Buying Jewelry at Auctions
Jewelry departments were once overlooked at auction houses selling to a relatively few individuals who had the wealth and appreciation of jewelry as art, and were willing to make the trek to the few auction houses that provided these sales.
Those days are long gone as these jewelry sales can be found in auction houses big and small, all over the world and online. Today, everyone has the access and ability to buy jewels that are beautiful and in some cases have a special story to tell.
You can participate in auctions without leaving your house. In addition to their international live auctions, Sotheby’s and Christie’s offer high quality jewels exclusively sold online in timed auctions. Bonhams auction house holds fine jewelry sales in New York and Los Angeles. Smaller jewelry houses, such as Freeman’s in Philadelphia, Leslie Hindman Auctioneers in Denver and Doyle in New York, are all over the country. All of their live sales can be bid on by phone or online. You can easily browse through the auction catalogs online as well. Then there are online only auction houses, such as Bidsquare.
A common false assumption when it comes to auctions is that all of the items are incredibly expensive. It’s easy to see why this belief exists as huge sales, usually having to do with statement colored diamonds or royal or celebrity-related jewels, grab international headlines. But if you’re curious, determined and enjoy a good hunt, there are many more exceptional jewels that don’t get the attention of the general public. They can include high-quality diamonds and gems and jewels for any occasion—from engagement rings to pieces that could be worn daily.
While jewelry can be timeless accessories, specific designs and styles go in and out of vogue. This is important to note because if something does strike your fancy, its value can be determined by market forces. If it isn’t hot right now, you can get it for a great price today and hold onto to it until there is demand. One of the world’s foremost collectors of jewels, Kazumi Arikawa of Albion Art in Japan, had an interest in tiaras long before they became highly sought after among collectors. He gradually purchased 150 superb examples that are now very valuable.
“When I started 35 years ago tiaras were inexpensive despite the fact that they were mostly set with many diamonds. No one was interested in them; they were totally out of fashion,” he said recently. “I understood and appreciated the beauty and meaning of tiaras.”
Beyond market value at the moment, the value of a fine piece of preowned jewelry is determined by its craftsmanship and the worth of its materials. Other factors can include provenance, rarity, celebrity appeal, the jewelry house or designer who made it, and where it was sold.
The terms “estate,” “vintage” and “antique” are often used interchangeably when describing jewelry, but their differences are important in determining the value of an item. Estate jewelry refers to any piece that has been previously owned, regardless of its age. An antique jewel is at least 100 years old. The reason why antique jewels are popular among collectors is because of their rarity and because they are almost always handmade, which carries extra value. Vintage jewelry is between 20 and 100 years old. These definitions regarding the age of jewelry are further defined in periods (similar to art) describing the styles and materials used during a specific time period. They Include Victorian, Belle Époque and Art Deco.
Among the most popular items at all prices today are “signed jewels” — pieces from famous jewelry houses and designers. Cartier, Van Cleef & Arpels and Bulgari are among the most valuable to collectors but there are scores of others that have produced a countless number of high quality jewels from all periods.
Unless you are a serious collector, the most important thing when it comes to buying jewels at auction is whether you like the piece. After all, jewelry is meant to be worn.