Tag: auction

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

Diamond Carat Weight: Large is Rare

May 15, 2017 / Duncan Parker

Diamonds By The Carat: Large Is Rare

Van Cleef & Arpels ring, marquise 6.47 carat D colour, VS-1 clarity, Lot 400, offered in the Spring 2017 Important Jewels Auction, sold for $240,000

We weigh diamonds in carats. A carat is a metric measurement of 200 milligrams. That means 5 carats equals a gram. Most people will never own a gram of diamonds. While a large diamond is rare, a really large one is extremely rare. Also, most diamonds mined in the world will not be of a quality to become gems, and may be used for industrial purposes. Thus, there aren’t many gem quality diamonds

One Carat

One carat is a good sized diamond, makes an impressive statement, and is larger than most people will ever own.

1.00 carat, Lot 113, offered in the Spring 2017 Important Jewels Auction, sold for $4,400.

Two Carats

Two carats, that much rarer than one carat, has a value that is about twice the value, per carat, of an equivalent one carat gem, all other things being equal. Meaning that a two carat diamond is at least twice as rare as one carat, and a two carat diamond will be four times the price of an equivalent one carat (twice the price per carat, plus twice the carats).

2.14 carat, lot 330, offered in the Spring 2017 Important Jewels Auction, sold for $16,000

As each new carat weight is reached, there can be an increase in price per carat.

Three Carats

3.00 carat, Lot 328, offered in the Spring 2017 Important Jewels Auction

Looking at the diamonds as they increase in size, the diamond becomes rarer and rarer.

Four Carats

4.15 carat, Lot 353, offered in the Spring 2017 Important Jewels Auction, sold for $12,000

Most people will never even see a 5 carat diamond, let alone OWN one!

Five Carats

5.01 carat cushion shaped, Lot 352, offered in the Spring 2017 Important Jewels Auction

There is no question of the obviously impressive visual impact of larger diamonds

Six Carats

6.35 carat, Lot 397, offered in the Spring 2017 Important Jewels Auction, sold for $90,000

A seven carat gem is a similar price per carat to five and six carat weights.

Seven Carats

7.64 carat, Lot 334, offered in the Spring 2017 Important Jewels Auction, sold for $55,000

Once we get to ten carats, it it enough to make people stop in their tracks. The price per carat really jumps, because ten carats is so rare.

In the Spring 2017 Important Jewels auction, there are six diamonds with a weight greater than 10 carats.

Ten Carats

10.00 carat, Lot 336, offered in the Spring 2017 Important Jewels Auction, sold for $60,000

What more is there to say? A pair of earrings: Two diamonds with a total of over 27 carats!

Thirteen Carats (Each)

13.58 carat, and 13.62 carats, Lot 404, offered in the Spring 2017 Important Jewels Auction, sold for $320,000

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

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.

Jewellery carries a message

January 23, 2014 / Duncan Parker

Two Antique Gold Memorial Brooches at Dupuis Auctions

These antique jewels are the perfect representation of the dying days of the Victorian Empire. Beautifully made mourning jewels conveyed a message of good taste in fine craftsmanship, and remembered someone who can’t be with the wearer any longer. A poignant memory of an important era, and very wearable in todays fashion environment.

Watch this space on Wednesday:

January 15, 2014 / Duncan Parker

Gentleman’s Stainless Steel ‘Bubble Skeleton’ Wristwatch, Corum at Dupuis Auctions

As the phone is our day to day timepiece, the wristwatch has become an important accessory, both for men and women. Making a statement of your mood, style, or sense of fun is easy with the range of choices available at auction. One of 67 watches offered in the Fall 2013 sale, this Corum Bubble bares all, is very fun, and sold for nearly double its estimate. The Spring sale might be the way to find a new home for your fine timepieces.