Bargain Hunt expert PHILIP SERRELL: I spent £1,250 on a cupboard now it’s worth £60

Philip Serrell, 71, started his working life as a teacher and then quickly left that profession to pursue a career in antiques.

Built over forty years He runs a successful auction business, has 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 has a daughter named Clem.

What did your parents teach you about money?

My father Peter had the ability to turn wine into water. He wasn’t money savvy by any means, and while I’m not sure I was either, I’ve had a lot of luck in life.

I remember once I told him I wanted to buy an MG Midget sports car, and he said: ‘Boy, our kind of cars don’t exist like that.’

He thought everyone had a place in life and that you should accept your destiny. My attitude was: Why can’t I follow my dreams?

What was your first job?

My father farmed cabbage on about six acres of land on an old gray Ferguson tractor, so he was delighted when I qualified as a teacher. The problem was, I was the worst teacher in the world, so I put this in after eight weeks. He had a stroke.

I was the first Serrell to wear a collar and tie to work, receive a pension, earn a reasonable wage of £4,000 a year and become a respected member of society.

How did you get started in auctioneering?

I didn’t know what I wanted to do when I left teaching, but a conversation with my father put me on this path.

We were sitting in a rusty old transit van, examining three and a half acres of rotting shoots in the rain, and he asked if I wanted to join him in his work.

I had to think fast, so I said I wanted to be a livestock auctioneer.

Have you ever struggled to make a living?

My first job in this job was cleaning up the muck in the pens at Worcester market.

This meant a huge drop in salary after teaching. I was earning £10 a week but as my family were always short on money I was able to cope with the change.

I wanted to do something for myself, too, and I had no intention of cleaning up the sheepfold mess forever.

Is auctioneering a lucrative career?

No. Doing a good job rather than money motivated me. I have always felt that if you run an honest business and do your best, you will be respected and you will make money from it.

I’m very lucky because I love my job and auctioneers are generally not doing too badly.

Passion for cars: Philip has an Aston Martin bought by his father-in-law for £300 in 1964 or 1965

Have you ever been paid ridiculous amounts of money?

I have a strong belief that my job is to do what is best for my client rather than to make extra money for myself.

My job is a lifestyle, so I’ve never worked a day in my life. But I wrote three books. I wanted a record for my daughter of how I navigated life. As it happened, the books were much more financially rewarding than I expected.

What was the best year of your career?

I became a partner in an antique company in 1986, sold it in 1988 and bought the business back in 1995.

I was lucky to have a lot of support from local people at the time who helped me progress, and I like to think that I’ve repaid that support over the years.

What was your best money decision?

Properties I purchased. I’m very lucky that everything fell into place for me at the right time.

For example, my business became affordable when I had money.

The timing was serendipitous; When I didn’t have money the property might have been available or I had the opportunity to buy a property but there was nothing around.

What’s the best money advice you’ve ever received?

My first boss in the auction trade told me: ‘Let your eyes be your guide and your pocket your judge.’

That aside, I’ve had a lot of luck and worked hard. Golfer Gary Player once said: ‘The more I practice, the luckier I get.’ The skill is to recognize when luck is tapping on your shoulder.

Do you own any other property?

Yes, I have a little log cabin in a little village just outside of Worcester. It was formerly a manor 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.

Are you buying for fun or for profit?

Unless you have the best financial advisors in the world or are very smart, it’s best to buy near the bottom.

I believe your investment should be purely for pleasure. In 1978 I saved up to buy a corner cabinet for £1,250. It’s now worth £60 as tastes change.

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 old Bobby Rahal sports racing car, costing more than £50,000.

We also have an Aston Martin, which my father-in-law bought for £300 in 1964 or 1965. But my preference is a 12-year-old Skoda Yeti, because I can park it anywhere in the world.

There’s also a Land Rover Discovery to drive around in.

Do you have a pension?

No, I share Mr. Micawber’s view that something will emerge. I generally believe in properties that appreciate in value.

What would you do if you were chancellor?

I would abolish the tax on all auctioneers.

What is your biggest financial priority?

Plan for tomorrow, but also live for today.

To learn more about Philip, including how to book him for an after-dinner conversation, visit: serrell.com.