Why Not Become A... Posh Pawn Broker?

This is the first of a new feature we're calling 'Why Not Become A...', in which we meet the folk behind some of the region's most fascinating professions.

QUEEN Victoria's knickerbockers are just the start of a day in the life of a posh pawnbroker.

We’ve already had a lot of footballers’ agents getting in touch

Fossilised whale poo, stuffed lions, a (no doubt stale) slice of Prince Charles and Lady Diana’s wedding cake... all have passed through Prestige Pawn’s doors and all are probably more valuable than you think: the Queen’s bloomers alone were valued at £8000.

Indeed, value is the name of the game at Prestige, a high-end pawnbrokers specialising in exclusive and expensive goods, from the more typical fine jewellery and rare art, to original Picassos, Rolling Stones guitars and a WW2 Tiger Moth biplane.

Customers are no less of an eclectic medley, from reformed cat burglars to ex-beauty queens funding a new bout of botox procedure. Reasons for pawning, meanwhile, can be more emotional, from realising dreams to bankruptcy and even funerals.

All makes for fascinating viewing, which is why Prestige became the subject of Channel 4 TV show Posh Pawn in 2013: four series on, it’s now one of the station's highest rated shows. Boss James Constantinou opened his fourth branch in Manchester last December. We caught up with the pawn star protagonist, during series five filming in Manchester, to find out more about his career in the UK’s ‘second oldest industry’ (you can probably guess the first)...  

Hi James. First things first, how did you get into pawnbroking?

'I’ve always been a ‘wheeler dealer’ - ever since primary school in the East End, when I used to sell marbles in the playground. The academic route was never for me: I got expelled from school at fifteen and then dabbled in a few things, mainly property developing. When the recession hit, a lot of friends got their fingers burnt but I was fortunate to be sitting on some money and saw a gap in the market for high-end pawnbroking; specifically for asset-rich, cash-poor customers. I opened my Weybridge branch in 2009, Richmond in 2011, London’s Hatton Garden in 2014 - and now Manchester.

Not the conventional route then...

No, normally people work for a pawnbroker a few years while gaining an apprenticeship. Depending on what you want to specialise in, you can gain further qualifications: I employ several trained gemmologists for example, since around 80% of what we get in is jewellery. I’d also recommend joining the National Pawnbrokers Association, they have loads of good advice. Just be prepared for a continual learning curve: sometimes our in-house team come across something that’s a complete surprise and a lot of research is required.

Pawn Idol: James Constantinou

How does pawnbroking work?

Often customers don’t want to sell, they just want a short-term cash injection. In that case, we value the item, then offer them a percentage of its value - usually around 50% - which the customer pays back with interest after six to seven months. If they don’t pay back the loan, we sell the item on. We also buy items outright but, in all cases, have to weigh up the likelihood of finding a buyer. Over the years we’ve got to know a lot of collectors and also have an online shop but some items aren’t feasible. With such high sums, it’s also crucial to get the value right - and, particularly with designer bags and jewellery, there are a lot of fakes. If unsure, we’ll take items to be assessed elsewhere. 

What are the best and worst parts of the job?

Breaking good news and bad news: two sides of the same coin. Some customers are relying so much on an item’s value that it’s devastating to let them down when it isn’t what they thought. When it’s more, fantastic.  

Can you describe the average day?

No two are alike - one minute you could be valuing a luxury yacht, the next James Bonds’ golden gun or a £1m page of the Koran. That’s what makes it so interesting. Skills that often come in handy? Charming customers and spotting counterfeits!

Sounds like there’s plenty of variety. Finally, we have to ask...why Manchester for Prestige?

I’ve always liked the city, I used to come down a lot in my wild days of youth. But obviously there are some very affluent areas round about, places like Alderley Edge and Prestbury. We’ve already had a lot of footballers’ agents getting in touch, particularly in terms of cars - Ferraris, Lamborghinis - and Claudia (James’ fiancée and handbag expert) has dealt with a lot of bags. We’ve even had an original Lowry brought in. Eventually I’d like to expand Prestige further but, for now, Manchester is proving itself a great location.

Prestige Pawn, 243 Deansgate, M3 4EN - Posh Pawn series five will air in June

(image credits: Boomerang & Channel 4)