Help with an offer for a diamond at an auction

[ksinger]

OK...all you knowledgable folks. A local jeweler near my house went out of business a while back. I went a little nuts when they were liquidating.

, and got some genuine deals. Now the wife of the owner, (who tragically died a month after the store closed) is doing her final auction of what was left. Most of it is LOTS of jewelers'' tools and displays and such. But some of it is stones. There is one that is listed as round 1.15 Old Mine Cut, Off color. No info as to inclusions, so I''m assuming at this point that it''s probably eye-clean at least.
That''s it. I won''t be able to see the stone until the day of. My question is this: a ballpark to offer for the stone? Naturally I want to pay as little as possible. I''m truly hoping it''s an OEC (aren''t OMCs more cushion-y?) and that it''s really "off color". I like warm stones alot.

I know this is pretty airy-fairy here, with little info to go on, but I''m not exactly an auction-goer, nor up on old cuts. Anyone care to give any thoughts? Any and all will be much appreciated.

 

[purrfectpear]

Went to Old World Diamonds website and found an 1.16, M, VS1 for $2393. I''d max my offer around 20% less. Of course you might fall in love with the stone and decide to spend more

 

[ksinger]

Date: 8/24/2008 3:21:44 PM
Author: purrfectpear
Went to Old World Diamonds website and found an 1.16, M, VS1 for $2393. I''d max my offer around 20% less. Of course you might fall in love with the stone and decide to spend more

Thanks for checking for me! I didn''t know about that site.

I really was wanting to come in under 2000, so I like hearing that. I''m still hoping it''s even more "off color" than an M and that no one would want such a yellow stinker but me. A girl can dream, yes?

I went to Fay Cullen to try to get an idea too. They have a diamond search for OM and OE''s there. So I think you''re right - I should be able to get it for under 2000 unless someone just bids the heck out of it. I''m never THAT desperate. I sure did get some great deals when they still had lots of jewelry though. I hope she just wants to be rid of the stuff.

 

[purrfectpear]

Fay Cullen''s diamonds are from Old World Diamonds

Good luck

 

[ksinger]

LOL! Well how cool is that??

 

[denverappraiser]

Date: 8/24/2008 1:34:47 PM
Author:ksinger
There is one that is listed as round 1.15 Old Mine Cut, Off color. No info as to inclusions, so I''m assuming at this point that it''s probably eye-clean at least.

Auctions can be notoriously a crapshoot for buyers. One of the growing areas of business for me is doing grading work for auction houses. They want to know what they have BEFORE they put it up for auction so they can do the best they can for their client and, make no mistake, their client is the seller, not you. It is common for an auction house to know far more than they let on because that’s part of how they design the auction. They do have other sales channels available to them and they can consign to jewelry stores, sell at ‘wholesale’ to a store or even outright set up their own store. They could sell through a different auction venue or even put it on ebay or cragislist. The people who run the auctions are well-connected and savvy folks. In short, they chose this venue, and they chose to give you an abbreviated description because they thought it was in their client’s best interest to do it that way and, since they are commission salespeople, that makes it in their best interest as well. Were they right? Who knows, but they did have the opportunity to inspect the piece thoroughly, they had the opportunity to hire outside assistance if they wanted and they made this decision carefully. It’s a mistake to assume that the auction house is a bunch of hicks that are just blowing through whatever appears on their dock. Don’t be confused by the show. A good auctioneer is often a terrific ally and wise investment for sellers and occasionally there are even bargains to be had but your assumption here I think is a stretch to say the least. If it were ‘eye clean’ by any sensible definition of that term, they would have both noticed and mentioned that.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver