Buying jewelry is often a long, drawn out process because the pieces are so expensive and valuable. Much like a car dealership, this markup is done for a reason so jewelers can give the appearance of offering you discounts. At jewelry auctions, the haggling is removed. Instead, some simple research can help you score great deals. We’ll provide tips on how to find value at a jewelry auction and verify the authenticity of certain items.
Jewelry found at auctions typically comes from several sources, including estate sales, items seized from the government and from storage facilities. For example, in Oklahoma, the state treasurer auctions off unclaimed property that is left in abandoned safety deposit boxes. Many of the items found in these boxes come in the form of diamonds, earrings, necklaces and other jewelry.
Jewelry found at any auction is usually pre-owned and falls under two categories: antique and vintage. Antique jewelry is at least 100 years old, while vintage jewelry is often 50 to 100 years old.
You can either buy jewelry at an online or in-person auction. Depending on your preference, each type of auction has their benefits.
Online auctions, especially during COVID-19, have become more popular for many people who live in another region or state and can’t physically attend an auction. With just a few clicks, you can easily browse hundreds or thousands of items via an online catalog. These auctions tend to be less intimidating, too. Online auctions give you the ability to bid in real time, although you don’t have the benefit of examining jewelry in person.
In-person auctions allow you to touch, feel and visibly examine jewelry. You’ll also have the opportunity to communicate with auctioneers and other staff members should you have any questions about the pieces.
If you’ve never bought jewelry from an auction, here are some basic tips to know.
Like any purchase, you’ll want to have a general understanding about jewelry to make an informed decision. It’s important to educate yourself about what each term means.
With diamonds, knowing the four C’s is a general rule of thumb to follow — cut, clarity, color and carat.
You should also be familiar with the terms blemishes and inclusions — blemishes are found on the diamond’s exterior, while inclusions are found on the diamond’s interior. These factors will help determine the grade of a diamond. The more inclusions there are, the less valuable a diamond will be. An inclusion’s position also matters — in the center of a diamond makes it less valuable.
Whether you’re looking for earrings, rings, or a bracelet, many jewelry options are made from gold. Jewelers use karats (not to be confused with carats) to determine how much gold is in a specific piece. The purest form of gold is 24 karat (24K), meaning 24 of 24 parts are made from gold. Beyond that, 18K contains 75% gold, 14K contains 58.5% gold, and 10K contains as low as 42%.
Vintage or antique jewelry is prone to wear and tear. However, quality jewelry should hold up over time. That’s why you should check your jewlery’s clasps or settings to ensure they’re secure and visualize any scratches or chips.
Jewelry made from gold and silver tends to be more forgiving than other materials. While it still may scratch, you can always polish it to remove any imperfections.
On the other hand, emeralds are soft gemstones and may scratch or chip easily. Necklaces or earrings made from pearls may also sustain damage from cosmetics such as hairspray or perfume.
Auction catalogs are helpful to research and prepare for which jewelry you can to bid on. Read about the items and do your homework.
If you can, try to find where and when the jewelry originated. Some jewelry contains a hallmark, which is a stamp that tells you the metal type and purity. You can also look for a condition report or certificate of authentication to verify your jewelry.
Each auction house will set aside a time for prospective buyers to view jewelry in person. This is when you can examine the design, quality, size, color, and condition of the jewelry. Bring a magnifying glass and camera to inspect and record the jewelry.
When you’re on site, ask the staff or auctioneer questions. They will help answer them to the best of their ability. You may ask them the quality of a certain piece of jewelry or how it compares to other similar pieces.
Set a maximum budget before you start. This will prevent you from overspending. Many auctions, including Dakil Auctioneers, offer a proxy bid service that is a secure platform to help you bid online. Note: Be sure to factor in the buyer’s premium you’ll have to pay, often times 16% of the total sale price.
Contact us today, or call directly at (405) 266-2709, if you have general questions or specific inquiries about what is available at our upcoming auctions. Subscribe to our newsletter to stay up to speed with the latest trends in the auction industry.
