When it comes time to buy your next ring or necklace, your first reaction may be to head to the mall or a local jewelry store. Shopping at these stores has its perks. Employees will wait on you hand and foot, wrap your gift in a pretty box, and send you off with some type of after-care package. This all sounds ideal, but it comes with a price — sometimes a steep price.
What if we told you there was an alternative? You may not associate jewelry with auctions, but you can find quality, high-end items at affordable prices at your local in-house or online auction. We’re here to expand your thinking so you can better understand where to find jewelry auctions, the type of jewelry you can buy, and what you should look for.
As we explained in our blog post on how car auctions work, auctions can cater to a single item or category or those items may be a part of a bigger auction. In other words, you can find jewelry at a jewelry-specific auction, but you’ll also find memorable pieces elsewhere.
As the name suggests, jewelry, and only jewelry, is up for grabs at these types of auctions. Depending on the size of the auction house, the catalog could feature hundreds or thousands of items ranging from rings and watches to necklaces and earrings. Due to the sheer volume, this is your best bet to find a variety of jewelry.
Although not nearly as large, estate auctions present one of the most popular places to find fine jewelry pieces and antiques that come with a story behind them. Depending on the estate, you can find items from various eras. For example, one of our recent estate auctions featured a 1978 Rolex watch.
At Dakil, one of our favorite auctions happens only a few times each decade and features high-end jewelry. We’ve helped the Oklahoma State Treasurer auction off unclaimed property from abandoned and unclaimed safety deposit boxes at banks. This auction, which last occurred in 2019, is a collectors dream, especially for jewelry enthusiasts.
As you can imagine, people store a wide variety of valuables in safety deposit boxes. Many of these boxes contain family heirlooms, diamond rings and other valuable jewelry passed down from generation to generation.
You’ll never know what you can find at a jewelry auction, which is part of the allure. You might get your hands on a specific item from the decade you grew up in or find a hand-crafted historic piece you won’t otherwise find in a jewelry store. Plus, finding items at an auction is a fun way to cross items off your holiday shopping list.
Jewelry sold at auctions isn’t only for collectors or for resale — we’ve held business liquidations for pawn shops in the past that feature jewelry. Some buyers are intent on adding pieces to their own personal collection.
One of the main pros of buying jewelry at an auction are the unique and vintage items you can find. Sure, you can stop by a local jeweler to add a piece to your collection or buy your spouse a holiday or birthday gift, but the jewelry you’ll find at an auction has a story behind it that makes it special. It’s hard to beat the selection offered and the character of the items up for bid.
Although you can find high-end jewelry at auctions, don’t let it deter you from thinking you need a heavy checkbook to participate. You don’t have to be a millionaire to get in on the action. Some of these pieces may sell for a couple hundred dollars. Others may go for several thousand dollars. The spectrum is part of the enticement.
You can even buy engagement rings. There is a certain stigma associated with buying a used diamond to propose with, but you can still find quality diamonds at an auction. Think about it: Many spouses upgrade their stones or settings, or get different rings altogether, for anniversary gifts. It’s common for them to sell their original engagement ring on consignment to an auction house instead of having it collect dust in their drawer. The savings are then passed on to you, the buyer.
Before the auction even starts, you should sift through the catalog to see what you can bid on. Find a few items that interest you and do your research.
Regardless of the auction type, you’re allowed to visit the site the week of or the day before the auction to inspect and look at any items. The same goes for jewelry, and you should take advantage of this opportunity.
It’s easier to view these items in person than it is online, but we understand not everyone is comfortable going in public during this ongoing pandemic. That’s why you can view photos and jewelry descriptions online before the auction starts. Don’t be afraid to inquire about any topics that come to mind. Feel free to ask about credentials or the origin of the items. Auctioneers are experts and have years of experience.
When previewing jewelry, you should check the design, quality, size, color, and condition. These factors will help you gauge how much you should bid. Be sure to come up with a maximum amount you’re comfortable paying so you don’t find yourself in a bidding war where you end up regretfully overpaying.
Check the internet to get an idea of what it sells for. In certain cases where the item description lists the manufacturer, you can call them with any specific questions you may have.
Any estimates or appraised values you see listed are exactly that — estimates. The beauty of auctions is there’s no way of knowing how much an item will sell for. At an auction, buyers determine the market. Those diamond earrings or heirloom necklace are only worth what buyers are willing to pay. As a buyer, this benefits you because you’ll pay market value instead of retail price.
With that in mind, you should make sure you deal with a reputable auction house with experience in auctioning off jewelry. If you attend an auction that doesn’t have experience selling off antique or luxury items, you may be disappointed with the selection.
Contact us today, or call directly at (405) 751-6179, 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.
