I love these stories. We all kind of hope, even if we won’t admit it, that we will one day find a treasure that someone else overlooked. Whether we look by dumpster diving, shopping garage sales, flea markets, auctions, thrift stores or antique stores.

Bill Waters of Tulsa, OK, spotted an old beat-up ledger book filled with formulas while treasure hunting at Shamrock Antiques Store in Texas. He hoped to turn his $200 investment into $1,000 (not a bad return for a quick flip) After a little investigation, he noticed letterhead pasted into the book that hinted at its past, like a page from a prescription pad from a Waco store titled “W.B. Morrison & Co. Old Corner Drug Store.” An Internet search revealed Dr Pepper, first served in 1885, was invented at the Old Corner Drug Store in Waco by a pharmacist named Charles Alderton. Wade Morrison was a store owner. A little more digging revealed that the ledger included a recipe titled “D Peppers Pepsin Bitters.”

When the 8 1/2-by-15 1/2 inch book of more than 360 pages goes up for auction at Dallas-based Heritage Auction Galleries on May 13, it’s expected to sell for between $50,000 to $75,000. (Cha-Ching!)

Keep hunting, you never know what you might find!

One of my worst eBay online auction experiences was ironically when I purchased an Amethyst Carnival Glass Good Luck Plate.

• I read the description carefully.  The plate was advertised as mint
• I looked at the pictures … they looked perfect and the plate had great color
• I paid $450

The Good Luck plate arrived, and the color was great, except for a brown burn spot on the edge of the plate.  I frowned, wondering how I had missed the big brown spot in the description.  I logged into my computer, and looked at the picture.  The seller was holding the plate and his thumb was covering the brown spot.  GRRRRRR!

I sent a note to the seller and asked for a refund.  He promptly sent me a note back that showed that his auctions were “All Sales Final.”  My heart started beating fast and my face flushed with color.  I had been swindled.  It wasn’t a case of misunderstanding, he had purposefully covered a spot on the plate and mislead me.

Fortunately this story has a happy ending.  I contacted PayPal and returned the plate.  After 45 days, they refunded my money.  I left negative feedback and so did he.

My lesson learned - if the seller says, “ALL SALES FINAL” do not buy from them.  A reputable dealer will always give you a refund.  If the piece isn’t as described, they will even refund shipping.

There is nothing more upsetting and embarrassing than finding out that your online purchase is really a fake.  Con artists are everywhere, but they have gotten even more brazen online.  The anonymity of the Internet and seeming lack of consequences makes crooks even bolder … so please memorize the top 10 things to watch out for.

1. Seller does NOT Guarantee Satisfaction or Guarantee that the item is Authentic
2. Seller does NOT use PayPal
3. Seller tells a LONG STORY … about how the item was acquired
4. Pottery has even, Heavy Crazing … it may even be tea stained
5. Pottery is SMALLER than “Right” pieces (They can copy the molds but the clay shrinks in the drying & firing process)
6. The item is “RARE” (This is supposed to explain why you’ve never seen one like it before)
7. The seller has more than one available or has sold more than one of the exact same item with the exact same description in the past 30 days
8. The Auction or Feedback is Private
9. The decoration on Art Glass or Pottery is low quality
10. There are more bids than normal on the auction … any anomaly is a red flag, but this one is the biggest red flag

We all have our secrets.

1. Online Antique Stores:

The easiest way to find antiques is in an online antique store.  If the store is well organized, you can browse the inventory and make your selection.  Most stores offer descriptions of any defects. These descriptions are typically better than what you would get if you saw the piece in person.    Just make sure you are dealing with a reputable seller.  Beware of fly by night ebay stores with zero feedback.

2. Online Auctions:

Online auctions like ebay are great places to get deals.  However, because you may be dealing with someone who isn’t an expert in the product offered, their description may be less than accurate.  Also, there are some people who deliberately mislead in their descriptions.  My advice when buying online is to always use Paypal.  They will assist you in case you encounter a less than reputable seller.

3. Garage/Estate Sales:

Now that the price of gas is reasonable, scouring the neighborhoods for garage sales is a great idea.  Finding a really good deal is like hitting the lottery.  Amidst the piles of used toddlers’ clothing and toys, you may find a treasure.  Over the years, I’ve found plenty … but it requires a lot of time and legwork.  I think this is how we get into the business of selling antiques.  While looking for that Grueby vase, we find lots of other treasures that we aren’t interested in collecting but just can’t pass up.

4.  Flea Markets:

Flea markets are a great place to get a good deal on antiques.  But you need to get there early.  Seasoned antiquers often pay the dealer fee to get in early and get the dealers while vendors are still setting up their booths.  If you sleep in, the good deals will have already flown the coop by the time you arrive.

5.  Local Auctions:

I love local auctions, but my wife can’t come with me.  She gets competitive and then look out.  At live auctions the buyer needs to beware.  Carefully inspect every item that you plan to bid on ahead of time.  Another note of caution, at some auctions, you need to know the crowd.  Some unscrupulous auctioneers will bid up items when they see a newbie bidding.  If it’s your first time at an auction, stand in the back and watch who is bidding on what.  If two people always jump in together and bid, be suspect.  If they always jump in when you are bidding, get out of there fast.

6.  Local Antique Shops and Malls:

If you are new to collecting these are must.  Touch and inspect the antiques and learn how they look and feel.  There are a lot fakes out there, and the only way to learn is through practice.  Get to know the shop owners.  Tell them what you collect and ask them to call you when the a piece that they think you’d be interested in.  Ask for discounts if you are a repeat customer.  Ask for discounts if you pay with cash.  The downside to buying in an antique mall, is that it takes a lot of time to find the treasure you are looking for at a good price.  Remember, local stores have to pay rent, utilities, commissions and payroll.

7.  Thrift Stores:

As long as you are hitting the stores, stop by the local thrift store.  This is a hybrid betwee an antique shop, flea market and garage sale.  I’ve found a few great items over the years, but again, they are few and far between.

8.  Advertise:

Put an ad on Craig’s list describing what you are looking for and wait for the calls to come in.  I haven’t had much luck with this option and frankly, meeting strangers who contacted you online carrying money isn’t the smartest thing to do, but it can work.

9. Funeral Homes/Nursing Homes and Real Estate Agents:

If you have the cash to buy entire estates, let folks know that you are interested in buying.  When people move or die, the convience of having one person buy everything is compelling.  You can get a great deal, ust don’t swindle anyone.  It’s bad kharma.

If you have any other secrets, please share.