Weekend Bonus Brief: Buying at Auction

Auctions, at houses big or small, can be an exciting and entertaining way of purchasing jewelry. Next week there will be three major jewelry sales in New York. Bonham’s, Christie’s and Sotheby’s will all be having auctions. They produce beautiful, glossy color catalogs, hold preview exhibitions and frequently have lectures or offer more information online regarding the sales.

Auction catalogs are often beautiful publications, a great collector’s item for any jewelry enthusiast. As well as being an invaluable tool for those interested in purchasing at the auction, the catalog is a wonderful book full of jewelry from all periods to return to again and again. Each item, or lot, will have a number, description and usually a photograph.

Be sure to attend the preview. If you find a lot that you would like to purchase have a specialist speak to you about the piece(s) that you are interested in. Examine the item closely, try it on, look for any damage…anything because once you have bought it, it is yours. If you cannot look at the piece in person, send someone you trust, or at the very least request a condition report.

Set a budget before the sale. While you will not purchase an item involuntarily by scratching your nose, be sure you know how much you want to bid before you start raising your paddle. Know exactly what the buyer’s premium is and make sure to calculate this into your final bid price. Sales taxes will also apply. If you do your homework there will not be any surprises when you get your bill.

After the sale, the results will be posted on line, and mailed to you if you have purchased a catalogue. These are a good reference to help you value a similar piece that you might own or as an indicator of the price of something that you might have your eye out for in a future sale!