The Art of the Auction: How to Buy and Sell Fine Jewelry at an Auction (Without Losing Your Shirt or Your Mind)

So, you’ve seen estate jewelry pieces flash across the screen in movies, the auctioneer’s chant a blur of numbers, and the final gavel drop signaling a life-changing purchase (or sale!). It seems equal parts glamorous and terrifying, doesn’t it? The world of fine jewelry auctions can feel like an exclusive club with a secret handshake, but I’m here to tell you it’s more accessible than you think—and honestly, a total thrill ride. Whether you’re dreaming of snagging a unique Art Deco ring for a song or finally turning that inherited diamond brooch into a down payment on a boat, mastering the art of the auction is your ticket. Let’s pull back the velvet rope and dive in, with a healthy dose of humor to keep our heart rates in check.

Think of an auction not as a stuffy, formal affair, but as the ultimate treasure hunt. Unlike the fixed prices in our beautiful collection, auctions are dynamic. The price is whatever someone is willing to pay at that very moment. This is where opportunity lives—for both the buyer and the seller. For buyers, it’s a chance to acquire pieces with history, rarity, and often, a much more attractive price tag than retail. For sellers, it’s about leveraging competitive bidding to maximize the value of your item. But, like any good hunt, you need a map and the right tools. Otherwise, you might end up with a “rare” cubic zirconia instead of a diamond. (We’ve all been there. Okay, maybe not all of us, but it’s a scary thought!).

For the Buyer: Your Pre-Auction Game Plan (Do Not Skip This!)

Walking into an auction without a plan is like going grocery shopping when you’re starving—you’ll end up with a cart full of emotional purchases and a serious case of buyer’s remorse. Your first and most crucial step is research. Most auction houses provide extensive online catalogs days or weeks in advance. Scour them! Look for pieces that make your heart skip a beat, then put on your detective hat.

1. Know What You’re Bidding On: This isn’t the time for guesswork. Carefully read the item description and condition report. Terms like “in the style of” or “after” usually mean it’s not by the original maker. Look for hallmarks—the tiny stamps that indicate metal purity (like 14k or 18k) and sometimes the designer. Speaking of designers, if you see names like Cartier, Van Cleef & Arpels, or Oscar Heyman, you know you’re dealing with serious quality.

2. Set a Firm Budget (and Stick to It!): Auction adrenaline is a real, powerful force. It’s easy to get caught up in the “win” and blow your budget. Before the auction starts, decide on your absolute maximum bid for each item, including the buyer’s premium (that’s the extra fee the auction house charges on top of the hammer price—usually 15-25%). Write it down. Tell your best friend. Swear on your favorite tennis bracelet. Do whatever it takes to not become “that person” who bids with their heart instead of their head.

3. Consider a Preview: If possible, attend a preview to see the jewelry in person. Examine it closely. How does the clasp work? Are the prongs holding the ruby secure? Is there any damage not mentioned in the report? This is your chance to be sure. If you can’t attend, many auctioneers offer additional photos or videos upon request.

Bidding Strategies: How to Play the Game

There are a few ways to bid, and each has its own strategy. You can bid live in the room (the most fun, but also the most dangerous for your wallet), online, by phone, or by leaving an absentee bid.

The Absentee Bid (Your Secret Weapon): This is where you leave your maximum bid with the auction house before the auction starts. The system will then bid on your behalf, only going as high as necessary to beat other bids, up to your maximum. It’s a fantastic way to stick to your budget and avoid getting swept away in the moment. It’s like having a sensible robot friend who stops you from doing something crazy.

Live Bidding (For the Brave): If you’re bidding live, confidence is key. Decide if you want to jump in early or wait until the end. Sometimes, jumping in with a strong, confident bid can scare off competition. Other times, waiting and coming in at the last second (a tactic called “sniping”) can be effective. My advice? Don’t get into a bidding war out of pride. There will always be another beautiful engagement ring or stunning pendant. Let it go if it exceeds your limit.

For the Seller: Turning Your Treasure into Cash

Maybe you’ve inherited a piece, or you’re simply ready to part with a anniversary band from a chapter of your life that’s closed. Selling at auction can be a brilliant way to find a new home for your jewelry and get a fair market price. The key is preparation.

1. Get an Appraisal (The Real Kind): Before you do anything, get a professional appraisal from a reputable source (like, ahem, us at Robinson’s Jewelers!). This will give you a realistic idea of your item’s insurance value and help you set expectations. The auction house will also provide a valuation, but it’s good to have your own baseline. This is especially important for high-value pieces from makers like Bvlgari or Tiffany & Co..

2. Choose the Right Auction House: Not all auctions are created equal. Some specialize in estate and vintage pieces, while others focus on contemporary luxury or specific designers like David Webb. Do your homework. Look at their past sales results for similar items. You want your sapphire necklace to be in a catalog alongside other pieces that will attract the right kind of buyers.

3. Understand the Costs: Selling at auction isn’t free. The auction house will charge a seller’s commission (a percentage of the hammer price), and there may be additional fees for photography, marketing, and insurance. Make sure you understand all the costs upfront so there are no surprises after the gavel drops.

4. Set a Realistic Reserve: The reserve price is the secret minimum price you’re willing to accept. If the bidding doesn’t reach this price, the item won’t sell. Work with the auction house to set a realistic reserve. Setting it too high can scare off bidders and result in a “bought-in” item (one that doesn’t sell). A good auctioneer will guide you on a reserve that protects your interests while encouraging competitive bidding.

The Golden Rule: Buy What You Love

While jewelry can be a great investment, the best purchases are almost always the ones that speak to your soul. That quirky cocktail ring might not have the “best” resale value, but if it makes you feel like a million bucks every time you wear it, then it’s worth every penny. Auctions are fantastic for finding those one-of-a-kind pieces that you won’t see on everyone else. Whether it’s a gorgeous piece from Roberto Coin or a unique creation from Sofer Jewelry, let your passion be your guide.

So, are you ready to raise your paddle? With a little knowledge and a lot of nerve, the auction block can be your new favorite place to shop (or sell). And remember, if you ever want to practice your bidding technique in a much lower-pressure environment, we have thousands of gorgeous pieces right here waiting for you. No gavel required.