As more people have taken advantage of the wealth stored in their fine jewelry, the subject of auctioning jewelry has gained prominence. If you would like to auction a diamond ring or estate jewelry in Los Angeles, the three main auction types are:
1. A traditional auction house
2. A jewelry auction website
3. A DIY online auction
Each of these auction types has their pros and cons, related most often to the time involved in selling your item and the auction fees deducted from the final sales price. Speed, simplicity, and generous cash offers are why many people choose to sell their jewelry to Los Angeles Jewelry Buyer, rather than enduring the wait and uncertainty of an auction.
So, if you are interested in selling your item in the quickest amount of time, while receiving a cash amount similar (and sometimes more) than what you would have received auctioning your jewelry, contact Los Angeles Jewelry Buyer today. We will provide you with a preliminary cash offer, while explaining our fast and secure sales process.
Then, if you would like to complete the sale, we’ll arrange for an in-person appraisal at one of our executive offices. Our offices are located throughout Los Angeles County, and ordinarily within 30 minutes of your home or workplace. We also serve clients at our main buying office in Redondo Beach, CA.Start Selling
For those interested in learning more about their options for auctioning jewelry, such as a diamond engagement ring or antique items, please continue reading.
Using a Traditional Auction to Sell Jewelry
When selling an item with a resale value over $10,000 (such as a large carat diamond ring), many Los Angeles residents’ first thought is to auction their item at Christie’s or Sotheby’s. This is understandable, as such traditional auction houses sell millions of dollars worth of estate jewelry and watches every year. They employ knowledgeable staff and have fine reputations.
However, there are a couple of things to consider when using a traditional auction to sell estate jewelry. First, luxury auction houses charge more than just a commission on the final sales price. There are also associated fees, such as photography and processing costs. When all is said and done, the commission and fees could add up to 50% of the published auction price. For example a large established auction house like Sotheby’s will charge you (the seller) a 20% commission fee, while charging the buyer another 25% commission fee (also known as a “buyer’s premium”), bringing the total commission charged on the transaction to 45%.
So, when you discuss with auction staff the amount that they believe your jewelry could bring at auction, be sure to ask what their commission AND all associated fees will add up to — so you have a clear idea of how much money you will receive in pocket.
Second, discuss with them exactly how long it will take to bring your item to auction. Depending on the auction house and the time of year, it is not unusual for the wait time to be 6-8 months. It’s also important to ask exactly how long it will take after the auction for you to receive payment. If you are on a narrow timeline and are expecting the money by a certain date, you could be surprised to learn that you have to wait another 4-6 weeks to receive payment after the auction has closed.
Lastly, ask them what happens if the jewelry you are selling doesn’t meet the “reserve” price (that is the minimum amount you are willing to sell your jewelry). Many people who auction jewelry do not realize that they still must pay associated fees, if their reserve price is not met. In other words, after waiting months to auction your jewelry, you could end up actually losing money. The only way to avoid this situation would be to set no reserve price. But that also means you could receive far less than your item’s worth.
Should you decide that a traditional auction house isn’t the best option to meet your needs, contact Los Angeles Jewelry Buyer today. You can receive a generous cash payment for your diamond jewelry or luxury timepiece within a couple short hours of first contacting us.Start Selling
Selling a Diamond Ring? Get answers to commonly asked questions at: Sell My Diamond Ring in Los Angeles.
Using an Online Auction to Sell Jewelry
In recent years, online jewelry auctions have become a popular alternative to traditional auction houses. An online jewelry auction is an internet business exclusively dedicated to selling diamond rings, estate jewelry, and/or fine watches.
The benefit of online jewelry auctions vs. traditional auction houses are faster auction times and (ordinarily) smaller commissions and associated fees. However, it is important to still ask them the same questions we discussed above regarding traditional auction houses — that is, what is the exact amount of all commissions and fees, how long will it take to auction your jewelry and receive payment, and what happens if your item doesn’t sell for its reserve price.
Since many online jewelry auctions are relatively new, it’s important to do some background research on them. Check their affiliations with organizations like the Better Business Bureau. Read reviews on independent 3rd party websites. Make sure their appraisal “experts” are providing first and last names, so you can check their credentials and reputations.
Check also whether they are posting final sale prices from previous auctions. See if you can find an item similar to yours (i.e. same jewelry brand, similar style and diamond carat weight). Then deduct their commission and fees from this published price. This will give you a general idea of what you might receive when auctioning your item, as well as a price to have in mind when contacting a business like Los Angeles Jewelry Buyer for a cash offer on your item.
The main downside of online jewelry auctions is that the people bidding on your item are largely dealers. Very few bidders are collectors or someone just looking for a good deal. Unlike traditional auction houses, which have spent many decades attracting collectors of important estate jewelry, diamonds, precious gemstones, and prestige watches, online jewelry auctions tend to sell items of less importance.
Online jewelry auctions thus are gathering places for wholesale jewelry buyers and diamond dealers. This includes those online auctions which specialize in diamond engagement rings and claim to put you in direct contact with consumers who are willing to pay you more money for your engagement ring. While some members of the general public do make bids on such websites, they are far outnumbered by the professional buyers, and successfully purchase only those items that dealers are uninterested in buying.
By selling to a dealer via an online jewelry auction, you are essentially adding an extra “middle-man” to the sales process. One way to eliminate this unnecessary “middle-man” is to sell your diamond ring or fine jewelry directly to an estate jeweler like Los Angeles Jewelry Buyer. We are a dedicated jewelry buyer who deals exclusively in buying items from the public, especially important estate jewelry from brands such as Tiffany & Co., Harry Winston, Cartier, and Van Cleef & Arpels.
To get an accurate valuation of your diamond jewelry or luxury watch, contact us now for a free verbal appraisal and cash offer.Start Selling
Selling a Rolex? Get answers to commonly asked questions at: Sell My Rolex in Los Angeles.
DIY: Using eBay to Sell Jewelry
The best way to sell your jewelry to an individual member of the public, like a couple buying an engagement ring or a watch collector looking for a Rolex, is to use eBay. However, this is very difficult for the average person to do.
The reason it’s so hard is because most people are suspicious of buying a high-priced item like diamond jewelry or a luxury timepiece from a total stranger. There simply are too items of fake designer jewelry and watches in circulation. Even though eBay has taken steps to protect against fraud, most people are still not confident when buying something like a diamond ring from a stranger.
Those who are most successful in selling diamond jewelry and expensive watches on eBay are established businesses who also have a bricks and mortar shop — as that adds an additional layer of trust and security to the transaction.
If you would like to give eBay a try, check if any of your friends have been using eBay to sell anything. It doesn’t necessarily have to have been fine jewelry. If you have a good friend or family member who has sold several items on eBay and garnered a few positive ratings, ask them if they could sell your item on their account. They at least have a positive public track record on eBay. And that is better than trying to sell your expensive jewelry via a fresh new account with no history of sales.
In fact, you may not even be able to sell your item on eBay with a brand new account, as eBay puts all sorts of restrictions on new sellers, one of which is limits on high-ticket items. And even further restrictions are put into place when trying to sell items from luxury makers like Tiffany & Co., Cartier, Rolex, etc.
Lastly, put a value on your time. And then take into account the hours involved in setting up a proper and professional looking eBay listing for your fine jewelry or timepiece — including quality photographs, well-written text descriptions, etc.
If you ultimately decide that you would rather sell your item directly to Los Angeles Jewelry Buyer, contact us for a free jewelry appraisal. We have 50+ years of combined expertise in estate jewelry and luxury watches. With an A+ BBB rating and hundreds of positive reviews, you can be confident that you’ll get the very best offer for your item.
Need more information? Learn more about LAJB at: The Best Place to Sell Jewelry in Los Angeles.