People buy jewellery at auctions as an investment or for personal adornment. Whatever the reason, first-time buyers need to do their homework before going to an adrenalin-pumping bidding process.
Although rookie collectors may be intimidated by the spectacular, glittering gems that fetch millions of dollars, Quek Chin Yeow, deputy chairman, Asia, head of jewellery for Sotheby's, is quick to reassure beginners that relatively affordable pieces are also on offer.
'You should walk in with an open mind because at auctions the collections run the gamut,' he says, as he walks by numerous glass cases displaying jewellery that was put on auction earlier this month at the Hong Kong Convention and Exhibition Centre.
He encourages potential buyers, or those interested in learning more about jewellery, to attend previews and see the pieces firsthand. 'You can try them on over the counter and it's a relaxed, less formal environment,' Quek says, adding that it's important for interested buyers to learn as much as they can about the pieces.
The most reassuring aspect of auctions is that the pieces have been examined by experts and come with certificates of authenticity.
And those familiar with market prices will know that, on occasion, an opening bid could be lower than the actual retail price because the owner may have personal reasons for wanting a quick sale. So, it may be worth attending and even bidding at jewellery auctions for such bargains.
Quek says women rarely go to jewellery auction previews without knowing what they want. 'They usually like to collect certain stones, certain colours, shapes, designs, or a certain brand.' But for the uninitiated, he says it is important to first set a budget and then employ a process of elimination. 'For example, you can come in and say 'US$50,000 is my budget, what can I get for that?' We will ask you what kind of jewellery are you looking for - necklaces, bracelets, earrings. Then we will further narrow it down and ask do you like diamonds, gold, silver, single stones or clusters.