Selling old jewelry

[Allshallbewell2021]

My MIL has some old inherited jewelry from an aunt and wants to sell it but not sure where or how.

One brooch was valued at over £1500 a few years ago but I know nothing about jewelry or the market in it.

Where is the best place to sell from a sellers point of view? We have a local auction house who have offered a valuation. My FIL wondered about eBay.

Any advice would be appreciated.

Thanks

Hi OP, there are a few places in London where you can either take jewellery or send it to them via post to see if it is suitable and they can then often find a buyer for it. If they can’t find/don’t have a buyer for it then they will just give it back to you.

The problem with jewellery though is that it doesn’t really matter what it’s “valued” at, it’s only worth as much as somebody wants to pay for it. It could be valued at £1500 but if you take it to an auction then you could walk away with £20 for it if that’s all the audience on that day perceive it to be worth.

If you sell at auction you'd obviously put a reserve price on it to make sure it didn't go for peanuts. An auction house should give you a valuation if there are any near you?

Some jewellers buy second hand jewellery, but obviously you're relying on them giving you a fair price.

Thank you, that's great to know.

There is an auction house with jewelry experts. I realize that an estimate is only an indication of potential value.

Bonhams and Chiswick auction in London. You can take photos and email them for valuation. Also, Rosebery auction in London. Don’t send the real piece, send photos. Check their websites for jewellery department emails
Also, if it is from a certain era they may have auctions ie. art deco or Sixties etc.

A local, reputable auction house would be your best bet. If you go local, you don't need to worry about the items being damaged or going missing in transit.

When choosing an auction house, be sure to look at their reputation and also how they market their auctions, how they photograph the items and how much detail they include in the descriptions. Most auction houses broadcast live online now, so buyers can be from anywhere in the world. If they are going to pay high prices, they will need good clear pictures and a reasonably comprehensive description.

Was the valuation for the brooch for insurance purposes? They are always far, far higher than you will achieve on the second hand market. If it was valued at 1500 by an auction house, it's more realistic.

Check if it was a sales valuation or insurance. They differ and it upset my mum when she had a figure in her head (from insurance and grandparents talking about the value) but the reality of a sales figure was much lower. I would always err on the side of caution and then be pleasantly surprised if/when it sells for more.

Don’t forget that fashions in jewellery design change, what is desirable now might not be in a few years time and vice versa. What doesn’t change however is the value of materials used, so gold holds a price, as do quality gem stones. A good valuer will be honest about both the quality of the item and about its current market value, and possibly it’s scrap value. It might not be the right time to sell for your particular pieces, so if that is the case don’t be tempted to sell in a poor market. And whatever you do don’t sell on eBay.

Thank you so much, this is really helpful, and an education. Love MN. I now have a better idea of what to do.

I understand that the valuations were for insurance - it makes sense, as you say,that it may bear little relationship to potential sale price.

Much appreciated

Are they mostly gold? It's possible they are only worth whatever the gold weight is. Different grades of gold will be worth differing amounts.