Purchasing jewelry at auction is an exciting and increasingly popular alternative to shopping at a retail jewelry store.
In this connection experts make it a point that it can be extremely rewarding for the knowledgeable buyer, but for the unprepared or inexperienced buyer, it can be an expensive mistake.
In the above scenario, the winning bidder may have bought a $3,700 natural sapphire for a mere $1,250 or, just as easily, he/she could have paid too much for a $200 synthetic stone.
This is why experts warn that jewelry sold at an auction is not always what it appears to be. Some of the jewelry may be authentic antiques with natural gems. But, many of the pieces may have synthetic and artificially enhanced stones, while other jewels are just mediocre contemporary reproductions and fakes.
For this reason the Bijoux Extraordinaire experts’ advice to non-professional buyers at auctions is to follow the four tips they give below:
1. Preview and thoroughly examine any items you may purchase. Do not simply rely on the auctioneer's verbal statement of value and/or condition. Always look for quality.
2. Set your price limit before the bidding begins. A predetermined limit helps prevent getting caught up in a "bidding frenzy" which could result in what I call "buyer's remorse". Once you set your maximum price, stick to it.
3. If you are considering a substantial purchase, work with an independent gemologist to assess the quality and value prior to purchase. Do not rely on appraisal reports provided by the auction house, unless they fully guarantee the contents of the report. Be wary of appraisal reports with inflated values or limited descriptions.
4. An auction preview is an opportunity to closely examine fine jewelry without high pressure sales clerks pushing to close a sale.
As experts say, buying fine jewelry pieces distinct for their high quality and stable price will by all means require gemological and price expert appraisal.
It is of special importance now when the market is flooded with gems of questionable quality and with precious metals of inconsistent purity rates and with low-quality counterfeits.
As for purchasing jewelry at retail outlets, experts offer three ways to a buyer to keep on the safe side.
1. Turn into an educated buyer getting essential knowledge about jewelry.
2. Your purchase should follow a comparative pattern. There is no need in buying a thing as soon as you see it, even if it is so convincingly praised by the seller offering a very lucrative price “only for you.”
3. Get in touch with a professional gemologist and evaluator requesting their services. An independent gemologist will perform a technical expert examination indispensable when you are buying a top-quality stable-price jewelry piece, while an evaluator will see to it that you will not overpay for it.
Alex Shishlo, Rough&Polished European Bureau Editor in Brussels
