Auctions

[Glitz]

Has anyone here been to one? Did you have much luck? would you say you got a great deal?

I would love as much advice on jewellery auctions as I'll be going to my first one a few weeks. I have my heart set on one ring that my SO and I would love as an engagement ring. I'm dead set on getting an old cut and getting it for a reasonable price, this is what has lead me to the auction. They have about 5 stones that I would like to bid on, and one that I have my heart set on. Any advice would be great, Thanks!

 

[antelope1]

An actual auction! Like, not ebay. That's pretty cool!!

My tips:

Don't bid more than the diamond is worth. You have your heart set on one (this is bad) which means that you might get carried away. Stay calm, if the bidding gets too high for your budget / the diamond's worth, be prepared to walk -- there will be other diamonds. (Have you checked out JBeG, btw? I love their estate pieces, so unique.)

You need some idea of the specs (color, clarity, carat -- minimum) -- if it comes with a cert of any kind, that would be a great teller of the 3Cs of interest. If no cert, independent appraisal will do. Using the 3Cs, you can go on the PS search tool and see what you could get in that combination in that diamond shape -- click on "in-house" for more listings with actual pictures of the diamond.

I'm assuming that these are older cuts and not rounds -- in which case, you will only be able to evaluate cut by looking at it prior to the event. You need lots of lighting conditions -- incandescent, florescent overhead (flip it over on a plain white background [folded printer paper works well] to see how good or bad the color is), LED spotlight (this will show the fire!), and natural sunlight (hold it against your skin and if you see your skin through the diamond, this is leakage = bad). You would be surprised how a diamond can photograph well or look great in specific lighting and look like crap outside the store!

I'm sure there's a lot more strategy out there! But this is what I would tell anyone trying to buy a vintage diamond, so it still applies if you are buying the diamond at auction.

 

[Glitz]

Thanks! I think I'm becoming addicted to live auctions, but this will be my first jewellery one. All of the stones I'm interested in are already mounted, half of them come with certs. and all the others are graded (I guess in house). We're going next week to see them in person before the auction because I know old stones can all look different and one might look good on paper, but the optics don't perform right. I check JBEG regularly, as well as the august vintages on GOG. The auction stones are still a great deal better in price (estimated that they'll sell for). The stones I'm interested in are all over 1 carat, above G in colour and are a minimum of SI1. They have lots to choose from, but I've narrowed it down to 6 stones that are old cuts and meet these minimums.

I'm just wondering if regular people like me and my SO have much luck at jewellery auctions, or if a lot of people who go and win are in the industry?

 

[Kismet]

Also keep in mind that you'll probably be paying a buyer's premium (% of the winning bid) and any applicable sales tax.

 

[Glitz]

Also keep in mind that you'll probably be paying a buyer's premium (% of the winning bid) and any applicable sales tax.

Yes, we've factored that into the amount that we want to spend, and if we get it for the estimated price that they'll go for (which last spring they did; ie. looking at their hammer price history) we'll still be saving a lot. Auctions are so much fun and I love seeing people win things of high value for a total steal. I was at one this past weekend where leather sofa sets we're going for under $2000! It's almost to good to be true, but in a liv auction you can actually see what you're bidding on, unlike ebay so you know that quality you're getting. I'm just hoping that other people who go to these auctions aren't all vendors who will dominate the bids, but I doubt those people would be going after old cuts ... right?

 

[artdecogirl]

I love auctions Glitz_n_Glam and we go to them often, the only thing I would advise is know your price and stick to it! as you may know it is so easy to get caught up in the bidding and go overboard! good luck, Hope you get a great deal!!!!!

 

[LGK]

Youve gotten some really good advice so far. I'd only add that you definitely want to inspect the stone(s) and settings carefully. Look for chips on the stones- which is pretty common, and definitely use a loupe while you look. And if the girdle is razor thin or not- many antique stones were cut with incredibly thin girdles which contributed to the chipping. And bearding, if you can spot that or not... I can't always. (Someone posted a great picture of bearding awhile ago, I'll see if I can dig it up).

Check the prongs, if they need retipping. How thick the shank is, and if it's gonna need to be replaced if it's too thin. If it's been sized and how well the work was done. Any sidestones, check prongs, check for chips, and check the matching.

And yeah, if this one gets away, do bear in mind you'll find another. Try pawnshops too. One woman I know who sells antique jewelry for a living just scored an *insane* deal at a pawnshop recently, a 2.5ct OEC in a really ornate platinum setting for an unbelievably good price. It just takes some footwork, and there are really good deals to be had if you're patient.

 

[petrock<3]

That reminds me, did you see the Madoff auction?

10 ct emerald ring...

9.7 ct loose radiant went for 60,000

 

[luckygirl333]

Ohhhh...now you've got me wanting to go to auctions instead of stores!

 

[Glitz]

Youve gotten some really good advice so far. I'd only add that you definitely want to inspect the stone(s) and settings carefully. Look for chips on the stones- which is pretty common, and definitely use a loupe while you look. And if the girdle is razor thin or not- many antique stones were cut with incredibly thin girdles which contributed to the chipping. And bearding, if you can spot that or not... I can't always. (Someone posted a great picture of bearding awhile ago, I'll see if I can dig it up).

Check the prongs, if they need retipping. How thick the shank is, and if it's gonna need to be replaced if it's too thin. If it's been sized and how well the work was done. Any sidestones, check prongs, check for chips, and check the matching.

And yeah, if this one gets away, do bear in mind you'll find another. Try pawnshops too. One woman I know who sells antique jewelry for a living just scored an *insane* deal at a pawnshop recently, a 2.5ct OEC in a really ornate platinum setting for an unbelievably good price. It just takes some footwork, and there are really good deals to be had if you're patient.

Decogirl I know how you can get carried away at these things, I think that's why I might be becoming addicted to it, it's just such a rush to out bid people and win, this time my SO will be the one bidding, hopefully he's more level headed.

Thanks LittleGreyKitten for the advice on what to look for. I haven't decided if I'll be re-setting the stone or not yet, it depends on what ring we end up winning, if any. I've looked in pawnshops and local jewellers, the stones I end up finding are all smaller and low in colour (KLMN). The one I really have my eye set on is just over 2 carats and set in platinum with 6 sidestones, it does disclose that it's chipped and the clarity is improvable (from an SI1). I'll have to take a closer inspection with the advice you game me. I'm hoping that it's just a small chip on the girdle that can be hidden by a prong or something. As for patients ... it was my new years resolution to become a more patient person, but I really just to find a winning stone already.

petrock<3 WOW! I'm in love with tapered baguette settings, that emerald cut is to die for

luckygirl333 I would love another PS'er to come along and enjoy the auction, but that would mean a possibility or one more person bidding against me

 

[luckygirl333]

What if I PROMISE not to bid on anything less than 2 carats?

Oops. Just reread your last post. There might be some overlap in our wants. ESP if you are in love with emeralds with tapered baguettes... Hmph.

 

[Glitz]

The ones I would be bidding on are all between 1-2 carats and are all round. I love love love emerald cuts, but I think for my engagement ring I want a round, I'm thinking or doing something with horizontal emerald cuts for a wedding band, or maybe a right hand ring one day. I wouldn't mind a round OEC in a band with tapered baguettes though. If you want to bid on everything over 2 carats be my guest

 

[luckygirl333]

Do you think I could pretend not to have any idea about this whole "buyer's premium" nonsense and just bid right up to my budget (And then be REALLY after it is too late.)?!?