BUYING & SELLING TIPS

Buying at auction vs. the jewelry counter

An explosion of new designers is bringing fresh ideas and innovation to jewelry design. Bright young talents include California beach girl Irene Neuwirth whose chunky pastel gemstone rings and necklaces are inspired by the ocean and New York sisters Emily and Ashley Green, who put a modern spin on the vintage finds in their grandmother’s jewelry box. Such newcomers are being celebrated in the world’s most prestigious stores with trunk shows, personal appearances and glossy catalogues.

At the same time, economic woes mean many safety deposit boxes are being emptied of items that haven’t been worn in years. That is bringing more supply to the auction circuit, creating a buyer’s market in some segments. Jewelry normally sells for far less than retail value at auction to begin with. The current climate could make for even more exceptional bargains.

Mega-gems, meanwhile, are holding their value – no surprise given the recent unease over banks and stock markets. Large, loose diamonds are viewed as a form of portable wealth. The latest supergem to make headlines is The Wittelsbach Diamond, an extremely rare 35.56 carat grayish-blue diamond with royal 17th century provenance which smashed all records when it sold for $24 million U.S. in Dec.

Whether your budget is modest or mighty, here are some things to consider when deciding where to make your next jewelry purchase:

• Auction houses offer bidding online or by phone, however it is best to try on a piece before you buy. Jewelry is extremely difficult to photograph, and often images don’t do a piece justice. Written descriptions can be vague or ambiguous, making value even more difficult to assess from a distance. And sometimes items that look stellar on a website or in a catalogue, can give a totally different impression in person. Be aware that unless you examine a piece firsthand, you are taking a leap of faith.

• Buying fine jewelry from a fashion retailer offers the added value of knowing you are getting some of the best new designs on the market. Jewelry buyers for carriage trade stores such as Bergdorf Goodman and Neiman Marcus in the U.S., Holt Renfrew in Canada and Selfridges in London, scour the market for the best new names. Then they edit the collections down to the styles which will make the most sense from a design and lifestyle point of view. You’ll be getting an heirloom of tomorrow, as seen through the eyes of a fashion expert of today.

• Buying from a luxury jewelry house such as Cartier or Tiffany & Co. can add 20 to 40 per cent when a piece is resold at auction. However the designs are often produced in quantity. Some relish the status that comes with a recognizable piece of jewelry. Others want a piece that is more original.

• Buying directly from an independant designer or jeweler allows maximum service and personalization. If there is a piece you like that doesn’t fit or that you prefer in a different stone or metal, a new model can be crafted to suit your taste or proportions. Or the designer can work with you to come up with something completely new and individual. Bear in mind, though, that jewelry has many technical considerations and it is wise to follow a jeweler’s advice. Jewelry design is one area where the customer is not always right.