Buying at auction

[HermesFSH]

Hello all

I would really appreciate some advice form the knowledgable people on this forum.

The city where I live in the UK has an area called the Jewellery Quarter which is a manufacturing place for jewellery where you can find whatever you want jewellery wise or have your own designs made. It is full of gold/diamond shops and a lot of jewellery repairs from across the UK get sent here. There is a well known auction house here, and they often auction off items which are new and unworn (such as end of stock from the shops/unsold items) and it is so tempting as the prices seem so much cheaper than the markup from buying from a retail store - although you have to pay about a third on top of the hammer price (I think) to cover commision and tax (VAT is 15%).

Can anyone advise me on whether this really is too good to be true (BTW the auction house is a specialist jewellery auction house only because of where it is located).

Some examples:
1 - An 18ct white gold five stone diamond half hoop ring, comprising claw set round brilliant cut diamonds. Estimated total diamond weight- 1.35ct Colour- H/J Clarity- VS2/SI1. Estimate £1000.

2 - An 18ct white gold diamond set circular link design bracelet, comprising seventeen round brilliant diamond set circular hoop style links. Estimated total diamond weight - 2.50cts. Length of bracelet - 16.5cms/6.5 inches. Estimate £1000-1500.

3 - A white gold seven stone diamond half hoop ring comprising claw set round brilliant diamonds. Estimated total diamond weight- 1.74ct Colour- G/I Clarity- SI2/P2 Stamped 18ct. Estimate £980.

BTW £1 is about $1.58.

Thanks!

 

[tillie46]

Is it a bidding type of auction house? If so, I would be afraid of shills bidding up the prices. If not, you might consider bringing someone with you that has a loop to examine the jewelry, so you know what you'd be getting. I think some CZ's are even hard for jewelers to detect. I don't know enough about diamonds or precious stones to take a chance. Good luck!

 

[Vintage Leather]

I would do a lot of research on the auction house - are they reputable, and IF they are, what other fees will you be paying. Is there a buyers premium? If you don't win, will you still have to pay? If you know a jeweler, I would make a point of asking them to come with you come the auction day. Make sure to look at: CONDITION CONDITION CONDITION.
Also - over the last year and a half, prices have decreased at auction. HOWEVER - many items go for much more than they are estimated to.

If it is a reputable auction house, if the stones are real, and if the premiums and fees aren't crippling - I'd go for it.

 

[HermesFSH]

I would do a lot of research on the auction house - are they reputable, and IF they are, what other fees will you be paying. Is there a buyers premium? If you don't win, will you still have to pay? If you know a jeweler, I would make a point of asking them to come with you come the auction day. Make sure to look at: CONDITION CONDITION CONDITION.
Also - over the last year and a half, prices have decreased at auction. HOWEVER - many items go for much more than they are estimated to.

If it is a reputable auction house, if the stones are real, and if the premiums and fees aren't crippling - I'd go for it.

Thank you for the responses. It is a reputable auction house - it is long established and well known. As for condition, each lot has a condition report and the items I am looking at are as new, I called them up and was told they are liquidation/unsold items. This is not an ebay type of thing, it is a proper place, but I have never bought from auction and would not want to get "carried away" especially as there may be less comeback than if from a store.

I would have put the website address on this reply but not sure if I am allowed to under tPF rules.