Find your diamond
Find your jewelry
shape
carat
color
clarity

Auction House Below Market Price

clcat120

clcat120

Shiny_Rock
Trade
Joined
Aug 6, 2018
Messages
318
PSers!!! Have anyone bought anything from large auction houses? Is it true that a lot of estate pieces are coming at below the market?

I found this ring while I was shopping for my e-ring but abandoned the idea due to a potential 20-30% fee. However, it sold for only $117K including fees for a E, VVS, 4.76ct emerald stone? It would go for at least 30% more in the retailer market, I think.

www.bonhams.com

Bonhams : DIAMOND RING

The step-cut diamond, weighing 4.76 carats, between stepped baguette-cut diamonds, ring size O
www.bonhams.com www.bonhams.com
 
I really have never attempted to buy at a major auction house. It seems a little daunting to me. But I will have to say, that is one magnificent ring. I am sure it is possible to get things at prices less than retail. The more hands involved, the higher the price will be. So sure, you can possibly cut out a layer or two buying at auction, depending on who else wants the item, of course!
 
I have bought at auction all my life, but not at that price point.
Its harder to get “a bargain” these days because it’s feels for accessible to “regular buyers” as there is supporting and appropriate lab reports but yes, most often a lot cheaper than retail.
The commission fees are high, and sellers also pay the Auction house a similar fee (so like the auction house gets 40% of the $ value just for conducting the auction…. yep).
If you are able to inspect the lot and/or are comfortable with the lab report (buying without a report is a whole other level of risk but the best buys are often found there IF you can inspect in person and are confident in your own knowledge of gemstones) buying at auction can make good sense.
However with Auction buying there is no guarantee, no return, no nothing, you bid and win the auction, the lot is yours warts, if any, and all.
Further, if you can’t collect the item in person, you need to have investigated and have at the ready appropriate shipping arrangements. Some auction houses assist in this regard, others not.
As with any Auction, it’s who is there on the day bidding. You can be lucky!
Even on eBay I’ve seen interesting outcomes. One porcelain piece, unable to be shipped to me but I wanted to monitor the result, was auctioned and sold for $7,000. The eBay buyer then apparently reneged on the sale so the seller, 14 days later, reauctioned the piece. Second time it sold for $11,000 odd.
 
Bron357 said:
I have bought at auction all my life, but not at that price point.
Its harder to get “a bargain” these days because it’s feels for accessible to “regular buyers” as there is supporting and appropriate lab reports but yes, most often a lot cheaper than retail.
The commission fees are high, and sellers also pay the Auction house a similar fee (so like the auction house gets 40% of the $ value just for conducting the auction…. yep).
If you are able to inspect the lot and/or are comfortable with the lab report (buying without a report is a whole other level of risk but the best buys are often found there IF you can inspect in person and are confident in your own knowledge of gemstones) buying at auction can make good sense.
However with Auction buying there is no guarantee, no return, no nothing, you bid and win the auction, the lot is yours warts, if any, and all.
Further, if you can’t collect the item in person, you need to have investigated and have at the ready appropriate shipping arrangements. Some auction houses assist in this regard, others not.
As with any Auction, it’s who is there on the day bidding. You can be lucky!
Even on eBay I’ve seen interesting outcomes. One porcelain piece, unable to be shipped to me but I wanted to monitor the result, was auctioned and sold for $7,000. The eBay buyer then apparently reneged on the sale so the seller, 14 days later, reauctioned the piece. Second time it sold for $11,000 odd.
Click to expand...

I didn’t know about this collecting is on your part… so crazy that they don’t even responsible for the delivery!
 
I have purchased several items (jewelry and paintings) over the years. I was not able to see the items in person before bidding, however I did my homework on what the items were and felt comfortable setting a maxim price for myself and sticking to it while bidding (including factoring in the buyer's premium and shipping charges.) I have only had good experiences.

This fall I purchased a dream piece at Rago's jewelry auction -- a large Tiffany Diamond Dragonfly brooch. I had been wanting the piece for years and I was not willing to pay the price for it new. Also, the piece is being retired (no longer being made by Tiffany) so I won't be able to buy one in the future.

I am beyond thrilled with the item, and the transaction and shipping were easy. I wouldn't hesitate to purchase from Rago again in the future -- BUT it is up to me to know exactly what I am bidding on and what I feel comfortable paying for it. AND I would only purchase from established, reputable auction houses.

I'm including an image of me wearing the brooch only because I haven't done any Show Me the Bling posts on ANY of my 2021 jewelry acquisitions and I don't want to be accused of being a Nida (and not actually owning them.)

Tiffany Enchant Dragonfly Brooch Large.jpg
 
RunningwithScissors said:
I have purchased several items (jewelry and paintings) over the years. I was not able to see the items in person before bidding, however I did my homework on what the items were and felt comfortable setting a maxim price for myself and sticking to it while bidding (including factoring in the buyer's premium and shipping charges.) I have only had good experiences.

This fall I purchased a dream piece at Rago's jewelry auction -- a large Tiffany Diamond Dragonfly brooch. I had been wanting the piece for years and I was not willing to pay the price for it new. Also, the piece is being retired (no longer being made by Tiffany) so I won't be able to buy one in the future.

I am beyond thrilled with the item, and the transaction and shipping were easy. I wouldn't hesitate to purchase from Rago again in the future -- BUT it is up to me to know exactly what I am bidding on and what I feel comfortable paying for it. AND I would only purchase from established, reputable auction houses.

I'm including an image of me wearing the brooch only because I haven't done any Show Me the Bling posts on ANY of my 2021 jewelry acquisitions and I don't want to be accused of being a Nida (and not actually owning them.)

Tiffany Enchant Dragonfly Brooch Large.jpg
Click to expand...

I fully understand, I’d be crawling over hot coals for a piece like that :kiss2:
 
Like Bron, I have bought from auction houses but not at this price point. While there can be great deals, they aren’t the norm. The no return policy and arranging your own shipping is a real concern. As for CS, I’ve seen many auction houses appear to edit their photos. Sometimes, pieces that look great in images are duds in person (last year there was a bracelet I was in love with based on the images and when I went to the preview the diamonds were kind of flat, such a bummer). Plus, it’s not just regular consumers perusing auctions. If there are great deals it is likely that an estate jeweler will be bidding against you.
 
Nida...I had forgotten about her!:lol:
 
Bron357 said:
I fully understand, I’d be crawling over hot coals for a piece like that :kiss2:
Click to expand...

Thanks Bron! I was shaking like jello the morning of the auction, a complete nervous wreck!
 
Last edited:
One tip for people thinking about buying through online auctions: don't bid through auction clearing house sites like LiveAuctioneers because they add an extra few percentage points to the buyer's premium. Go through the actual auction house's site, or even register for a phone line/call in if you can because you will save money.

Technology has come so far that I was able to watch the auction live on my computer laptop and bid live on it. No time delays or glitches, the auctioneer was even able to interact with me seeing if I wanted to go higher, which I did. It was really, really cool, just like being there in person.

And now when I watch Antiques Roadshow on TV, I see the same lady who was my auctioneer at Rago as an appraiser on the show, and I'm like, "hey, I bought my brooch from her!"
 
Last edited:
One more tip -- you can always call the auction house and ask them to take additional photos of the item you are interested in, or ask them for info that may have been left out of the online listing such as measurements, weights, a close up of a hallmark or signature, images of the back of the item, etc. When I've done this, they have always been helpful and sent me what I've requested. Just be sure to ask well ahead of time because as the auction gets nearer, they get really busy.

The same is true with shipping. I've always called ahead of time and asked about the shipping options and they've always had a system in place to make getting the item to me smooth and painless.
 
Most auctions ARE a retail market. Bear in mind that they are commission salespeople working for the seller. There's nothing wrong with that, but it's a mistake to assume they will be a bargain just because of their business model. Are they less expensive than some other markets? Sometimes. Sometimes they're more. That's one of the reasons why people choose to sell that way. Most stores would have a hard time selling the item you describe and they may have it for quite a while before finding just the right buyer. It's not the sort of thing most will want to carry in inventory. It's a business thing more than a judgment call on the item. Auctions, on the other hand, sell unusual things regularly.
 
Nothing to contribute to this thread but I wanted to say @RunningwithScissors your brooch is a dream piece - OMG, congratulations!!! Please do post more pics when you're able, I would love to see more photos of this beauty :love: :love: :love:
 
yssie said:
Nothing to contribute to this thread but I wanted to say @RunningwithScissors your brooch is a dream piece - OMG, congratulations!!! Please do post more pics when you're able, I would love to see more photos of this beauty :love: :love: :love:
Click to expand...

+ a billion. And anything else from 2021:bigsmile:
 
I have really awesome experiences with auction houses as long as I do my own diligence in knowing what I am bidding on and what my max bid would be factoring in premiums, taxes and shipping

a lot- if not all my acquisitions from auction houses have been wayyyy below what current retail price is and are mostly just at raw material value or sometimes, even below.
 
:wavey: Hello!
I actually have a timely contribution to this! But first! Must say that Runningwithscissors your brooch is AMAZING!! Absolutely gorgeous.
The marquise ring I just bought a few weeks ago was from a large auction house in NY. I have bought 2 other things from them in the last few years.. a Tiffany diamond and pearl necklace and earring set and a Tiffany sapphire "Diana" ring and matching band.
I felt that the prices I got were pretty good.. not a give away but certainly fair.
This last ring I also think I got a decent price on it too.. not 100% sure though. The ring just spoke to me so I bid a drop more what I had planned to bid but not by much.. just another $1000.
I actually didn't mind having to arrange my own shipping.. they give you the names of shippers they use and it was an easy process.
I paid with a wire transfer which was a bit odd at first.. felt like a relative was being held for ransom and the kidnappers demanded a wire transfer.
All of the large auction houses do take 26% coming and going.. they get it on both ends from the buyers and sellers.
I have sold a ring with Rappaport auctions because they only take 10% since they are just starting out in the jewelry auction biz.
I have also sold some artwork that was my moms with the same auction house as the jewelry.. very professional.
If you live in the city that the auction house is in it's fun to go and look at pieces you are interested in as you can try anything you want on with no sales pressure at all.:D
 
Jsand said:
Was that the recent post where she was concerned the HW 3 carat would look too small?!
Click to expand...

Don't we all wonder what the backstory is on that?
It's so sad...
 
Rubies-R-Me said:
Don't we all wonder what the backstory is on that?
It's so sad...
Click to expand...

I know, it is sad. I wish she felt comfortable in participating without pretending to own humungous diamonds. But it must be really intimidating when there are so many people with amazing pieces on here. We must not lose sight of how very fortunate we all are.
 
Jsand said:
Was that the recent post where she was concerned the HW 3 carat would look too small?!
Click to expand...

I missed that one (I think) or that one didn’t set off any Nida bells for me. The most recent Nida was the one showing off her “collection” that contained, amongst other things, a full diamond Rolex that looked like it was a screenshot of a video. And when I say full…. I mean FULL.
 
RunningwithScissors said:
I know, it is sad. I wish she felt comfortable in participating without pretending to own humungous diamonds. But it must be really intimidating when there are so many people with amazing pieces on here. We must not lose sight of how very fortunate we all are.
Click to expand...

So true.. so true.
 
pk888 said:
I have really awesome experiences with auction houses as long as I do my own diligence in knowing what I am bidding on and what my max bid would be factoring in premiums, taxes and shipping

a lot- if not all my acquisitions from auction houses have been wayyyy below what current retail price is and are mostly just at raw material value or sometimes, even below.
Click to expand...

Interesting. I think you are Canadian, no? Do you use Canadian auction houses in specific, or everyone in general? I always peruse Dupuis!!
 
Yes Canadian

i use auction houses in general

is dupuis in Canadian based?
 
You must log in or register to reply here.
GET 3 FREE HCA RESULTS JOIN THE FORUM. ASK FOR HELP
Jewelry Blog
PriceScope-Concierge-Ad
Find prime cuts.
Top