Do you know how to participate in an online jewelry auction? Here’s what you need to know to shop at an online auction ♦
There are diamonds sold at auction at stratospheric figures. But they are exceptions: in reality, at jewelry auctions there are also relatively affordable pieces, excellent jewels, even of major brands in the order of a few thousand euros or dollars. Of course, most of the big auctions take place in London, Geneva or New York, not to mention Hong Kong. But for this very reason many auction houses now also offer online auctions, as they do, for example Christie’s or Sotheby’s, with very interesting pieces. The images relate to a selection of the highest estimates. For example, you can find Art Deco jewels for sale, modern and vintage pieces, but also from large Maison as David Webb, Bulgari, Chanel, Van Cleef & Arpels … And often the prices are interesting.
But how do you participate in an auction? Here are the rules
- First of all, you need to register on the site where the auction takes place. You will get a username and password. All simple, just fill out the form on the site. After obtaining an account, you must register for the auction.
- Before making an offer from your computer or tablet, read well the conditions of sale, to avoid surprises. In fact, every offer that is made has the value of a binding contract for the purchase at the predetermined sales conditions.
- Attention: it is not possible to cancel the offer once it has been presented. However, you can change the maximum bid.
- On the auction site you will find the images, descriptions and estimated value of the pieces for sale. There is a minimum and a maximum, but it can be exceeded if many potential buyers raise their offer. You can submit an initial offer or a maximum bid. If two equivalent maximum bids have been submitted, the first one will prevail in chronological order.
- You can decide in which currency to participate: just click on a small curtain corresponding to the symbol or symbol of the coin and choose, usually euros or dollars, but if it takes place in Geneva or China, even Swiss francs or Hong Kong dollars.
- Offers can be submitted at any time during the online auction: therefore, it is not necessary to follow the times of an auctioneer.
When the auction has ended, an email will be sent to inform you if your bid has been successful.
- Price: in an auction, even online ones, you need to take into account many factors besides the auction price. For example, you must also add the premium to the buyer (it is an additional percentage cost on the hammer price). In addition, taxes must be added (VAT or equivalent, import tax, customs duties and any local customs clearance fees applicable for your country), shipping costs, insurance coverage for any damage or loss (1% of the purchase price ). The buyer’s premium is usually 25% of the auction price of each lot up to $ 100,000. Payment must be made online by credit card and will be in the currency of the place of sale.
Now you are ready, good auction.