would you buy from an auction house?

[hoynnij]

Hi all,

I'M in the market for an e-ring. Being based in Australia, I don't have many cost-effective local options, so I am considering checking out a couple of the big auction houses in town (namely Sotheby's and Bonham's).

My only concern is that the auction listings don't provide the level of technical data that I feel I need to make an informed decision. None of them have any advanced imaging (eg idealscope), nor sarin numbers. Most are certified (but not all!).

So my question is: would you still buy from an auction house, relying mostly on your own subjective visual appraisal? Consider that my eye is not trained for it...

Thanks in advance for your responses - any advice is much appreciated.

 

[denverappraiser]

At least in the US, auction houses tend to be a bit expensive for mainstream sorts of items (for example diamonds under 3 carats). The problem is that the commission they charge is decidedly on the high side and you actually end up with better prices, as well as better terms and conditions if you shop at a more traditional store. For very exotic things they do better and they do offer an interesting shopping experience. Local auction houses will occasionally have a bargain if you're prepared to sit through the sales of lawn tractors, stamps, and reproduction antique furniture but this is highly dependent on the auction house in your town. Some are definitely better than others.

 

[hoynnij]

At least in the US, auction houses tend to be a bit expensive for mainstream sorts of items (for example diamonds under 3 carats). The problem is that the commission they charge is decidedly on the high side and you actually end up with better prices, as well as better terms and conditions if you shop at a more traditional store. For very exotic things they do better and they do offer an interesting shopping experience. Local auction houses will occasionally have a bargain if you're prepared to sit through the sales of lawn tractors, stamps, and reproduction antique furniture but this is highly dependent on the auction house in your town. Some are definitely better than others.

That's a great point. So far I have only paid attention to prices of the `branded` rings (eg t&co, Cartier) and given the fact that those brands have a huge mark up in aus, the final auction prices have been significantly cheaper than retail eg $17k for a $45k tiffany. For non-branded rings, Im not sure... I get the feeling that there really isn't much of a market for auctioned secondhand jewellery in Australia, so I think the prices would be more competitive than in the us.

 

[beachavendrea]

I bought my engagement ring upgrade from bonhams in London. Not sure about Australia but in London they have a wide selection everything from 1 carat and up.

you are right though I didn't get any specs on it and had to go with my gut and untrained eye only. So you need to be comfortable doing this. A friend also helped me who is a jewellery dealer, she also bid on it for me.

I got a real deal on mine, i think i was really lucky on the day. I guess estimate i saved about £3000. Not sure if you want a brand ring but i focussed only on the diamond, not the settings and plan to get it re-set later when we can afford it.