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Best Place to Sell Ruby

LondonRuby

Rough_Rock
Joined
May 7, 2020
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84
Hi everyone,

I have a burmese ruby ring and would like to get as much for it as possible. It was valued by a big auction house in London; I've sold through them before but wasn't impressed, and much prefer two smaller London auction houses I deal with regularly, where I have better relationships with the auctioneers. Do you think I would I definitely get more for the ruby in the large auction houses like Sothebys, etc, or does it stand as much of a chance with a smaller auction house?

Thank you!
 
Hi everyone,

I have a burmese ruby ring and would like to get as much for it as possible. It was valued by a big auction house in London; I've sold through them before but wasn't impressed, and much prefer two smaller London auction houses I deal with regularly, where I have better relationships with the auctioneers. Do you think I would I definitely get more for the ruby in the large auction houses like Sothebys, etc, or does it stand as much of a chance with a smaller auction house?

Thank you!

Are we talking a $50k ruby or $500k ruby? If it's the former, 1stDibs might be a good starting point if you want to sell privately. If it's the latter, I would stick with a reputable auction house. Good luck! Would love to see her!!
 
I would love to learn more about this process. Even at the big houses, I have seen phenomenal stuff in the "named" collections but a surprisingly mixed bag in the "random assortment of fine-ish jewels in your neck of the woods" auctions. And our "local" auctions, even in our pretty big market, are mostly the traveling-circus scammy ones.
 
Are we talking a $50k ruby or $500k ruby? If it's the former, 1stDibs might be a good starting point if you want to sell privately. If it's the latter, I would stick with a reputable auction house. Good luck! Would love to see her!!

Oh, nothing like that! It's only 2 carats! I was told £3K to £5K, even though I hoped it was worth far more...
 
Oh, nothing like that! It's only 2 carats! I was told £3K to £5K, even though I hoped it was worth far more...

But 2ct. is huge by fine ruby standards! :geek2: The collections here run the gamut, as you know. We value and appreciate the $5k and $500k goodies alike.

I'm in the US, so selling through an auction house isn't quite as common as it may be for our neighbors across the pond. While I think you can certainly explore those options, it may be more feasible (and cost-effective) to sell the stone privately through LoupeTroop, ebay, etsy, or 1stDibs, etc. Get a feel for the fees of each, and see what might work for you. The nice thing about LT is that, although it may not have the reach of a larger platform, you can complete the transaction via PP friends and family and pay zero fees. Ebay, etsy, 1stDibs, and auction houses all have higher, varying "commission" rates. Be sure to also advertise the gem over in the preloved section of PS to get some eyes on it. Of course, the transaction must be completed elsewhere.

Good luck! I hope you'll show her off here eventually.
 
I should add... if you feel more comfortable going through one of the two smaller auction houses you mentioned, then by all means. Perhaps you have a better chance of receiving top dollar that way. I am not familiar with the process, but it sounds like you are well-versed. So maybe that makes more sense than attempting to sell the stone yourself online, especially if you've never done it before.
 
So I know nothing about this (selling fine jewellery to get the best price). I have sold (and continue to sell) loose gems I lost interest in via Ebay, but my goal is to get back what I paid and that's it. Nothing like a set 2ct ruby.

But should the first step be not be knowing exactly what you are selling?
Origin, treatment level and such, exact weight, even setting stats (diamond cttw) ... are there good-enough labs or appraisers near to determine this for you?
It will come at a cost, but I suggest this might be worth finding out because of the gap you mentioned - you think the estimate given to you was low and you hoped it was much higher.

A 2ct ruby can be 1k or over 50k USD depending on such parameters (though the likelihood is higher that it does not fit such stringent requirements for high priced rubies). Example;
 
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So I know nothing about this (selling fine jewellery to get the best price). I have sold (and continue to sell) loose gems I lost interest in via Ebay, but my goal is to get back what I paid and that's it. Nothing like a set 2ct ruby.

But should the first step be not be knowing exactly what you are selling?
Origin, treatment level and such, exact weight, even setting stats (diamond cttw) ... are there good-enough labs or appraisers near to determine this for you?
It will come at a cost, but I suggest this might be worth finding out because of the gap you mentioned - you think the estimate given to you was low and you hoped it was much higher.

A 2ct ruby can be 1k or over 50k USD depending on such parameters (though the likelihood is higher that it does not fit such stringent requirements for high priced rubies). Example;

^ 100%
 
Hi everyone,

I have a burmese ruby ring and would like to get as much for it as possible. It was valued by a big auction house in London; I've sold through them before but wasn't impressed, and much prefer two smaller London auction houses I deal with regularly, where I have better relationships with the auctioneers. Do you think I would I definitely get more for the ruby in the large auction houses like Sothebys, etc, or does it stand as much of a chance with a smaller auction house?

Thank you!
Christie's & Sotheby's hold the highest auction records on many types of stones, including, Ruby & they are the most prestigious auction houses in the world.

Someone mentioned ebay, but no serious buyer, collector, or seller would consider ebay over Christie's & Sotheby's, even if the audience is larger their wallets are not..
 
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OP's ruby was valued at £3K to £5K (that's roughly $4k to $6k). As much as we'd all love to see a bidding war that results in a much higher sale for OP, it's unlikely. So while I agree that larger (or even smaller) auction houses almost certainly have bidders with deeper pockets than your average ebayer, I'm not sure that's the only thing to consider here.

It's not simply a matter of a serious collector preferring Sotheby's over ebay. It's about connecting a buyer with a seller. Do ebayers shop gems in the $6k range? Absolutely. Many of us have bought and sold gems on the platform which far exceed that amount.

So, IMO, it really comes down to whether OP is more comfortable going with a large auction house (it would seem not, judging by OP's first post), a small auction house (seems to be where OP is leaning), or an online marketplace (which I suggested as an alternative). The latter may be worth exploring in terms of lower fees and a wider audience of about 130 million active shoppers worldwide.

If OP prefers to go through an auction house for the sale, that's a solid choice. But to discount ebay as a viable option for the sale of a gem in this price range would be rather hasty.
 
Auction houses charge both the seller AND buyer premiums. For sellers it’s around 25% and similar for buyers. So essentially half the money goes to the auction house.
A good jewellery auction attracts many buyers but it is a limited window ie the week or so before auction, then the actual auction.
Auction works best for highly desirable pieces as the competitive environment and “deadline” encourages bidding.
A small local auction house might be cheaper but may not attract a good audience. I like to buy at such auctions.
Auction houses will only describe on the basis of an appropriate lab report or by in-house expert, if available. This is self protection on their part. So unless you have a reputable lab report stating origin, carat, treatment the description can be as bland as “red gemstone” and nothing more. I like to buy, after my in person viewing, a piece poorly described because a bargain might be had.
No 2 carat Burmese Ruby is worth a mere 5,000 pounds unless it is essential opaque, treated and more pink than red.
Do you have a proper lab report?
To realise best price buyers want to know exactly what they are buying or it’s just another “red gemstone” and they pay accordingly.
If you aren’t needing money asap you might consider selling on consignment through a jeweller, again commission is up to 50% of sale price but generally you get a better price if you don’t mind waiting it out.
 
Hi everyone,

I have a burmese ruby ring and would like to get as much for it as possible. It was valued by a big auction house in London; I've sold through them before but wasn't impressed, and much prefer two smaller London auction houses I deal with regularly, where I have better relationships with the auctioneers. Do you think I would I definitely get more for the ruby in the large auction houses like Sothebys, etc, or does it stand as much of a chance with a smaller auction house?

Thank you!

I'm going to make an amendment to what I wrote earlier. I still stick to what I wrote earlier, if you are dead set on auctioning your ring, but be forewarned.

There are two major reasons why people take their property to auction, they need cash fast and hope they will make a nice profit. Unfortunately, 99 times out of 100 the owner of the property will lose money unless that person has something very special and in high demand amongst collectors or people who are looking to resale and make a profit and sometimes people get no bids at all and you’re back where you started

There is one reason why bidders go to auctions, to get a deal. As simple as that, which makes auctioning a very shaky proposition at best. The bidder knows the seller is hot to unload their property and will take full advantage of the situation and will stop bidding when they feel the property is not worth to them anymore than the current bid or even the reserve opener.

You are better off looking for a reputable higher end jeweler and putting your ring on consignment with them at brick-and-mortar retail, that is if you can get a fair commission from them. Your ring will sale at a much better price than auction, but it does take you back to what I wrote earlier about why people sell their property at auction, fast cash. Selling on consignment with a jeweler will take much more time as they have much less traffic than an auction house.

Now, you can go on the internet and sale your ring on eBay, Pricescope, Facebook Marketplace, Instagram or consign with a reputable online seller or other multiple internet selling venues. Out of these, consignment with a reputable online dealer is probably your best option, though again, commission fee. Facebook and Instagram are loaded with long time established sellers that people will go to first to buy jewelry and your ring will probably be overlooked as you have not built a reputation there trying to sale it yourself. The same goes with eBay, you’re competing against long time professionals. Pricescope is a good choice, but people there are looking for deals too, but at least there is no commission to auction houses, jewelers, eBay, etc. you must pay. There is Esty, but no one knows who you are, and you will be overlooked from buyers, and to be honest, that is true anywhere you go to sell without a well known broker brokering your ring, so, were back to auctions again, that brick and mortar jeweler or online dealer.



Good luck to you.
 
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