A Global Marketplace
Quality, rarity, and provenance are all critical factors in the valuation of jewellery at Sotheby’s Asia, informs Wenhao Yu, Chairman, Jewellery & Watches, Sotheby’s Asia, whose team works closely with gem labs for assessment of all gemstones, including jadeite. Meanwhile, specialists “lend their expertise evaluating all aspects of the jewellery, including the condition, rarity, and provenance.” It takes a lot of love and passion, shares Wenhao. “We are lucky and grateful to be able to handle some of the world’s rarest treasures that come through our doors.”
While the ultra-luxury market is truly global, Sotheby’s Luxury sales in Asia and its collectors account for nearly 30% of the total value of worldwide luxury sales, Wenhao adds. Jewellery is a global market, and the most exceptional gemstones are offered in HK, New York, and Geneva.
The highlights are showcased at different locations worldwide where the best of the season is unveiled to broader clients. “However, our specialist team work together closely to hand pick the most suitable pieces for the regional collectors,” Wenhao says. The Noble Jewels held every November is a much-anticipated event, but Sotheby’s also offers royal jewels and collections with important provenance in each sale built within a global annual calendar.
“For each auction, our vision is to curate the best of the best and that includes offering masterpieces that are no longer available in the retail market.” When a collector decides to part their collection as they progress into their collecting journey, they often reach out to the auction house. “Sotheby’s provides opportunities for others to see and own these treasures, and as a global platform for collectors to acquire heirlooms from around the world,”
Wenhao points out.
The collection will hold investment value, but this shouldn’t be the fundamental reason for purchasing decisions, Wenhao reiterates. “Spend time researching and learn more about industry trends, as it allows collectors to get ahead of the game and to invest in items before they become more popular.”
Bonhams has over 80 jewellery sales scheduled for 2024 across London, Paris, New York, Los Angeles, Hong Kong and Sydney. They source consignments from local and global vendors in Asia where regional offices in Japan, Singapore and Taipei allow their specialists to meet with clients.
“Once the jewellery is received at Bonhams – in Hong Kong – they are carefully examined. Some gems are sent for lab testing and authentication. All the jewels have detailed catalogue descriptions created before the sale,” says Stewart Young, Bonhams Director of Jewellery and Head of Department, Asia. Ahead of each sale, viewings are organised for potential buyers to examine the pieces in person. Contacting the specialist ahead of the sale to discuss the gemstones, lab reports, and price helps.
“We have expanded our offering to our global network, allowing clients access to jewels at all prices through live and online sales. In Hong Kong, we have six online sales, and two live auctions each year. Our global timetable is scheduled to consider each location’s individual sales across the calendar year,” Stewart says.
“There has been a steady growth in appetite for selling collections at auction and we source coveted jewels from many different vendors, including collectors who want to part with existing collections, or extraordinary estate jewels such as our recent Barbara Walters sale in New York in 2023.
“At auctions, each jewel is supported with authentications and priced according to market conditions, making it transparent for the buyer and the seller,” Stewart adds. Auction, he emphasises, is a great way to engage with the jewellery market if you are starting a collection. “It is always wise to do your research prior to any purchase.”
It is no secret that retail prices are invariably higher and that’s what makes auctions more competitive. “It is also possible to discover jewels that are not only collectible but sometimes can’t be discovered elsewhere. Bonhams offer a range of collections and price ranges for the consumer to select from with our tiered approach of live, online, and weekly sales. The online jewels sales typically start from a few thousand HK$ with live sales ranging from forty thousand up to millions of dollars,” Stewart notes. Buying at auctions sounds daunting to new collectors. When you’re bidding for a precious collectible, be ready to adapt and build a successful strategy. “Always do your research and speak with the jewellery specialists for advice to understand details on the jewellery you are looking to bid on,” Stewart stresses.
At auctions, one must buy what one likes, states Benoît Repellin, Worldwide Head of Jewellery, Phillips. “Do not consider a jewel only for investment. Emotion and feelings must guide the purchase of any jewel or work of art.”
An auction offers great variety, from antique to contemporary pieces, and signed ones from different houses. “The price point at auction is also broad and one can get a signed piece from the most famous jewellers for a very attractive estimate,” adds Benoît. “There is usually a discrepancy between retail and auction price. Most maisons take part in auctions and buy some of their jewels back. So, there will be a markup buying it from the maker, instead an auction.”
To facilitate the bids and enable collectors to hone in on the pieces on their wish-list, specialists are at their disposal with valuable information. “We want clients to enter a saleroom feeling as confident in the process as possible. We have a team of renowned specialists who have built strong relationships with clients and the latter come to them for advice on prices, their collection, and the market trends. For a seller, an international auction house offers a large client base,” he says.
Auctions take place alongside jewellery sales held by other houses as well as auctions for other categories at Phillips to make things convenient for buyers, Benoît notes. “Our Hong Kong auction this Spring will be held alongside Art Basel Hong Kong, and Phillips’ own ‘New Now’ auction. The Geneva sale in May will be held in tandem with the Watch auction and sales from other houses,” he adds.
Phillips hosts a global calendar of jewellery sales across three selling locations: Hong Kong, Geneva, and New York. Each location typically holds two live auctions a year in Spring and Autumn. “We also have online sales throughout the year. While the schedule is fairly standard by this point, we are always evaluating our calendar to make sure that it works well for our clients.”
The goal is to maximise the visibility of each auction and garner support from all the other departments that may be involved. This, Benoît says is a multi-pronged process that includes setting dates for global auctions, consigning property for the sales, travelling globally to source the jewels for auctions, and even meeting clients at their homes, besides hosting public valuation days.
Part of the valuation includes liaising with laboratories to certify the stones. The origin of gemstones and the absence of treatment are important in determining the value, as are the colour and clarity for diamonds, he points out. Public exhibition prior to the sale allow clients to look at each piece and to confirm their interest. Talks and events held during prior to the auction serve to spark interest. “The magic happens during the sale itself. Clients may bid online, on the telephone, in the room, or by absentee bid (which means leaving a written bid before the start of the auction),” he adds.
After each sale, the team starts with a blank canvas. “We need to build the next auction from the ground up. So, the specialists travel around the world to meet with clients, value the jewels and discuss the possibility of auctioning them,” says Repellin.
Although the Asian market has traditionally focused on high quality gemstones and diamonds, Phillips still offers some of the finest gems. “We have also seen a shift with a growing interest for signed jewels and period jewels.”