The Farleys established Dargate from scratch in 1992. They purchased Dargate Galleries, then a retail antiques and fine art gallery, in June 1989, changing the nature of the business to auctioneering three years later. In July 1994 the business moved to its present location, a 55,000 sq ft building at 5607 Baum Blvd. built around 1915 as the home of McAllister Cadillac.
Today Dargate’s sales calendar includes monthly sales of antiques, collectibles and general household property in addition to regular fine art and antiques events that frequently garner international attention.
The business has a team of 10 full-time employees and sells to its attendees through live bidding, by telephone, and through interactive bidding via eBay’s live auction site.
Larry Farley, who was chairman and chief executive of Black & Decker before he bought Dargate, said: “Last year was a particularly good year so we thought it would be a good time to sell.”
In advertisements promoting the forthcoming sale, a breakdown of recent trading figures is offered. For the year ending March 31, 2001, total sales were $3.9 million, up 23 per cent on the previous year, that resulted in Dargate revenue of $1.029m and profits of $125,381.
Dargate to be sold off
A major player in the US auction world is going on the auction block itself. Carol and Larry Farley, the majority owners of Dargate Auction Rooms of Pittsburgh, USA, are retiring and will sell the business at auction on September 7. The starting bid for the fixed assets, ongoing business, goodwill, Website, mailing list, trademarks, trade secrets, e-commerce relationships, archives etc. is $500,000.
