Pearls, the oldest gem known to man, continue to grow in popularity. While many reputable retail jewellers offer a wide selection of pearl jewellery pieces, buying pearl jewellery at auction is both exciting and educational. Auctions present buyers with a unique opportunity to discover rare and one of a kind pieces. In addition, many pearl jewellery pieces are offered at budget friendly price points.
Buying pearls at auction is a smart way to create and build a pearl jewellery collection. Pre-loved pearl jewellery pieces that are sold on the secondary market, especially at auctions, may come from a variety of eras. It is possible to find exquisite antique and vintage pearl pieces as well as modern and contemporary jewels.
Additionally, some pearl pieces may have fascinating provenance and history, two attributes of the secondary jewellery market that makes it very attractive to avid jewellery collectors.
Sustainability is another important aspect of buying pearl jewellery at auction. Buying pre-owned pearl jewellery is a sustainable choice, as it reduces the demand for new materials and production.
Ask the Expert – Buying Pearl Jewellery at Auction
Three renowned and highly regarded jewellery auctioneers and experts share their thoughts on buying pearl jewellery at auction.
Dr. Céline Rose David (Ph.D.)
Dr. Céline Rose David is a renowned jewellery and gem expert, with a doctorate in Jewellery History. She is also an auctioneer at AZ Auction (formerly Millon Belgique), a leading European auction house specializing in fine art and collectibles, where she works with fine and high jewellery. In addition, Dr. David is the Scientific Director of the Institut de Gemmologie de Montréal (iGEM) and Professor of the History of Jewellery and Ancient Jewellery Evaluation at the Ecole de Gemmologie de Montreal (EGM). She is also a Visiting Professor at the Gübelin Academy and the Director of Jewellery and Gemstones at Les Héritières online platform. Recently, Dr. David founded Matignonne, a gender-neutral and sustainable, luxury jewellery brand .
Can potential auction buyers contact the auction/sale specialists with their questions?
Céline Rose David: Of course and it is good to ask these questions before participating in an auction. This is called a condition report. The questions can be answered by email, telephone or even WhatsApp videos, as it is simple to show some details to the future participant. The condition report mentions all the details to fully inform the participant. Those details can be good or bad but it is essential to be transparent, to avoid complains.
What is the importance of condition reports for a jewellery auction?
Céline Rose David: The condition report has a legal perspective. If there is full transparency, with all the positive and negative details, the participant knows that what he is buying is what he will get. It is also good for the auction house because if a buyer complains, we can prove that all the information has been given without hiding a default.
I love to be very transparent because my buyers are from all over the world and they know exactly what they will get. Some experts told me not to be so transparent because they thought I added a negative aspect on the jewels I presented.
The reality is that when buyers know that you give the best description possible with all the negative and positive aspects, they respect your work and they know they can trust you. It takes a little bit of time but in the end, it is a win-win situation.
What are the three top things auction buyers must keep in mind when bidding for antique or vintage pearl jewellery?
Céline Rose David: They have to keep in mind the following:
- There is a difference between natural and cultured pearls. Just because your jewel is from 1940, it does not mean that the pearls are natural ! Jewellers in the 1940s were already using cultured pearls in their jewels. Not all the pearls from your grandmother’s collection are natural. Even in the 19th century there was a huge market of non natural pearls.
- When you want to buy a natural pearl, this pearl has to have a gemological report with X-rays analysis. This is mandatory. Without this analysis, you can’t be sure of the natural character (origin) of the pearl.
- When you buy cultured pearls, be careful of the quality of the luster. When the nacre is thick, if you look at the pearl you see a kind of eye, a halo on the surface. If you see it clearly then you have a very good quality of pearls.
What should a first time buyer look for in the auction catalogue when considering a piece of pearl jewellery?
Céline Rose David: Just because the pearl jewellery piece is old, does not always make it is nice. Take the time to observe the piece of jewellery you like. Also, check for scratches, defaults or abrasion on the surface. If you see them, then be careful.
How important is setting a realistic budget for jewellery purchases at auction for first time buyers?
Céline Rose David: Never forget the costs added to the hammer price! In Paris, some auction houses go up to 35% bidding costs! So if you have a budget of $1500 USD, calculate the bidding costs and then you have the budget available. Always set a bidding limit in your head!
Are there any types of pearl jewellery pieces that consistently hold their value or appreciate when bought at auction?
Céline Rose David: The value of natural pearls from the 18th and 19th centuries is exponential. There are more buyers than pearl jewellery from that era available on the market. During an auction, it is not abnormal to have 10 phone bids, 20 buyers on the internet and people in the room. The situation goes crazy when you have a perfect pair of natural pearls of the same color and size. This is something exceptional.
Caroline Ervin Robinson
Caroline Ervin Robinson is a jewellery expert, GIA graduate gemmologist (GG) and auctioneer, currently serving as the Director of Online Platforms at Bonhams (in New York City), a renowned auction house specializing in fine art and collectibles. Prior to this role, she was Associate Vice President, Specialist Jewellery at Christies New York, where she worked for almost a decade. Her multifaceted career in fine and high jewellery auctions also includes jewellery and gem valuations, auction/sale coordination and jewellery ecommerce. In addition, Ms. Robinson provides consulting services to fine jewellery brands for social media as well as digital marketing and is the On-Air Guest Expert for Affinity Gems at QVC.
What are the unique advantages of buying pearl jewellery at auction compared to traditional retail stores?
Caroline Ervin Robinson: As with most types of jewelry, buying pearl jewelry on the secondary market will often result in a better price for buyers than traditional retail. Buying at auction allows you to buy at market price, versus large markups seen at retail.
Another advantage is having access to rare items that you often can’t find at retail, such as antique and vintage pieces or signed collection pieces that are no longer in production as well as natural pearls.
What factors influence the value of pearls at auction? Are there specific certifications or grading systems that buyers should look for?
Caroline Ervin Robinson: Quality and rarity are the most important factors that influence the value of pearls and pearl jewelry at auction. Amongst the most rare and sought-after pearls are, of course, natural saltwater pearls.
One should always look for an accompanying certificate from a reputable gemological laboratory when an auction house is claiming that the pearls they are selling are natural saltwater pearls (Auction houses may include certificates for natural pearls, South Sea or Tahitian pearls).
Cultured pearls of a large millimeter size with symmetrical proportions and spectacular luster with even, blemish-free surfaces and quality nacre are also highly coveted at auction.
If buying at auction, interested bidders should try and inspect the pearl themselves during preview, but at the very least ask the auction house for a condition report, or their opinion on the quality of the pearls. Asking for a video of the pearl in various lighting conditions helps you understand the quality of the pearls better.
Good questions to ask before bidding are about the condition of nacre, mm size, any blemishes or pits, body color and overtones.
How can buyers set a realistic budget for their pearl jewellery purchase at auction? What factors should be considered?
Caroline Ervin Robinson: Auction houses use an estimate range to indicate the amount they feel the pearl or pearl jewelry will sell for. However, this range is only an estimate based on historical selling data of similar pearls or pearl jewelry, and estimates are often conservative.
If the pearl is particularly high in quality and rare, the final price will often soar above the high estimate. Buyers should make sure they know how much they can afford and then set themselves a budget limit ahead of time. On auction day, they should try not to get carried away during the pressure of the auction but also remember to have fun when bidding!
Buyers should also do their own research into recent sales of comparable pearls to make sure they don’t pay more than they should on the secondary market.
For instance, if they are seeking that unicorn and there are no comparables, they just might have to pay a premium to add to their collection! Don’t forget that most auction houses charge a buyer’s premium on top of the hammer price. Meaning when the auctioneer says, ‘Sold for $10,000!’, the buyer will receive an invoice for $10,000 plus the buyer’s premium and any applicable taxes, so it’s important to know what that percentage is and keep it in mind when bidding.
Are there any specific types of pearls (e.g., freshwater vs saltwater, cultured vs natural) that are particularly suitable for auction purchases?
Caroline Ervin Robinson: Since jewelry auctions are a place to sell rare and desirable items, the higher quality and rare the pearl, the more suitable for and successful it will be at auction. All things equal, natural saltwater pearls are the most coveted type of pearls at auction.
Natural pearls fetch the highest prices of all types of pearls at auction due to the rarity and the fact that there is very limited supply that comes to the market. Historically important natural pearls, such as those that have a traceable provenance belonging to nobility are particularly sought after by collectors.
Size matters with natural pearls, as does surface features (or rather lack thereof!), body color and overtones, and condition of nacre. A graduated pearl necklace with matching pearls is a feat to assemble and a beautiful thing to see. One will pay a higher price for a beautifully matched pearl necklace than one with more variation across the strand.
Saltwater cultured pearls are more desirable than freshwater, since they are more expensive to produce and, for the most part, are higher quality than freshwater pearls, which often serve a more decorative purpose.
What are common mistakes that first time auction buyers should avoid?
Caroline Ervin Robinson: Make sure you are bidding with a reputable auction house and don’t be afraid to ask for more information from them to determine whether you want to bid on the item. There are very convincing pearl imitations out there, so whether going for natural pearls or cultured pearls, make sure to do your due diligence so that you know what you are buying and familiarize yourself with the value differences between different pearl types.
Sarah Duncan
Sarah Duncan is a GIA graduate gemmologist (GG), jewellery expert and jewellery historian. As the Head of Jewellery at Lyon & Turnbull, a leading auction house specializing in fine art, antiques, and jewelry, she specializes in antique and contemporary fine jewelry and gems. Her career in the fine and high jewellery auction world spans over a decade, which includes working at Bonhams Auction House and Chiswick Auctioneers. Ms. Duncan is widely regarded as an international expert in pre-loved fine and high jewellery and has contributed her opinions and expertise to many top publications including The Times, The FT, Gems & Jewellery, and Jewellery History Today, to name a few.
What are the key advantages of purchasing pearls at auction?
Sarah Duncan: Auctions give buyers access to very unusual lots, unlike traditional retail stores. So the opportunity to discover something unique and /or historic has big draw.
How can buyers determine the authenticity and quality of pearls at auction?
Sarah Duncan: Always make sure you are looking at buying through a reputable auction house. I would be wary of any auction house that doesn’t provide the profiles of their specialists. See what experience that person has, how long they have been working in the jewellery industry, what qualifications they have etc.
Then take the time to call them and speak to them in person. You should be able to have an in depth conversation about any of the lots they are selling.
What factors should a buyer keep in mind when buying natural pearl jewellery as compared to cultured pearl jewellery at auction?
Sarah Duncan: Natural pearls are a very special breed and auctions are certainly a wonderful place to pick up antique and pre-loved examples. Do ask for condition reports on the items you’re considering bidding on. Pearls are very delicate and particular care should be given to their condition. Do also bear in mind that strung pearls, such as bracelets and necklaces, may need to be restrung to be secure as older threads will wear down and fray over time.
If at all possible, do take the time to go in and view the lots in person before bidding. Nothing can replace seeing it with your own eyes, trying the jewellery on and handling them yourself!
What is the role of provenance in determining the value of pearls at auction?
Sarah Duncan: This is highly variable. Examples owned by historic figures, such as when Marie Antoinette’s pearl came onto the market a few years ago, can obviously cause a sensation and the sensational bidding to match. But the vast majority of the items sold at auction are gaged on their individual merit as a jewel, not who owned them.
What advice would you give first-time buyers who are considering buying pearl jewellery at auction?
Sarah Duncan: I always say to buy what you love. As much as jewellery can be a great investment, the most important thing is to buy something which you really love and appreciate. Do your due diligence, buying at auction isn’t about impulse buying or feel good shopping (although it can be!) its much more for the considered, informed buyer.
Check for condition, check for size and shape, fissures and any damages. Make sure you understand the full picture before bidding.
Featured Image: La Peregrina, A Natural Pearl, Ruby, Cultured Pearl and Diamond Necklace, By Cartier, From the Collection of Elizabeth Taylor. Sold By Christie’s New York, 2011 (Caroline Ervin Robinson was part of the Christies’ team when this collection was offered for sale.)
