Dear Lee,

We have been wrestling with the question of why sales are down and malls are closing, so we did some arithmetic. There are just as many collectors as there ever were, but there are many more ways to buy. A recent issue of Antique Trader had ads for 141 sales, auctions, shows, flea markets and malls. This week’s Antiques and the Arts Weekly had ads for 109 auctions and 72 other places to buy. Even without counting the shows and shops that didn’t advertise, you could find more than 300 places to buy-and we’re not counting all the Internet offerings out there. Twenty years ago, with no malls and no Internet, there were also relatively few antiques auctions, and absentee bids were rarely taken by phone. You had to go to the sale or mail in a bid. Much the same thing has happened to the restaurant business. Sales per restaurant are down because there are so many restaurant chains, so many places to pick up carryout, and even full deli service in most grocery stores. The industries matched demand, then exceeded it by creating more places to buy and easier ways to access the supply.

We heard about one couple who certainly accessed the supply. Al and Cathy Novek, who owned an antiques mall in Red Wing, Minnesota, since the 1980s, couldn’t resist a bargain and bought more than they sold-but they had the mall and its huge storage area. Then they decided to sell most of their collections and open a smaller place. Their sale took 21 days of auctions, which sounds like a record.

P.S. Ralph likes this joke: Friends Suzy and Jane, each married over 30 years, were talking about their husbands. “My husband doesn’t find me attractive anymore because I look old,” said Suzy. “I’m lucky,” said Jane. “My husband says I get more beautiful every day.” “Of course,” Suzy answered. “Your husband is an antiques collector.”