Philip Serrell, 71, started his working life as a teacher before quickly abandoning it in favour of a career in antiques.
More than four decades on, he’s built up a successful auctioneering business, written three books and is a regular on TV shows such as Bargain Hunt and Antiques Road Trip.
Serrell and his wife Briony live in a village just outside Worcester. The couple have a daughter, Clem.
What did your parents teach you about money?
My father, Peter, had the capacity to turn wine into water. He was not money savvy in any way, and while I’m not sure I am either I’ve had a boatload of luck in life.
I remember once telling him I wanted to buy an MG Midget sports car, and he said to me: ‘Son, our sort don’t have cars like that.’
He felt everyone had a place in life, and that you should accept your lot. My attitude was, why can’t I pursue my dreams?
Career switch: Philip Serrell, left, started his working life as a teacher before quickly abandoning it in favour of a career in antiques
What was your first job?
My dad used to chug around six acres planting cabbage on an old grey Ferguson tractor, so he was chuffed when I qualified as a teacher. The problem was I was the worst teacher in the world, so I jacked it in after eight weeks. He went apoplectic.
I was the first Serrell to go to work with a collar and tie, get a pension, earn a decent wage of £4,000 a year and be a respected member of society.
How did you get into auctioneering?
I didn’t know what I wanted to do when I left teaching, but a conversation with my dad put me on the path.
We were sitting in a rusty old transit pick-up, surveying three-and-a-half acres of rotting sprouts in the rain, and he asked whether I wanted to join him in his work.
I had to think quickly, so said I wanted to be a livestock auctioneer.
Have you ever struggled to make ends meet?
My first job in this line was to clear the muck out of the sheep pens in Worcester market.
This meant taking a huge drop in pay after teaching. I was earning £10 a week, but as my family had always struggled for money I could cope with the change.
I also wanted to make something of myself and had no intention of clearing sheep-pen muck for ever.
Is auctioneering a lucrative career?
No. I’ve been driven by doing a good job, rather than money. I’ve always felt that if you run a dead-straight business and do your best, you’ll be respected and earn money from it.
I’m just so lucky because I enjoy my job, and because auctioneers, by and large, don’t do too badly.
Car passion: Philip has an Aston Martin purchased by his father-in-law for £300 in 1964 or 1965
Have you ever been paid silly money?
I have a strong belief my job is to do the best by my client, rather than to make an extra quid for myself.
My job is a lifestyle, so I’ve never worked a day in my life. But I’ve written three books. I wanted a record for my daughter of how I made my way in life. As it was, the books were far more financially rewarding than I ever expected.
What was the best year of your career?
I became a partner in an antiques firm in 1986, sold out in 1988 and bought the business back in 1995.
I was then fortunate to have loads of support from local people, who helped me get going, and I like to think I’ve reciprocated this support over the years.
What’s been your best money decision?
The properties I’ve bought. I’ve been very fortunate that things have fallen into place for me at the right time.
For instance, my business premises just happened to become available to buy when I happened to have the money available.
The timing was by luck – it could have been that the property was available when I didn’t have the funds, or I had the opportunity to buy a property but nothing was around.
What’s the best money advice you’ve received?
My first boss in the auction trade told me: ‘Let your eyes be your guide and your pocket be your judge.’
That aside, I’ve had so much luck and worked hard. Golfer Gary Player once said: ‘The more I practice, the luckier I get.’ The skill is recognising when luck taps you on the shoulder.
Do you own any other property?
Yes, I have a little timber cottage in a small village just outside of Worcester. It used to be an estate cottage belonging to the lord of the manor. We bought it 45 years ago for £22,000. I hope it’s worth more than that now.
Do you buy for fun or profit?
Unless you have the best financial advisers in the world, or you’re very clever, it’s best to buy near the bottom.
I believe your investment should be purely for enjoyment. In 1978 I saved to buy a corner cupboard for £1,250. It’s now worth £60, because tastes have shifted.
It doesn’t bother me, because I still love it.
What’s the most expensive thing you’ve bought for fun?
Cars, cars, cars. My wife races cars, so I bought her an ex-Bobby Rahal sports racing car, which cost more than £50,000.
We also have an Aston Martin, which my father-in-law bought for £300 in 1964 or 1965. But my car of choice is a 12-year-old Skoda Yeti, because I can park it anywhere without a care in the world.
There’s also a Land Rover Discovery to kick around in.
Do you have a pension?
No, I share Mr Micawber’s view that something will turn up. I put my trust in property, which typically appreciates.
If you were Chancellor, what would you do?
I would abolish tax for all auctioneers.
What is your top financial priority?
Plan for tomorrow, but live for today.
For more on Philip, including how to book him for after-dinner speaking, visit serrell.com.
