Crossword Genius

Easy income this elderly guy perhaps makes at auction? (5,3,3,4)

Ross

I believe the answer is:

money for old rope

I'm a little stuck... Click here to teach me more about this clue!

'easy income' is the definition.
I know nothing about this answer so I can't judge whether this works.

'elderly guy perhaps makes at auction?' is the wordplay.
I cannot quite understand how this works, but
'elderly' could be 'old' (similar in meaning) and 'old' is found in the answer.
'guy' could be 'rope' (guy is a type of rope or cable) and 'rope' is found in the answer.
'at' could be 'on' (location) and 'on' is found in the answer.
This explanation may well be incorrect...

'this' acts as a link.

Can you help me to learn more?

(Other definitions for money for old rope that I've seen before include "A piece of cake" , "An easy job" , "Profit for little effort" , "Reward for little effort" , "securing elderly painter's bread?" .)

I've seen this clue in The Telegraph.
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