When consigning a piece of unused jewelry, you want to make sure that you sell it for its worth. There are many options where you can sell your piece of gemstone, diamond, or gold, to mention but a few jewelry. They include:
- Consignment shops
- Auction houses
- Online platforms such as websites, apps, online marketplaces such as Etsy, TheRealReal, and eBay
- Local jewelry store
- Local gold store
Out of the options listed above, using an auction house is your best shot at getting the most value from your jewelry consignment. So, what exactly is an auction house, why is it the best option, and how do you consign your fine jewelry to an auction house? Keep reading to find out.
Why An Auction House?
An auction house is a business entity that focuses on buying and selling previously owned items. These include fine art, antiques, collectibles, estate jewelry, and other kinds of pre-owned jewelry.
Unlike jewelry stores and other consigning platforms, auction houses have built a reputation for selling valuables above their cash value. The owner, therefore, gets the best price for their jewelry. In fact, in 2017, an auction house sold one of the world’s largest diamonds, valued at 163 carats, for more than $30 million. That tells how good a deal consigning your jewelry at an auction is.
Here are more reasons to use an auction house:
- Auction Houses Are Resourceful
To secure a good bargain, you have to conduct exhaustive research into the prices being offered for your jewelry. Note that the prices of a pawn shop may differ from that of eBay. The process of research can be very time-consuming and tedious. Moreover, the research doesn’t guarantee that you won’t be ripped off.
Since some auction houses have invested in a gemologist, appraiser, and auctioneer, using an auction house to sell you jewelry may save you from all these hustles. This team of professionals won’t only determine the price of your jewelry, but they’ll also give you the best prices available on the market.
The resourcefulness of an auction house doesn’t end at valuing your jewelry. It extends all the way to its purchase. A jewelry auction will attract experts that understand the value of your gemstone. As such, it’s the quickest way for you to sell your jewelry while at the same time having it bought at its true value. Remember, auctioning can take place physically or online. This means a bigger pool of expert potential buyers.
- They Help With Marketing
It’s one thing to choose to sell estate jewelry online, and it’s another to make noise about it that’ll attract potential buyers. Although modern technology has allowed sponsored posts, creating traffic to such ads can sometimes take time. You, therefore, need all the help you’ll need with advertising your precious diamond. What better alternative than an auction house that offers free advertising?
Unlike other jewelry consigning platforms, an auction house helps you advertise your gemstone to the right audience. Marketing is done through catalogs, galleries, and even showcases. Additionally, since auctioning attracts people in large numbers, many people will see your jewelry, which counts for effective advertising.
- Consigning With Auction House Is Legal
Illegal activities can sometimes infiltrate the business of selling unworn or estate jewelry. It can be hard to tell if the local jewelry shop of choice deals in legal jewelry or stolen ones.
Most auction houses are, however, certified. Check if the auction house is compliant with the commonwealth laws before consigning your gemstone. It helps when you don’t always have to look over your shoulder after unknowingly being involved with illegal activities.
Consigning My Jewelry With An Auction House
Now that you know why an auction house is your best shot at selling your gemstone, how do you consign your fine jewelry to an auction house? The following steps will guide you through the process:
Step 1: Inspect The Gemstone
The first step to consigning your jewelry is inspecting its condition. You want to make sure the antique piece still has value. While inspecting, check for any cracks and damages. However, should you pick any damage, you’re advised against attempting to repair them. You risk damaging the precious stone further and devaluing it.
Moreover, if the gemstone is dirty, don’t clean it. Cleaning it may lead to scratches and other minor damage that reduces the resale value. If cleaning is unavoidable, leave it to the experts to clean it professionally.
Step 2: Find Out The Market Jewelry’s Market Value
Most consigned gemstones are usually passed down as gifts from generation to generation. Others are estate jewelry or stones that are ancient and hardly used. As such, it’s normal for you not to know their original value. That stops when you decide to consign the fine jewelry.
Start by finding out the original value of your precious stone, then find out its current market value. This will help you determine if selling the stone is worth it. However, it’s unlikely that you’ll find a buyer to purchase the stone at its original price. You can find out the market value by consulting people who’ve resold their jewelry before, local trusted jewelry stores, or online listings. However, the latter isn’t always guaranteed to be realistic to the prevailing market prices.
The surest way to find out the market value of your gem is by hiring a certified valuer, as discussed in the next point. Alternatively, you can decide to rely on the auction house’s appraisal of the item. Either way, it’s recommended that you have an idea about your jewel’s true market value.
Step 3: Hire An Appraisal Specialist
Hiring an appraisal specialist will help you determine the actual value of your jewelry. When consulting an expert, make sure they access your gemstone by looking at its carat weight for gold and checking on the 4Cs (color, cut, clarity, carat weight) to determine the quality of a diamond.
Other measures of the value of jewelry include:
- Maker’s signature and any other marks. It’s used to determine who made the jewelry and if there’s any affiliated value.
- It’s size
- Age of the precious stone
- Its condition and the then market appeal
Step 4: Review The Pre-Sale Auction
Before you can sign the consignment agreement, review the pre-sale prices being offered by the auction house of your choice. These prices are an estimate of how much your jewelry will be sold during an auction sale. However, depending on the type of gem, a jewel’s value can increase, for example, a fashionable piece of stone.
Step 5: Sign The Consigning Agreement
Once you agree to the final proposal for your gemstone, you can sign the agreement. The agreement will detail, among other things, the compensation process after the piece is sold. You’ve successfully consigned your jewelry to an auction house with the agreement signed.
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An action house is the best chance of getting the best value for your precious jewel. After all, the purpose of consigning is to get as much as possible. If you’ve been wondering how to consign your fine jewelry to an auction house, the above five steps will guide you. By following these tips, you can make sure your pieces sell for the best price possible and that the process is as smooth as possible. Have you ever consigned jewelry before? What was your experience like? Let us know in the comments below at SenseOrient!