Jewelry auctions are a great way to purchase high end items below market value. Despite many auctions now moving from live public events to online, you can still find them if you know where to look. There are benefits and drawbacks to both online and live settings. Below I will share my experience with the jewelry auctions near me. I’ll share where to find them locally, how a live event works, tips to win, and FAQ’s that I regularly get asked.
Map of Jewelry Auctions Near Me
If you are looking for “Jewelry Auctions Near Me”, see the map below…
What Are Jewelry Auctions?
A jewelry auction is an event where fine secondhand jewelry (sometimes from high-end jewelry stores such as Wallis Simpson) is sold to the highest bidder.
These auctions are usually open to the public and free of charge, but if you intend to bid at a jewelry auction, you will have to register in advance with the auction house. Although the majority of jewelry auctions are free and accessible, some high-end ones do require a ticket.
How Do Jewelry Auctions Near Me Work?
Most of these events are traditional English auctions. That means selling jewelry to the highest bidder; sometimes, this means that bidders catch a bargain; other times, the auction house will profit because they have managed to trigger a bidding war. Jewelry auctions are easy to attend because they are free to the public.
Normally, an auctioneer stands at the front and introduces the piece; he or she then takes bids from the audience for 5 mins.
The auctioneer will introduce the jewelry piece and open the bidding with a starting bid. The auctionner will you a style of fast talk which is fast and entertaining. Because of the speed of the talk, a typical round of bids may last only 5-10 minutes.
If someone raises their hand, the auctioneer will take the bid and continue the bidding process to see if anyone is willing to go higher. He or she gives the audience three chances before it’s sold.
The auctioneer normally increases the bids by 10% each time, so if someone bids on the lower end, they might increase the asking price by 10%. If no one comes in at the higher price, they will sell after three chances. Usually, winnings will have to pay more than the “hammer price.”
How to Find a Jewelry Auction Near Me
Jewelry auctions come in different shapes and sizes; some of them you can attend in person at hotels and dedicated auction houses, others you can attend conveniently online. Some of the most well-known auction houses in the world include Christie’s, Sotheby’s, and Barney’s.
One of the easiest ways to find a jewelry auction is to perform an open search on the internet. If you search for the keyword “jewelry auctions” or “jewelry auctions near me” you will encounter a long list of search results.
Remember, jewelry auctions specialize in different types of jewelry. If you’re looking for vintage, secondhand jewelry, it makes sense to use these terms in your search; similarly, if you want diamond jewelry, you will need to perform a more focused search. Nevertheless, the internet is your best resource for locating a jewelry auction house anywhere. You may even find specialty events like an auction for jewelry owned by a particular celebrity.
Additonally there are also special auctions by the government. You can find these on USA.gov or at your local Chamber of Commerce.
How I Find Smaller, Less Attended Jewelry Auctions Near Me
I use Google Events. You can find smaller venues and local events that may not have the biggest advertising budgets. That means, less competion for you to bid against. You are not going to find super high end pieces, but there are always a few surprises. Click here for Google Events – Jewelry Auctions.
What is a Jewelry Auction Like?
As you might imagine, there are some differences between online and offline jewelry auctions. The more traditional offline jewelry auctions (live public events) are more established and therefore more reputable; that said, online auctions are growing in popularity, but there are some clear downsides to them.
Live Public Auction
When you attend a live public auction event, you have the chance to view the jewelry items physically and decide whether you want to bid. This means you can inspect it in person before deciding how much you are prepared to bid. This is not possible on an online auction.
Auction houses also give you the chance to talk to experts first. You can get more insight into the piece. For example if it is a rolex watch, you may want to know if it has been serviced or if it is vintage, has it been restored.
Online Auctions
Online auctions houses operate a little differently. These auction houses are very convenient, but the quality of the items vary, and there is less opportunity to check the piece before bidding. Even the best 3D representation might not be accurate, so ensure you research the platform.
What Kind Of Fees Do Jewelry Auctions Charge
If you’re interested in buying jewelry at auction, you have probably heard of the “hammer price.” This is the price that the jewelry item is sold for during the auctioneer’s lot; however, the hammer price is not the actual price you are likely to pay for the item; there are also house fees.
The auction house fees are the rates you pay to the house for hosting the event; these are sometimes called “commission rates” as well. Typical commission rates are around 20-25% of the hammer price, so you should expect to pay around 25% more than the hammer price.
If the jewelry item is sold for over $100 000, you can expect the commission rates to be lower. Commission rates at most auction houses operate on a sliding scale, so it’s a good idea to keep this in mind when you’re bidding; you will usually pay more than the hammer price for items.
How to Sell Items at Jewelry Auctions
If you have a jewelry item that you want to sell at auction, there’s a process to find the item’s true value and submit it to the auction house for bidding. The first thing you will have to do is to discover the item’s market price; you can do this by consulting the auction house and experts.
If you’re unsure about the market price of your jewelry item, it’s a good idea to consult more than one expert for a valuation. If you trust a single consultant, you might not get an accurate picture of what the item is worth. This can lead to inaccurate estimations at the bidding.
If you are selling the item online, then you might have to send some photographs and paperwork as well as information on the valuation of the item. Some online auction houses pay more attention to this than others, so it’s a good idea to research the auction house first. The advantage of an online auction is that you can reach a larger audience and thereofre attract more bidders.
What Kind of Jewelry Can You Find at These Events?
The tyoes of jewelry will run the gambit. You can find new and vntage items and that will depend on the specialty of the auction house. As far as types of jewelry there are commonly watches, rings, necklaces, bracelts, brooches, earrings, cuff links, tie clips, and many other pieces.
Tips For Winning a Jewelry Auction
Winning is the easy part if you have the money; what you need to be aware of is the quality of your purchase. If you buy a diamond engagement ring at a rock bottom price, there is no guarantee that it’s a high-quality item. That is why you need to research the seller carefully and get as much information as you can about the item before you attend the auction and bid.
Here are my best recommendations for bidding at a live jewelry auction:
- When you go dress the part, the look can be initimdating to other bidders
- Read the catalog carefully before the auction and take notes in it. Even write down your high and low bid next to each item you want to consider.
- Go to the event, do not call in and proxy bid.
- Register early to avoid long lines and bring proof that you can pay.
- Inspect the jewelry closely, look for scratches, imperfections, missing pieces, etc…
- Ask good questions…try and get facts not stories!
- Find out the schedule of when the jewelry will be on the block, mark all the times for your prospects.
- Set a bid price and stick to it. Stand where the auctioneer can see you and don’t hesitate to bid.
- When you bid say the hole number. For example Don’t say 100, for 100,000. Say One Hundered Thousand. It is inimidating to others,
Jewelry Acutions Near Me – Conclusion
If you now how to manuever around a jewelry auction, you can really work it and win. One of the keys though is finding local jewelry auctions that are in person and under attended. If you execute on the tips I note above, you can come away with some big scores for below the market value. Just be sure to inspect, ask questions and bid wth you brain not your heart. This is what I have learned from jewelry auctions near me.