Category: Appraisals

Selling your Jewels at Auction

December 14, 2017 / Duncan Parker

Selling at Auction is a Simple Affair

Are you thinking of selling your jewels? Is it time to find a new home for your precious things?

A ruby and diamond ring

There are lots of reasons for looking for ways of selling:

“I’m selling my beautiful jewels because I’m downsizing, and I hope someone will love them as much as I have.”

“I just don’t wear them any more.”

“No one in the family wants them.”

“My lifestyle doesn’t really go with these jewels anymore.”

“We’ve inherited something that no one will ever wear.”

“I’ve worn them and enjoyed them, but want to change it up.”

What are your options?

Consigning to auction provides you with an international audience of potential bidders. An auction house has the job of finding buyers for your precious items. Therefore, auctioneers are as eager to get strong bids as you. Because we don’t buy, our task is to put word out about your jewels and timepieces, and create an eager and well-informed bidder base. The commission is a fee based on a percentage of the selling price. Thus, we aim to see you realize the highest selling price for your jewels or timepieces.

Fine Harlequin Opal selling for beyond its estimate

A Fine Black Opal sold for $13,000 at Auction

Make An Appointment

We are happy to consult with you, examine your jewels, and provide you with a professional opinion about the jewels you show us.

We meet potential consignors throughout the year. You can make an appointment to meet at our offices in Toronto. We also make regular visits to cities around Canada. Contact us or check our website to see when we might be visiting a city near you.

Call toll-free: 1-800-879-8975

If it’s not convenient to meet with us, we are happy to provide preliminary estimates by email. So, if you are able to send photos and/or appraisals to us, we are pleased to consult electronically or by telephone.

Here is the online estimate request form:

Estimate Request Form

Consultation

We will examine your jewels and timepieces, and provide you with an estimate for any jewel that would be a good candidate for auction. The recommendations will include which auction would be appropriate for the items.

We have two different types of auction: Live “Important Jewels” auctions, and online “Boutique Jewels” auctions. On average, the Important Jewels Auctions will feature items with a pre-auction estimate over $2,000. Boutique auctions will average items with an estimate between approximately $500-$2,000

We can provide you with clear instructions for safely packing, shipping and insuring items if you choose to send them to us.

Estimates

Selling for $50,000 this watch generated widespread interest

Cartier limited edition wristwatch, “le Cirque Des Animaux”, Lot 384, offered in Spring 2017, selling for $50,000

The estimates we provide are based on our experience and research of similar items that have been offered and sold at auction in recent times, around the world.

The pre-auction estimate for an item is stated as a range: As an example: $8,000-$12,000. This serves as a guideline for you to know roughly what to expect, and for the bidders to know where the need to start to bid (and up from there).

“Reserve”

We also establish a minimum selling price, called a “Reserve”. So, with this, you know that there is a bottom line for selling your jewels.

Preparation

Once you have decided that a Dupuis Auction is the way to go, we prepare a contract and take responsibility for your jewels, photograph, and catalogue them. Then we get to work telling the world about your precious item available for bidding.

Previews

We display the timepieces and jewels at previews, with hundreds of viewers, both online, and in person. Also we’ll answer any questions bidders have and provide all the necessary details to make them eager to bid.

Selling

The auction is held, bids are taken until we the highest bidder wins. One of the big advantages at auction is that there is a set time for the auction, and you know your precious items will be offered at that time. When the auction is finished, you know right away how you did.

The exciting thing about an auction is that all it takes is two or more people who really want a beautiful item, and who knows where the bidding will stop? Every auction has hundreds of bidders, and some items can go well beyond expectations in bidding.

Payment

Once the successful bidder has paid for and collected their new precious item, we then send you a cheque.

It’s as simple as that

Auctions Simplified

October 26, 2016 / Duncan Parker

AUCTIONS

Bidding at an auction, or even attending an auction, is an adventure that’s entertaining and fun.

Some people wonder if going to an auction might see them leaving with treasures they didn’t mean to buy. The idea of bidding on something because you winked your eye or coughed does make some people a little nervous. The auctioneer works hard to recognize real bids, so a laugh or a raised eyebrow likely won’t generate a bid.

Dupuis provides you with the opportunity to acquire beautiful jewels through the highly respected centuries-old process of auction.

Buying at auction is simple, you can bid and buy with confidence and comfort. At auction, we aim to provide as much detail and information as possible.

CATALOGUES

All Dupuis auctions have a catalogue that includes a photo of each jewel, a title, and a description. Catalogues are issued in print for Dupuis Live auctions, and catalogues are on line and on phone and tablet apps for all auctions.

CONDITION REPORTS

In many cases, there is an additional “condition report” to make you a well-informed bidder. Condition reports may include measurements, ring sizes, colour descriptions, and other pertinent details.

MORE INFORMATION

If you need additional details that are not included in catalogues or condition reports, Dupuis is happy to answer to your questions. We can provide more information or photos.

PREVIEWS

Previews allow anyone to try on any of the jewels in the auction. Dupuis Auctions features a gallery with all of the jewels displayed in showcases. Dupuis knowledgable staff are on hand to assist. Previews are free, and no bookings are necessary to visit.

AUCTION DAY/WEEK

Dupuis live auctions are held on one Sunday in November, and one Sunday in June. Online auctions last for one week.

In order to bid at the auction, you do need to register. The process is very simple, there is one form to fill in, it can be done in advance, on line, or on auction day at the venue.

ESTIMATES

Each item in the auction is offered for bidding. There is a pre-auction estimate stating the estimated selling price range. The estimate serves as a guideline to bidders, items may sell within the range, or sometimes for more.

RESERVE

There is a “reserve”, or minimum, on most items at auction. Items offered at auction are not for sale below a reserve. Reserves are confidential. You could assume that the lowest selling price might be the low end of the pre-auction estimate.

PLANNNG A BID

Once you have found what you absolutely must have (very likely at a Dupuis auction), you will want to think about how much you want to spend. Successful bidders have so many things to choose from. You may want to provide yourself with some alternatives in case you find that someone wants it even more than you, and bids beyond your limit.

If you are bidding, a bid is an offer to buy. If you are the highest bidder, the jewel is yours (once you pay). You will be required to pay the bid amount plus a buyer’s premium of 25% and appropriate sales tax. Remember this when planning your budget.

STRATEGY

Some people will lead off on the bidding, others will hold back to see what’s going to happen, jumping in at the last minute. Some nod their head or scratch their ear, it’s easiest for the auctioneer to see a paddle held high. There’s no correct way, but auctioneers prefer that you bid high and bid often.

IF YOU “WIN”

If you are the successful bidder, you have 5 days to pay for the jewel that you have purchased. Payment can be made by bank draft, wire transfer, or credit card.

ENJOY YOUR JEWELS

Presentation Jewels

May 26, 2015 / Duncan Parker

Through history, jewels and items of precious metal have been given as tokens of recognition. These tokens are sometimes made as presentations to people who have achieved something of note.

Presentation: A Gold Watch For 25 Years of Service

Presentation items are given in recognition of service to a company, for years of service, goals reached, contracts clinched, and many other possible achievements. A brooch or plaque honouring ten years of service, or gold watches for 25 years of service are common presentation jewels.

Eaton 1/4 century presentation watch, given for 25 years of service to a Eaton department store Lot 526, Dupuis Spring 2013 Auction

Sometimes a presentation jewel may be a token of appreciation for work well done, or for contribution to an achieved goal.

Presentation Jewels: A Case in Recognition of Service

Presentation jewels are often plaques, plates, cups or boxes, frequently made of precious metal.

Cartier W.H. Manton 141 presentation jewels

Silver and gold presentation compact given by Queen Elizabeth, Lot 141, Spring 2015 Auction

At Dupuis we are honoured to have had the opportunity to offer such an item. This silver and gold compact was commissioned on behalf of Her Majesty Queen Elizabeth II. It was given to a loyal subject in recognition of service to the Commonwealth. It was presented in a red leather box bearing the Queen’s QEII cypher, and signed by Cartier.

Thought in almost new condition, this box appears to actually have been lightly used by its recipient, which is good: There are so many presentation items that are put on a table and never used again. These are items that deserve to be worn, carried, or used with pride.

One type of presentation jewel that is usually worn with pride is a championship sports ring. These rings are given to the victorious team members in annual championships. Championship rings are given for the World Series, Super Bowl, Grey Cup, or of course, the ever elusive Stanley Cup (at least to Toronto fans).

Jewels of Achievement: Championship Rings

Championship rings have a special meaning, and like all presentation jewels, each is unique, bearing the name of the person or organization presenting it, or the person receiving it.

duncan 2008 pictures 2587 presentation jewels

A Toronto Maple Leafs Stanley Cup Ring (1967) One of the rarest of Presentation Jewels (this one was not sold at a Dupuis Auction, but if you have one…)

Presentation jewels are very specialized, and Dupuis Auctions is always interested in considering items for possible consignment: www.dupuis.ca

Natural Pearls, rare beauties of the natural world, and how we identify them

June 27, 2014 / Duncan Parker

Natural pearl necklace: Lot 261 in Dupuis Spring 2014 Auction, sold for $60,000 http://bit.ly/DUPUIS-LOT-261

Natural pearls are a very rare thing. They have grown by accident, and are the product of incredible good fortune. Once upon a time people would dive, time after time, into the ocean, searching for the one elusive “oyster” that was bearing the extraordinary gift of a pearl. These natural pearls are very rare, and highly desired today.

The translucency of the pearl material called “nacre” gives natural pearls a radiance that is unlike anything else. This translucency allows light to penetrate the natural pearl and produces reflection of light and iridescence, often in a rainbow of colours, sometimes referred to as “orient” or “overtones”.

What gives value to a pearl is its size, the smoothness of its surface, the roundness of its shape, its body colour, the colours of the “overtones” seen in each, and the matching of the pearls if there are more than one.

One of the ways that we distinguish natural pearls from cultured pearls is that cultured pearls usually have a bead of mother of pearl inside, and a layer of the pearl material called nacre laid on by the mollusc, or “oyster” on the outside, and natural pearls are layers of nacre all the way to the centre, with no bead.

We can X-ray pearls to detect a bead, or sometimes we can look down the drill hole to detect a bead. In natural pearls we often see layer after layer all the way to the centre of the pearl. Following are some images of the layered structure seen in some of the natural pearls in the necklace shown above.

Looking down the drill hole of a natural pearl

The layered structure seen down the drill hole in a natural pearl

Things always go up in value, don’t they?

May 9, 2014 / Duncan Parker

A Cultured Pearl and Diamond Necklace: Lot 251 Spring 2014 sale

An appraiser or valuer regularly hears things along the lines of “my last appraisal was eight years ago, so I guess it’s gone up since then”.

We do like to think that this is the case, but, sadly, it isn’t always. Some things will go up in value, of course, but others may remain static, or even go down. There are numerous factors that may make an item increase or decrease in value, or bring about no change at all.

Most people don’t expect their car to increase in value (with the exception of some rare collector vehicles). Age and wear and tear play havoc on a car. You rarely expect a ring to go rusty like a well used car, but a gem might chip, or ring might wear thin, an earring become bent or broken.

Outside of damage, there are other reasons why a jewel may change in value.

Fashion dictates prices sometimes. If a celebrity is seen wearing a certain gem, the demand for that type of gem may surge, and the price of that type of gem can increase. When that trend passes, or is eclipsed by another, the price may go down. If you had an appraisal done on your sapphire ring around the time that Prince William gave Kate Middleton her sapphire engagement ring, then the price may have been up, but a few years later, a new appraisal may reflect a lower price, back to the normal.

A Sapphire and Diamond Ring: Lot 162, Spring 2014 sale

The economy may cause price differences. As the world becomes more vertically integrated, mining companies are selling directly to consumers, and this can mean more aggressive pricing, and the consumer can sometimes buy for less (but still more than at auction). If lower pricing due to market changes takes hold, then the new lower price becomes the standard, and a new appraisal may reflect the new lower purchase price prevailing in the market.

Supply and demand may affect appraised price. A notable example of supply and demand affecting values is the case of South Sea cultured pearls. These are the large pearls grown in the warm waters of the Pacific, North of Australia, all the way up to Southern Asia. Several years ago, the production of these South Sea cultured pearls increased suddenly, and coincided with an increase in the supply of freshwater cultured pearls from China. South Sea cultured pearl prices plummeted to one quarter of their original retail price, and have not come back. An appraisal from the time of the higher prices will certainly be higher than an appraisal prepared now on the same pearls.

On the other hand, other items will certainly go up. If a gold bracelet was last appraised when gold was $350.00 an ounce, and gold has gone up to $1,400.00 an ounce, then it is very likely that the increase in the price of gold will have pushed the appraisal on the bracelet up, too.

An Enamel and Gold Bangle Bracelet by Fred, Paris: Lot 19, Spring 2014 sale

Another factor is other cost increases, if an item has a large labour costs or established list prices, it may be that it has increased in appraised value. If there is a fine timepiece, and the retail price has increased, the appraisal will have gone up. If a jeweller is producing jewels in a market where the labour costs are increasing, the price of an item from them may increase, and an appraisal should increase to reflect that.

A Lady’s Diamond and Gold ‘Oyster Perpetual Datejust’ Wristwatch: Lot 83, Spring 2014 sale

At auction we see all of these types of jewels, and often see appraisals that accompany them. The appraisals are usually for “replacement value”, calculated at an estimate of the cost to buy a new replacement at full price in a regular retail environment. The amount something may sell for at auction is estimated at “fair market value”, and this is a different amount again. Fair market value is established through comparison to recent auction results for the nearest equivalent item that has recently sold at auction.

An auction aims to sell your jewels at the highest price possible by exposing them to thousands of potential bidders. It is extremely rare, however, to be able to realize the retail appraised value for an item of jewellery or watch sold at auction. We get as close as the bidding takes it, and generally have a reserve (minimum), so you know it won’t go below an agreed amount.

Appraisals serve different needs and markets

January 30, 2014 / Duncan Parker

Antique bracelet with gold charms

An appraisal can be prepared to serve different needs. The same item may be appraised to allow an insurer to add it to a household replacement policy, to allow a court determine an amount for settling a bankruptcy, divorce, or estate (potentially all different amounts), to determine a liquidation amount for scrap, or for fair market value, such as might be realized at auction. There are other types and levels of value too.

This bracelet was lot 600 in the Fall 2013 Dupuis auction. It sold for $2,000.00. The fair market value has now been established. Fair market value is the amount that a willing buyer would pay a willing seller in an open market, both parties being aware of all the facts, and with no time pressure.

Auction experts provide estimates of fair market value to consignors, and these are based on experience of similar items that have been sold recently at auction. The pre-auction estimate for this bracelet was $1,300-$1,600, the upper end not being too far from the hammer price (what it sold for at auction). The difference may be accounted for by the bidders in the room, on the telephone, or on-line at the time, plus changes in the market since consignment. Appraisal is also not an exact science.

If the bracelet had been appraised for liquidation, it would really be for the gold content as scrap, and would likely have been in the range of around $900.00.

If the appraisal had been for replacement with a recently made, brand new equivalent, it would possibly be as much as $6,000.00-$7,000.00, because it would require a very large amount of custom work to produce matches for antique chain and charms. An insurer will often not have a lost antique item reproduced with a new item, and may opt to buy a modern equivalent, because a new item is not antique anyway.

Fair market value appraisals are used for many applications and markets. Beyond being the method of determining the auction value (which is usually the highest return a private individual might realize when selling jewels) fair market value appraisals are used for donations to charities and museums, divorce settlement, and many other legal applications.

The details in an appraisal should not differ substantially from one to the next, but the dollar value at the bottom of the page can be very different, each is valid and important in its own way, and for its own intended use.