Any advice on buying from a Christie''s auction?!!

[mas]

Hi all -- does anyone have any advice / experience on buying a diamond ring from a Christie''s auction? I''m new to diamonds and the specs given on rings in their catalog are not very descriptive (I am interested in Old European cuts). How can I tell quality and be sure I''m getting a decent value? Are the estimated prices they set usually relatively fair? Any help would really be appreciated!!

 

[solange]

My experience with Christie''s was very favorable although I did not wind up buying from them.
I was looking for an eternity ring. I saw one that i liked and asked to see the department expert. i had just started looking and did not know much,
The ring was about 5 carats total weight and seemed to be a great value at the catalog estimate. The expert pointed out to me that the stones (square) were not all the same size and color. Obviously someone had assembled these stones and had a setting made for them.
She said the ring was good value at the low end of the estimate and it was priced that way because of the differences in the stones. It was a very impressive loking ring to me for the price.
However, she advised me not to go over the low estimate and my husband decided that we should not buy it because once I knew the defects, I would regret it.
I bought elsewhere but I felt that I got a fair, honest opinion.
Many dealers buy at Christie''s and Sotheby''s but I felt I did not know enough to take a chance since you cannot take it out for appraisal.
Their experts appear to be honest and well trained and you might find a really good deal, particularly on an Old European cut.
We have bought many objects, other than jewelry, from Christie''s and they are very reliable and always have experts on the floor to advise you.

 

[RockDoc]

I strongly advise that you familiarize yourslf with the terms and conditions in the auction catalogues.

Just one part that concerns me is that they do not guarantee authenticity, unless it is in bold letters type.

This is particularly important when biuying an item for which the manufacturer, original seller, or designer is inferred.

In the art sections, they do not guarantee that a piece of artwork is authenticated unless it is in bold letters.

I would imagine they don''t do this unless there is a postivie authentication of the item previously reported on and included with the item.

If you''re thinking of a ring marked Tiffany or some other notable creator where critical acclaim of the artist/creator/seller or manufacturer ( this also includes ownership by a "celebrity") affects the perceived value - this is pretty important to know.

Generally the listing estimates are made intentionally low so as to draw buyers to their sales. It is very often that the hammer price is far in excess of the auction sale estimate.

An item which has a reserve price may also affect how the sale is conducted. I beliee some items have a reserve price and some do not.

Also remember they add their commission to the final bid price as well.

Just a few suggestions....

Rockdoc

 

[solange]

I have bought many items at Christie''s and found them to be very reliable. The reserve price is usually 2/3 of the low estimate and you can get wonderful things there if you have some expertise in an area. Also, the experts in the departments are very well trained and give you honest opinions and good advice..

I have seen thngs I was interested in and had defects pointed out that I did not notice. As to jewelry, they do get wonderful estate jewelry, often custom made and one of a kind. You have to set a price limit in your mind and not go over that and also ask to speak with an expert.

I considered buying a diamond there but decided to buy from a Pricescope vendor because I felt more secure in having it sent to an appraiser before I paid. However it might be worth considering if you are looking for an Old European cut because they do get many old pieces in wonderful settings and you might not see these elsewhere since they come from estates and they are selective in what they accept. I have found that the experts in the jewelry department are well trained and have more expertise than those you might find at Tiffany''s or a B&M.

As to being reliable, we once bought an expensive item that was in perfect condition when we saw it in the exhibition. However, after we took it home we noticed a small crack which had obviously happened there becuse we had handled it with great care. We brought it back the same day and with no problems, no questions and an apology they credited us for the full amount. They could have accused us of damaging it but i have found that that this is the way they operate and we have been buying there for many years.

This is not a commercial for Christie''s because, as I said, I bought my ring from a Pricescope vendor. But if I were looking for an OEC in an original old setting, I would definitely look there. They do get some really wonderful old pieces and it is certainly worth a look. I would not say the same complimentary things about other galleries we have dealt with.