Demand for estate jewelry today may be the highest it’s ever been. With the internet and social media making it easier not just to share knowledge of antique, vintage and period pieces, but also to acquire them, online sales of these items are up — whether it’s through the world’s largest auction houses or e-commerce-specific start-ups.
The uniqueness of estate jewels and the stories behind them are among the reasons interest has spiked, according to Nicolas Norton, director of London-based antique-jewelry dealer S.J. Phillips.
“People love the idea that the piece they are buying already has a history,” Norton explains. “Also, in many instances, certain jewelry has not been or cannot be replicated, which adds to the appeal. A lot of people prefer to buy something that is more unusual and not mass-produced.”
Collectors also respond to a quality of craftsmanship that is difficult to find today, according to Seth Holehouse, co-CEO and head of jewelry at New York-based auction house Fortuna.
“I will often hand the client my loupe and have them look at the back of an Art Deco bracelet or an Edwardian necklace,” says Holehouse, whose business specializes in antique and estate jewelry, watches and
objets d’art. “As more collectors learn about the manufacturing techniques and ways artisans hand-finished jewelry in those periods, they are drawn to that level of craftsmanship. Though there are many current designers that make beautiful and very well-made jewelry, there is something about a fine Art Nouveau ring or Retro brooch that will never be recreated.”
Netting sales
The appeal of estate jewelry is apparent online, where the major auction houses report growth in sales. Christie’s declared its web-only platform — which holds five jewelry sales per year — the most significant driver of new client activity in the first half of 2017. Sotheby’s, too, has seen a rise in activity: As of last year, total percentages of jewelry lots sold online boasted a 24% compound annual growth rate since 2014, according to global head of e-commerce Josh Pullan.
Invaluable — an online marketplace for more than 4,000 auction houses, galleries and dealers — reported a 116% increase in total jewelry sales from 2013 to 2016, and predicted in 2017 that the trend would continue.
Even the traditional trade-show model is exposing more people to vintage jewelry. GemGenève, a new fair that counts estate jewelers among its exhibitors, expanded its offering beyond industry members at its debut edition in May, opening up to consumers who were serious collectors.
“For me, [the rise in demand for estate jewelry] started in the mid-1970s, and since then, there has been continuous increased interest,” says GemGenève co-founder Thomas Faerber, a veteran Geneva-based jewelry and gem dealer. “I believe it is a part of a general trend for vintage.”
Signature style
Rare gems and storied jewels often make the headlines and earn the highest prices at auction. But most dealers and specialists say signed pieces carry the greatest demand at all price points.
“With so much choice on the market, buyers are becoming more and more specific in what they are looking for,” observes Caroline Morrissey, senior jewelry specialist at Bonhams New York. “Any piece of jewelry with a signature has huge appeal.”
Susan Abeles, head of jewelry for the Americas at Phillips auction house, agrees. “Bulgari, Boucheron, Cartier, Mauboussin and Tiffany, and current designers such as JAR, carry the most weight,” she says.
“In my opinion, there are numerous other important jewels that should be collected that bear the signature of Templier, Fouquet, Sterle, Taffin and Hemmerle,” she continues. “I am hopeful that collectors will make noteworthy pieces of past and present jewelers an integral part of a collection.”
Others note that many collectors buy jewels they can wear. In those cases, a signature is not a priority as long as the piece has a desirable design and is well-crafted.
“The general rule is that a jewel must be well-made and wearable in order to sell well,” says Greg Kwiat, CEO of the Kwiat diamond jewelry company and of New York estate jeweler Fred Leighton.
“A fine piece of jewelry — one that incorporates fine craftsmanship [and] is set with fine colored stones and/or diamonds with a design element — will get a lot of attention, as it’s harder and harder to find such pieces,” adds Morrissey.
Beyond Art Deco
The general public perception is that Art Deco is the most popular period for collectible jewels, though there is some disagreement among jewelry specialists.
“I think of all the periods, Art Deco jewelry is the most timeless,” maintains Holehouse. “Even though many of the Art Deco designs were quite bold, much of the jewelry from that period is very easy to wear. A beautiful platinum and diamond ring or line bracelet from the 1920s will almost always be a staple in a woman’s jewelry box.”
But other periods and styles are receiving equal attention, according to some specialists.
“While Art Deco pieces are sought-after, in our opinion, there are lots of other jewelry styles which are equally desirable, such as Art Nouveau, [designer René] Lalique and his contemporaries, and fine 18th-century pieces,” Norton says.
Abeles notes that “the Art Moderne jewels by Suzanne Belperron are very hot right now, extremely collectible and have commanded extraordinary prices. I don’t think you can make a claim about any period being the ‘most desired,’ in all honesty. It’s about getting visibility for pieces among the right crowd.”
Faerber concurs: “In my opinion, other styles like Belle Époque, Art Nouveau and the 1940s are just as popular as Art Deco.”
Hard to find
While interest has grown, the number of exceptional-quality antique and vintage jewels keeps shrinking, as pieces that can never be replaced or replicated become scarcer.
Partly because of this, there has been rising demand for mid-20th-century and contemporary jewels.
“The supply of great vintage jewelry continues to tighten,” says Kwiat. “As the worldwide market for these pieces grows, many of the best jewels have disappeared into private collections around the world. Demand continues to be strong, and as a result prices have tended to rise on the most collectible of pieces.”
However, those who want to collect older jewels needn’t despair just yet. “For those bold enough to buy wonderful jewelry without a specific maker’s signature, there are still ample opportunities to build a stylish and fantastic collection,” affirms Kwiat.
Adds Norton: “We imagine that supply and demand will remain fairly constant, much as it has always been, and there are always rich men with girlfriends. This, to a degree, insulates the jewelry market. We do, however, have to encourage younger people and show them how attractive objects from the past are.”
Image: Recent estate pieces at Bonhams (left to right): platinum and diamond bangle bracelet, circa 1935; Art Deco ruby and diamond bracelet, Cartier, circa 1935; natural pearl and diamond drop pendant. Article from the Rapaport Magazine - July 2018. To subscribe click here.