Jewelry valuations can be of great significance, whether for insurance purposes or replacing stolen jewellery; precise valuations are crucial.
An experienced jewellery appraiser will be able to accurately determine the value of your jewelery by taking into account several factors, including metal purity, gemstone quality and craftsmanship.
Buying at an auction
Purchases at auctions can be an exhilarating and enjoyable experience, offering you the chance to secure unique bargains on rare or hard-to-find items. However, it’s essential to remember there are specific rules and etiquette that must be observed during auction purchases – below are a few helpful tips that can help avoid making common errors at auctions.
An auction buyer should set a budget before attending, which can help prevent getting caught up in the excitement of bidding and overspending. You should also account for additional fees such as buyer’s premium and sales tax when planning your budget.
Before bidding at an auction, potential buyers must register with the auctioneer beforehand. This process entails providing your name and contact details, along with identification such as driver’s license or passport numbers. Once registered, you’ll be assigned an individual bidder number as well as bidding cards that will help guide bidding throughout the event.
When starting an auction, an experienced auctioneer usually announces a suggested opening bid (SOB), usually around 45 percent of the lowest estimate, to encourage competition and ensure quick selling times for each item. An ideal SOB should encourage bids but should only encourage bids slowly.
At an auction, bidders place their bid price and lift their bidding cards to show the auctioneer who is making it. Once an item has received its highest bidder, ownership passes over immediately, and payment must be made immediately; additionally, buyers are subject to an auction house fee equaling 23-25 percent of its final purchase price.
Before purchasing an item, it’s also crucial to conduct a comprehensive condition review. Look out for scratches, dents, and any signs of wear and tear; ask the auctioneer for photos or condition reports so you can make an informed decision. Some auction houses even provide preview periods so you can preview an item in person before bidding begins.
Ethical considerations
Jewelry auctions offer unique and vintage finds, making shopping exciting. Before joining, learn the process, etiquette, and valuation methods. Opt for reputable auction houses with qualified staff for ethical practices. For sellers, auctions may yield high returns; buyers can find rare pieces. Research and pre-auction viewing are key to informed bids. Jewelry values fluctuate, so consider periodic reappraisals. Despite most auctions’ reliability, quality checks vary. Always request detailed jewelry descriptions for authenticity verification.
Bidding at an auction
Bidding at auctions can be an exhilarating experience. The process starts with the auctioneer presenting each piece of jewelry and announcing its starting price. At the same time, interested bidders place higher bids until the auctioneer bangs his gavel, signaling that it has sold. Once all bids have concluded, successful buyers take their paddle number to a payment desk where they pay and collect their purchase; some auction houses even provide shipping options for online purchases.
Auctions offer access to rare, unique, and historic jewelry, often unavailable elsewhere. Successful bidding demands understanding auction operations, plus assessing each item’s condition and authenticity. Auctions reflect true market prices, allowing direct item inspection for informed decisions. Prior research and choosing a reputable auction house are crucial. Legitimate online sellers provide detailed photos, list shipping costs, and communicate officially, avoiding personal emails.
While bidding can be exciting, you must set and stick to a limit. By setting a maximum bid prior to an auction, you can avoid overspending and potentially missing out on great bargains. Also, remember the buyer’s premium of 16% of the final sale price when considering your budget.
Navigating jewelry auctions requires knowledge and preparation for successful participation. Options range from international to local auction houses. This guide covers auction processes, valuations, and etiquette.
Buying a piece of jewelry at an auction
At auctions, purchasing jewellery can be both exhilarating and financially sensible. Not only can you find quality pieces at discounted prices, but you may also discover rare second-hand and vintage treasures! Regardless of whether it is for personal indulgence or reselling purposes, making informed decisions when purchasing is critical for successful auction purchases. Sydney gemmologist Olivia Bond shares some tips for successfully navigating jewellery auctions.
As part of your due diligence when selecting jewelry to bid on, always begin by verifying its authenticity. This involves searching for manufacturer information, hallmarks, and assay marks on metal pieces and studying photos of gemstones. If uncertain as to its value, seek advice from a gemological laboratory, as they will be able to assess it accurately for you and help ensure you only pay what is necessary for it.
Before bidding at an auction, make sure that you set yourself a firm budget. Otherwise, it can be easy to get carried away by the excitement of the moment and bid more than intended. Furthermore, take note of any buyer’s premium charges, which could significantly increase or decrease the final selling price.
Prior to making your bid at auction, you must conduct thorough market and comparable item research. Speaking with jewellery valuers at the auction house can also provide invaluable insight.
Online jewelry auctions are growing in popularity, offering an easy alternative to traditional auction houses. These auctions connect sellers with a global audience efficiently. Platforms vary from eBay to specialist jewelry sites, each with unique security and fee considerations.
When selling jewellery at auction, the appropriate paperwork must be in order. You will require a valid ID such as a passport or driver’s license as well as proof of your address – depending on the item’s value, you may also need a deposit or financial reference letter.
FAQ’s
How do I participate in a jewelry auction?
Register with the auction house, understand their bidding process, and familiarize yourself with their terms and conditions.
What should I look for in a reputable auction house?
Choose houses with qualified staff, industry accreditations, and ethical practices. Check for memberships in organizations like the Society of Fine Art Auctioneers.
How can I ensure the jewelry I bid on is authentic?
Attend pre-auction previews to inspect pieces closely, ask questions, and request written specifications on metal purity, diamond clarity/carat, and provenance.
Can I try on jewelry before bidding?
Policies vary by auction house. During previews, some may allow you to try on pieces.
