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If the pieces are truly antique (100+ years old) or vintage (50+ years old) and excellent quality, I would contact Christie's, Bonham's, Sotheby's, etc., for complimentary auction estimates and have one of them auction it . They have the best, most targeted collector base. They have online forms, follow their instructions for images and other information. They can also arrange for private sales when warranted, such as if any pieces have historical or other significance. Getting your jewelry in front of serious collectors is your best bet, not local dealers looking to buy as low as possible.
Generally, you could expect 20-50% of *current fair market value* depending on condition and desirability of a piece. Desirability is usually subject to the whims of current trends (fashion, etc.) which is one reason most people don't buy antique jewelry to wear, aside from classic, timeless designs. So, naturally, the best time to sell a piece is when it's the most desirable but unfortunately you can't predict when popularity for specific antique styles will plummet or skyrocket.
If some of the pieces have sentimental value but no one in the family wants to wear, I would consider keeping a few of them and sell the bulk of the collection...then use part of the proceeds to have a jeweler remake them into new pieces that family members would wear and appreciate.
I have already given some of the pieces to the youngest generation of one branch (the ones I actually know) of my family.
I live in New England.
You are definitely not in my neck of the woods. I have a jeweler where I occasionally buy antique jewelry. I think it is so much more interesting than modern jewelry.
If the pieces are truly antique (100+ years old) or vintage (50+ years old) and excellent quality, I would contact Christie's, Bonham's, Sotheby's, etc., for complimentary auction estimates and have one of them auction it . They have the best, most targeted collector base. They have online forms, follow their instructions for images and other information. They can also arrange for private sales when warranted, such as if any pieces have historical or other significance. Getting your jewelry in front of serious collectors is your best bet, not local dealers looking to buy as low as possible.
Generally, you could expect 20-50% of *current fair market value* depending on condition and desirability of a piece. Desirability is usually subject to the whims of current trends (fashion, etc.) which is one reason most people don't buy antique jewelry to wear, aside from classic, timeless designs. So, naturally, the best time to sell a piece is when it's the most desirable but unfortunately you can't predict when popularity for specific antique styles will plummet or skyrocket.
If some of the pieces have sentimental value but no one in the family wants to wear, I would consider keeping a few of them and sell the bulk of the collection...then use part of the proceeds to have a jeweler remake them into new pieces that family members would wear and appreciate.
Thanks. I think some of the pieces might be over 100 years old; and all of them are over 50 years old; but I don't have proof. (I did come across an old appraisal from the 1980's, but I'd have to match the descriptions, and re-check whether it was an appraisal or a list for an appraisal).
I have already given some of the pieces to the youngest generation of one branch (the ones I actually know) of my family.
I live in New England.
I sold some pieces to a jewelry store that handles 'estate' pieces, but none of mine were really that and they were not expensive pieces either. They also advertised that they actively buy gold (including my bits and pieces, broken gold, etc). It was a reputable jeweler in a resort town.
The price they gave me was based on weight, because they'd be melting it down to use for custom pieces. I thought I could have gotten more for the batch, but it was also sitting around in a jewelry box and never worn. I have not missed any of it. I kept an old Victorian watch fob that I don't believe is 100% gold because I LOVE it.
Not today; the jewelry is in a safe place but not in my home. I probably should take some photos; I wish the jeweler who appraised them had done so.
Some styles of jewelry are more desirable than others.
And... did the jeweler explain the values that he gave you? The highest value would be for insuring your jewelry. Then lower is fair market value and finally, the bottom value would be the scrap value for the gold and gemstones if the jewelry were to be dismantled. Most dealers would buy your jewelry for scrap metal value unless the pieces were special in some way.
And there are many reasons why dealers seem so cheap in how they buy estate jewelry. First, it takes a long time to sell the jewelry, especially if it's not a style that is currently desirable. Secondly, jewelry dealers are a target for thieves, so having extra security measures and insurance coverage adds to their overhead. Lastly, many times when they finally give up on trying to sell the jewelry, then can always cash out by selling it for scrap.
Anyway, the reason I asked for pictures was to see if any of your jewelry was desirable to collectors. Are any of the pieces signed by good designers?
Some styles of jewelry are more desirable than others.
And... did the jeweler explain the values that he gave you? The highest value would be for insuring your jewelry. Then lower is fair market value and finally, the bottom value would be the scrap value for the gold and gemstones if the jewelry were to be dismantled. Most dealers would buy your jewelry for scrap metal value unless the pieces were special in some way.
And there are many reasons why dealers seem so cheap in how they buy estate jewelry. First, it takes a long time to sell the jewelry, especially if it's not a style that is currently desirable. Secondly, jewelry dealers are a target for thieves, so having extra security measures and insurance coverage adds to their overhead. Lastly, many times when they finally give up on trying to sell the jewelry, then can always cash out by selling it for scrap.
Anyway, the reason I asked for pictures was to see if any of your jewelry was desirable to collectors. Are any of the pieces signed by good designers?
The appraisal form states: We estimate the value as listed for insurance or other purposes at the current retail value, excluding Federal or other taxes.
Would that mean that the values are higher than fair market value or at fair market value?
I'd have to go through all the individual pages again, but I don't think most of the jewelry was signed by any designer. I'll have to check later (busy right now) to see if there are any watches. (I'm keeping my late father's Movado watch, and a LeCoultre watch that probably has very little value but is sentimentally valuable).
The appraisal form states: We estimate the value as listed for insurance or other purposes at the current retail value, excluding Federal or other taxes.
Would that mean that the values are higher than fair market value or at fair market value?
I'd have to go through all the individual pages again, but I don't think most of the jewelry was signed by any designer. I'll have to check later (busy right now) to see if there are any watches. (I'm keeping my late father's Movado watch, and a LeCoultre watch that probably has very little value but is sentimentally valuable).
Thanks for the info.
Yes. Insurance values are at the estimated replacement retail values... and keep in mind that when insuring jewelry or any other item, all along you are paying insurance premiums for those items AND usually one also has a deductible on those policies.
Meanwhile, fair market value is honestly usually half of that high insurance/full retail value. Think of going into Tiffany and looking at new jewelry and their price tags, but then going to eBay to buy the same pieces used.
And dealers buy in order to sell for a profit. They have to guess how much they can sell a used piece of jewelry for (sooner than later), so they buy at scrap metal prices unless the piece is really special. But even signed Cartier pieces can take time to sell. And the longer a piece is in inventory, the less profit the dealer is making because they factor in costs like store rent, insurance and labor.
Did your appraiser photograph the jewelry and tell you the style and period the pieces came from? Are their any custom or designer pieces?
And yes, you could have a major auction house look over your collection but... remember that if they take your jewelry on consignment, they take a high commission from the sales price. And are you willing to have them sold without a reserve? Meaning that if the winning bidder has not much competition, they could end up buying your jewelry for their scrap metal content... but the auction house still takes their cut and you end up with getting less than if you sold it for scrap yourself. And if you set a reserve price (the minimum) you are willing to have it sold for, if the jewelry doesn't make reserve on the bidding floor, you will owe the auction house a fee for them handling it.
Also, with diamonds, unless the diamonds are of a good quality and at least a full carat, most dealers will not pay a premium for diamond jewelry. And the same goes for if the diamonds were enhanced.
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