offers. "We don't accept low-value junk. Most of what we sell is high-value stuff, especially curios, silverware, decorative items and furniture. We're also the exclusive auctioneers for foreign missions," proprietor N.K. Bakshi, who is a collector himself, told Outlook. Bakshi says it's still possible to find treasures from old houses being pulled down, people moving out of Calcutta, or landed families who have fallen on hard times.

How do the auctioneers arrive at a reserve price? "We examine the items, assess their value and, if necessary, fix a reserve price. We have to offer the best value to both the owner and the buyer and keep both parties happy, and that's a tough job," says Salim. Bakshi adds that an auctioneer has to gain the trust of both the seller and the buyer and has to be seen as impartial. Typically, auctioneers earn a commission of 10 to 12 per cent of the auction price of an item. "Selling an item through an auction usually fetches a higher price than through a direct sale by the owner," says Bakshi.

Both Bakshi and Salim say that a law enacted a few years ago restricting sale of anything that's over 100 years old has hampered business. "This law makes no sense. A genuine antique is a very rare item that has historical value. A clock owned by my grandfather can't be called an antique requiring registration with the authorities," Salim says. Under this law, anyone possessing any item that's more than 100 years old has to get it registered with the state archaeology department and the department's permission is mandatory for its sale. "It's too much of a hassle for people," said Bakshi.

However, valuable antiques do turn up at these auction houses. It's not always possible, say the auctioneers, to know the age of a curio, painting or piece of furniture. "We go by what the owners tell us if the date of the item to be auctioned can't be ascertained," says Salim. It is for such items that people like Hrishikesh Banerjee and Milli Sengupta make the rounds of the auction houses every Sunday morning. Items that they proudly display in their living rooms and, as Banerjee admits, pass off to their guests as family heirlooms, in an attempt to invent pedigree and entitlement, and one that speaks of closeness to old elegance.