Live internet auctions offering antique and period jewelry are reaching consumers, dealers, collectors and retailers in real time and in record numbers, changing the way goods are exchanged in the antique and estate markets. Auction sites are expanding their visibility by opening up offices in New York, Los Angeles and Florida. Live auctions bring antique and estate goods right to the consumer with no travel time and no idle paddle time. Bidding action is immediate and there’s no guesswork; the bidder is in full control of his or her bid until the virtual hammer goes down. Good buys can be had, although caveat emptor is still the name of the game. A few sites do, however, permit returns with little or no questions asked, which could mean that buyer’s remorse may become a thing of the past.
Live and on the Internet
Each site has its own version of a live auction. What all live auctions have in common is that the bidding takes place on the internet and the competition takes place simultaneously. Although some sites do receive and accept absentee bids, nearly all of the bidding happens during the auction. This is a distinct advantage to online bidding. Osvaldo Patrizzi, chairman of Antiquorum notes, “When we talk about a live auction, bidders are able to enter and participate at the same time as people bidding in the auction room. It gives the bidder greater control.”
Live auctions vary in terms of length. For example, auctions at Dicker & Dicker, Inc. run seven days, while Antiquorum sales are a one-day event. Antiquorum’s auctions take place in hotels. “We have a whole system that can be utilized in every hotel where we have an auction — Hong Kong, New York, Geneva — all over the world,” says Patrizzi.
Auction sales at Diener Jewelers, Ltd. in Washington, D.C., also take place in hotels according to Vice President Brian Diener, but online auctions are also offered in conjunction with other entities like eBay. GoAntiques also offers jewelry auctions in connection with eBay, but conducts only virtual events where all bidding is done on the internet; there are no brick-and-mortar sites. Jim Kamnikar, president and CEO of GoAntiques, explains: “Our consignors are worldwide. We don’t have to ship any inventory; this is done by the seller. We carefully scrutinize our sellers by getting information, such as finding out how long they’ve been in business and by reviewing eBay feedback.”
Patrizzi also praises the pluses of having consignors and buyers from all over the world. “Everyone has easy access to the company and we get as many collectors as possible.”
The reality is that the potential for gathering interested bidders is virtually limitless. “Ninety percent of our business is from the U.S. and Canada. Ten percent is from Europe,” comments Donald E. Winzler, president and CEO of Dicker & Dicker, Inc. since 2004. When David Dicker, one of the firm’s founders, passed away last June, Winzler and two partners bought the company.
Antiquorum is a much respected auction house that offers sales of antique, estate and contemporary watches. According to Patrizzi, “We have about 1,500 to 3,000 people following the sale and 20 per-cent of the sale is sold online; our auctions sell between $8 million to $20 million.” On average, Antiquorum receives 60,000 visitors to its website each month.
Frequent Sales
Virtual auctions have the facility to offer frequent sales and a quick turnover. GoAntiques runs two jewelry auctions a month, with 60 to 100 internet bidders per auction. On average, each auction has 500 to 1,200 lots. The process of preparing items for a virtual auction is surprisingly quick. “We don’t have to pay an auctioneer, there are no rental fees or licenses to acquire or internet hosting fees,” explains Winzler. “Many times our wholesalers and retailers take the pictures of the items for sale.” GoAntiques’ turnaround time from auction setup to sale is roughly one month and previews must be available ten days prior to the sale.
Previewing sale items can be done in one of two ways: by visiting the shop or site where the sale will take place or by viewing items online. One drawback to viewing jewelry online is that you cannot physically hold the jewel in your hand for inspection. However, with the fairly liberal exchange policies many of these websites offer, there seems to be less risk involved. “We have a seven-day return policy,” notes Christopher Lobdell, CTO of Dicker & Dicker, Inc. “There are no questions asked; you can return the item for any reason.”
Antiquorum has a five-year guarantee that the item sold “conforms to our description,” says Patrizzi. “The condition report explains the condition of every watch in the sale. If something doesn’t conform, the sale of the item is cancelled.” GoAntiques requires their dealers to provide a three-day return policy if the item is not as described and they will actively participate in arbitration disputes between buyers and sellers.
Worldwide Appeal
Inventory for jewelry auctions comes from all corners of the globe. “Our property comes from private collectors, estates and dealers from all over the world,” says Patrizzi. At a December 2004 sale, Antiquorum sold a Breguet, 1950s rectangular 18-karat pink gold, diamond and ruby woman’s wristwatch with a matching 18-karat pink gold link bracelet for $13,800. The same sale saw a Cartier Paris, circa 1980, Baignoire diamond and 18-karat gold woman’s watch sell for $15,525. The hammer prices for both of these watches included the buyer’s premium.
Diener specializes in Cartier, Van Cleef & Arpels and Tiffany. “We acquire estates from the Washington, D.C., area and all over the country.” The firm’s recent May 1 sale included a Van Cleef & Arpels platinum and diamond butterfly pin, circa 1935, an H.Stern Colombian emerald and diamond 18-karat gold 1950s suite of jewels and a Cartier cabochon sapphire and diamond bracelet mounted in platinum, circa 1940.
Dicker and Dicker, Inc., which is presently located in Toledo, Ohio, gathers property primarily from New York, California, and Florida. “We are expanding to these states and will have offices there,” says Winzler.
Most of the inventory GoAntiques sells comes from the U.S. Recent items sold include a French Art Nouveau necklace with natural pearls, circa 1880, for $4,500 and a European cut diamond brooch, circa 1885, for $5,100. Although GoAntiques has only been doing live jewelry auctions for a year, Kamnikar sees growth potential. “It’s been a very profitable business for us, especially if we increase the number of jewelry auctions in the future. If there is a demand, we would definitely increase the number of jewelry auctions we offer.”
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