|
|
 |
|
| Gems & Jewelry |
Beauty on the Auction Block
Jill Newman
12/01/2003
|
"Auctions are also a major source of wonderful stones," Hubbard points out. "Oftentimes, an exceptional gemstone has been in the hands of one family for generations, and when it comes time to
sell, they bring it to auction for the best exposure." Only a large auction house possesses the clout to attract an international audience of collectors and dealers who are capable not only of recognizing the qualities of a special gem, but also of summoning the means to pay for it.
Caveat Emptor
Auctions, too, are the arbiters of price with respect to vintage jewelry and rare gems. The dynamic of the auction environment often favors sellers, who may get well beyond the estimated value of a particular piece at auction. Buyers should be cautious and not let their emotions get the better of them. "If a buyer is disciplined, they will not get too emotionally involved with an item," explains Simon Teakle, head of Christie’s New York jewelry department. "They should realize there is always another sale."
 For many seasoned collectors, winning or losing a coveted lot matters less than the sport of bidding. Untrained buyers, however, can be easily misled at a jewelry auction. Despite the considerable pedigrees of the auction houses, relying on their expertise alone does not obviate the need for skepticism. Veterans know, for example, that auction houses guarantee only the bold or capitalized heading of items in the catalogs; they do not stand behind the fine print describing the item below the headline. While the auction houses do their best to accurately represent lots, the information remains a matter of opinion, not of fact, as the disclaimers at the backs of the catalogs remind us. (Click image to enlarge)
Industry experts agree that the greatest opportunity for a sustainable investment in jewelry and gems today is untreated colored gemstones, primarily rubies, sapphires, and emeralds. "Make sure the stone is accompanied by a laboratory report verifying its natural state," warns Antoinette Matlins, a gemology consultant who has authored several books on jewelry and gems including, Jewelry & Gems at Auction and Diamonds: The Buying Guide. In her own research, she once discovered firsthand a gem that had been misrepresented at a major auction firm. While examining a diamond listed as natural in an auction catalog, she recognized that the stone was actually fracture-filled to conceal its flaws, and that its value was considerably less than its auction estimate.
|
|
|
|
|
|
|
; function voidFunc() { } voidFunc();)
