Auctions are a fun and exciting way to buy jewelry. You can score an amazing deal on something unique, or sit back and watch seemingly simple pieces go for astronomical prices! When you buy at auction, the piece is sold “as is” meaning any necessary repairs would be your responsibility and there are typically no returns. Items for sale are divided into “lots”, and a list of available items is usually published online in a “catalog” prior to the sale. For larger auctions there will be a preview day where you can go in and examine as well as try on the item that will be offered ahead of the sale. You don’t have to be a registered bidder or make any sort of commitment to go in and look. This means you have the chance to go in and try on items that you may eventually sell for hundreds of thousands of dollars! So exciting!
If something catches your eye, you would then need to become a registered bidder. In some cases, this requires a hold to be placed on your credit card, which would be immediately released should you not bid successfully. Most items will have a “reserve”, which is the lowest amount that the seller is willing to accept for the item. This reserve has to be met before the item can actually change hands. Please note, there is almost always a “buyers premium” added on to the winning bid and is part of the total amount that would be due as part of your purchase. It is important to read the terms of sale carefully, as this premium can be as high as 25%, maybe higher. So if your winning bid is $1000, you would actually owe $1250 plus any applicable taxes or shipping.
Please note, because items are sold “as is” you need to do your homework prior to bidding. Some lots will be accompanied by a “condition report” which is prepared by a jewelry specialist at the auction house and will provide information on wear and tear and any repairs that may be required. There are usually pictures from several angles as well. If you have additional questions, you should contact the jewelry department at the auction house and ask for more detail on the item. They will be more than happy to help you. This is especially important if the auction is online only or does not have a preview where you can examine the items.
I love to follow auction results from the big name auction houses like Sotheby’s and Christies. The main fun for me is seeing the beautiful works of jewelry art and sometimes imagining them in their new home. There are plenty of other options for viewing auctions lots that the majority of us can actually afford. Sites like Heritage Auctions has weekly jewelry auctions with items available at all price points. Doyle is another option for jewelry items available across a range of price points. Take a look at what’s available and maybe consider a jewelry auction the next time you’re in the market for a new addition to your collection. At Casual Jeweler we will talk about upcoming auctions and auction results from time to time, as they are also good indicators of the state of the overall economy. Any questions please contact us.
