Selling valuable jewelry should be done with care, whether you’re thinking of selling
expensive pre-owned items or brand new pieces, says auctioneer Adam Levinsohn as he
explains how experts get the best rates for their high-value items.
If you’re thinking of liquidating some of your jewelry pieces, then you want to ensure
that you get the best rates with minimum hassle. And there are various methods to make
this happen. You can enlist the services of a gallery if it’s a high-value or rare piece. You
can also sell it to a jewelry store or even list it on an online marketplace.
But selling at an auction is often overlooked by especially those who are new to jewelry
sales. And this is usually because many people are unfamiliar with auctions and seem to
think that it’s reserved for professionals and the elite. But this is hardly so. In fact, did
you know that auctions are one of the best ways to sell high-value jewelry? Well, it
certainly has some unique advantages, which you won’t see with many of the other
So, here are 4 reasons for you to consider auctions so you can make a sizeable profit
from your jewelry.
1. Sell faster
If you decide to choose a gallery to sell your premium jewelry items, rest assured it’ll
take a while to find the right buyer. You’ll have to wait until the right customer walks
into that particular gallery and agrees to purchase at the given price.
Unlike galleries, auctions are one of the easiest ways to sell your jewelry fast. This is
because these events are advertised and promoted and, therefore, attract a larger
audience. And they often comprise of dealers, collectors, and other high-profile buyers
who walk in to make a purchase, not just to browse through. So, apart from allowing you
to reach a bigger audience, auctions can help you to target the right audience with the
intention to buy.
But not only that. If you try to sell jewelry on your own by advertising on social media,
for example, it’s going to be hard to find a buyer. This is because many people are
reluctant to purchase high-value items from a total stranger. On the contrary, people
often trust reputed auction houses that specialize in selling high-value jewelry. So, that’s
another plus point to make a faster sale.
2. Get a higher value for your jewelry
Now, you may think you could get a higher price by listing with a gallery. But the reality
is that high-end galleries have higher overheads, which you will eventually pay for
through higher commissions. And selling to a jewelry store often means selling well
below the market price.
However, auction houses often charge a lower commission, which is a fixed percentage
charged on the hammer price. This is negotiated and agreed ahead of time and is
included in the consignment agreement.
And on top of that, auctions are based on competitive bidding. This can often drive the
price up when there are more buyers interested in your item. This gives you a chance to
get a higher value for your jewelry.
Not only that, but regular auction-goers such as collectors also have a sound knowledge
about high-value jewelry. So they are in a better position to appreciate its true value.
And all of these increase the opportunity for you to get a higher price for your jewelry
3. A hassle-free sale
If you’re thinking of selling on your own, then keep in mind that it will require quite a
bit of legwork. Finding buyers, advertising, and following up will all take up a significant
amount of your time.
However, when you consign with an auction house, they take care of all the work for
you. They will appraise the jewelry items and provide an estimated pre-auction value.
They will also take care of shipping and handling as well as the insurance.
And best of all, they will handle the advertising and promotions and ensure that the
right set of clients are present at the auction to bid for your jewelry. The total cost of
promotions is split among all the items that will be auctioned at the event. So the cost to
you will be marginal compared to what you’ll end up paying when you’re advertising on
your own. Besides, the fixed commission rate you agree to pay will include all these
expenses. So, there won’t be any additional marketing fees for you.
Of course, this doesn’t mean you should just walk into an auction and hand over your
jewelry without doing any background work. Doing your preliminary research on
market demand and price ranges is important for you to understand the real value of
what you intend to sell.
4. Transparent processes
When you’re selling your items to a jewelry store, there is often an imbalance of power.
This is because they will have expertise in assessing jewelry that you don’t possess. This
leaves room to mislead and manipulate the transaction.
But unlike most of these selling methods, auctions follow a very transparent process.
They are designed to benefit both the seller and the buyer.
Auction house experts will appraise the jewelry and issue certifications on authenticity
and quality. This provides peace of mind to buyers and ensures that your items are
valued correctly so you can get the best rates.
You can also determine a minimum price for your items by setting a ‘Reserve Price’. This
ensures that your items are not undervalued.
And bidding takes place openly in front of everyone present. So, you won’t be left
wondering whether you got duped at any point. There are also certain local regulations
that govern auctions. This is another advantage to ensure your safety and best interest.
All in all, auctions are a great way to sell high-value items such as expensive jewelry. So,
give it a try the next time you want to make a sale.