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Major auction houses have recorded staggering results from watch and jewellery sales this year so far, and in the midst of a pandemic.

This is, in large part, due to the swift and effective manner in which auction houses such as Sotheby’s, Phillips and Bonhams have adapted their business models to an online format, if not further strengthening and expanding the digital platforms they already had in place. At least within the realm of the secondary market, the appetite for watches and jewellery is stronger than ever.

The aggregate of jewellery sales at Sotheby’s Asia, for instance, totalled more than HK$470 million year-to-date, with all its three online jewellery auctions held earlier in the year selling 100 percent of its lots. “These results effectively made Sotheby’s the leading jewellery auction market in Asia. The jewellery segment has been resilient in spite of the challenge of Covid, and clearly our strategy of focusing on top-quality jewellery, coupled with quick actions in expanding our online auction program, the effort in curating themed sales and exploring new auction formats, paid off,” Wenhao Yu, deputy chairman, jewellery for Sotheby’s Asia, told Prestige.

It’s also worth mentioning that the Magnificent Jewels live auction in Hong Kong held in July recorded HK$438 million (about US$56 million) in sales, making it the highest-value jewellery sale worldwide across all auction houses to date.

At Sotheby’s, its online watch sales have also seen a notable jump from January to July this year. According to Sam Hines, worldwide head of Sotheby’s watches, sales “quintupled in volume” with a combined value of more than HK$217 million or US$28 million — seven times more when compared to the same period last year.” Hines explained that along with the increase in sales, there’s been “a surge in demand” for great- quality watches. “The lockdown period has given many collectors time at home to research watches and study the market, and therefore resulting in an increase in passion among them. And under the travel restrictions, there’s been a massive increase in online business,” he says.

[caption id="attachment_211267" align="aligncenter" width="769"] A rare 102.39-carat D-colour flawless oval diamond was offered "without reserve" at a single-lot auction at Sotheby's recently.[/caption]

Jewellery at Phillips is also significantly ahead compared to this time in 2019. By the end of 2020, the auction house will have held six online jewellery sales in New York and Hong Kong, compared to only two in 2019, Graeme Thompson, worldwide head of jewellery at Phillips, revealed, adding that its Hong Kong July sale of Jewels and Jadeite registered a 54-percent increase over the previous year’s sale. The auction also saw a record number of online bidders from 20 countries/regions, with a 163 percent increase on the previous year.

While collectors traditionally make up majority of bidders in these segments, there’s been in the last year an increase among those who purchase for investment purposes. Thompson from Phillips tells us: “The motivation of buyers has transformed. Today, buyers are looking to purchase jewels, diamond and gemstones as a store of wealth and as a hedge against possible future inflation.” In Asia, more than 50 percent of Phillips’ jewellery buyers of lots over US$100,000 buy primarily for investment purpose. The same is true on the watches front, with investors comprising the bulk of its watches clientele (40 percent), while “avid collectors” and connoisseurs each make up 30 percent.

Sotheby’s Asia is seeing the same trend, noting that while there’s a healthy balance of avid collectors and new buyers at their jewellery auctions, there seems to be more people looking at jewellery as a form of alternative investment. Hines weighs in, saying that while Sotheby’s Asia encounters many collectors who want to buy a nice watch that they can wear and enjoy — and, they hope, increase in value — a lot of them prefer to invest in “a tangible asset and try to avoid the volatile, complex financial markets”.

Asked which watch brands have consistently generated good results at auctions, unsurprisingly big names top that list, including Patek Philippe, Rolex, Audemars Piguet and Richard Mille, but making the cut, too, were more niche brands like FP Journe, Philippe Dufour, MB&F and Urwerk. When it came to jewellery, as expected, renowned houses like Bulgari, Cartier, Graff, Van Cleef & Arpels and Harry Winston have shown strong results time and again, and notably smaller jewellery designers like Belperron, JAR and Wallace Chan, to name a few, with non-mainstream names like Edmond Chin, Taffin, Lauren Adriana, Hemmerle and Bhagat increasingly getting attention in recent years.

[caption id="attachment_211269" align="alignnone" width="716"] Van Cleef & Arpels is believed by some experts to be the most sought-after 21st-century jeweller because production was more limited in the 20th century and thus harder to come by. This is a Van Cleef & Arpels zip necklace sold for HK$4.35 million at a Phillips auction in 2019.[/caption]

Brand prestige aside, provenance also plays a huge part in ascertaining the value of these pieces. Case in point, an antique diamond and enamel bracelet given to Princess Margaret as a 21st birthday present went under the hammer for significantly more than its high estimate at a Sotheby’s spring sale this year, selling for over HK$1.6 million or US$209,674. “We’ve seen jewellery sold over 10 times their pre-sale estimates due to impeccable provenance,” Yu explains.

Bonhams’ head of jewellery Leslie Roskind agrees, saying that while one cannot pre-determine the value of provenance when it comes to appraising a collection or a jewel with a historical or celebrity history, and therefore an auction estimate is based on what the jewel is — the quality of gemstones, signature, time period, etc — provenance plays an enormous role in the results of the sale. “I was fortunate to have worked on the collection of Elizabeth Taylor, and there were several instances where the final sold price was over 10 times the pre-sale estimate,” Roskind shares.

Antique and period jewels from a previous eras have been replicated and copied for centuries, according to Thompson from Phillips, and today, he says, is no different. “Provenance is paramount because it allows us to date a jewel before 1970 with confidence, therefore adding value. Known provenance pertaining to an important family, or celebrity, such as the sapphire and diamond brooch owned by Elton John, which we have coming up for sale this November, can also add significant value.”

When it comes to watches, while rarity and condition are of prime importance, provenance, too plays a huge role. And this is especially true when it comes to vintage pieces, according to Hines at Sotheby’s. “Knowing how the timepiece has been acquired tells the authenticity and the history of the timepiece. Also, as demonstrated in many sales, if the watch has been worn/collected by well-known figures, it would usually draw a lot more attention to the sale and hence help adding value.”

It would be remiss, in this discussion, not to mention that eye-watering sale of the 1968 Rolex Daytona owned by Paul Newman at a Phillips auction in New York in 2017, where the watch sold for a staggering US$15.5 million (the final price amounted to US$17,752,500 after the buyer’s premium). “Coming from an original owner, or previously sold at auction, or if it has been worn by an important figure/celebrity — for example those that used to be owned by Paul Newman, Marlon Brando, Elvis Presley — all fetched high price at Phillips’ auctions,” Thomas Perazzi, head of watches, Asia, at Phillips, says.

“Some collectors look mostly for a watch in pristine condition, others maybe will focus on purchasing unique pieces or examples made in extremely small numbers, but for some it’s all about the story behind the watch or the person who previously owned it. If we look at some of the greatest watches ever sold, many of them highlight a significant history.”

[caption id="attachment_211268" align="alignnone" width="515"] Cluster pendant earrings by Graff featuring 4.65 carats of emeralds and 8.05 carats of diamonds that sold at a Bonhams auction this year for HK$288,125.[/caption]

Increased online sales activity has also given rise to a more diversified clientele. Roskind, head of jewellery at Bonhams, says that online sales proved to be an effective way to both engage its existing clients under the stay-at-home policy, and to attract new clients, especially the younger, digitally savvy collector. Seeing the potential in this market segment, Bonhams launched the Luxury Online series in May, a new initiative that combines jewellery with other luxury categories, including watches, handbags and wine and whisky, to offer a “one-stop shopping experience”. The series saw more than 40 percent of buyers new to Bonhams, and about a third of the bidders under 40 years old.

Perazzi at Phillips agrees that the manner in which they communicate with clients has changed. Phillips Jewels’ Instagram followers has increased by 181 percent from 5,333 in June 2019 to over 15,000 today, and the number is still rapidly increasing. “Social media, the internet, vintage timepieces are being represented and talked about on a daily basis, with experts from the industry and collectors transcending their passion and knowledge to the next generation,” he says. There’s definitely an increasing number of first-timers or participants who are relatively new to auctions. For example, we held two cross-category online sales this year (mixing contemporary art, watches and jewellery), each has 56 percent of buyers who were new to Phillips.”

And because the demographic of collectors has somewhat shifted, Phillips’ Thompson argues that while there continues to be a consistent demand for pieces by famous houses, individual jewellery designers are definitely getting more attention in the market. He says: “Younger collectors nowadays treasure craftsmanship that takes time to refine. More and more individual jewellery designers are challenging the limit of jewellery design.”

And at Phillips, as we move into the new decade, we have been partnering with more independent jewellery designers.”

From this year, Phillips is looking forward to bringing more precious gemstones to the market while fostering young, contemporary talent among jewellery designers around the world to drive up the interest among the next generation of bidders.

The Most Notable Watch and Jewellery Auction Sales in 2020

The post In the Midst of a Pandemic, Jewellery and Watch Auction Sales Have Never Been Better appeared first on Prestige Online - Hong Kong.

While there is an undeniable charm about vintage jewellery, shopping for it can be intimidating for first-time buyers. We ask the experts for their top tips on starting a collection.

Do your research

“As with buying any piece of valuable jewellery, it would be best if you have some basic knowledge of what you are buying: Understand the gemstones as well as the various quality factors. Learn how to check for hallmarks indicating the purity of gold and possible provenance, as these would significantly affect the value of the piece.” - Goh Ying Li, Creative Director at La Putri

“Read related books, articles and magazines on vintage jewellery. Then, check out vintage jewellery exhibitions or shops, so you can see the actual pieces and feel the different characteristics of jewellery from various periods. This will help you identify your own style and period preference. For example, some may like the delicacy of Edwardian design, while others prefer the retro style of the ’40s.” - Terry Chu, Phillips’ Head of Jewellery for Asia

Speak to the experts

“The best way to start a collection is to get involved: Go to viewings and auctions, see what sells and what doesn’t, learn from the specialists. This will help you understand value and you can witness market trends first-hand. One of the most important takeaways for a potential collector is to ask questions and handle as much jewellery as you can, to build confidence in what you are possibly acquiring.” - Daphne Lingon, Christie’s Head of Jewellery for the Americas 

“It can be very hard to distinguish between a genuine vintage piece and a good copy, so I’d encourage collectors to learn as much as possible before buying. The more you see, the more you learn. Speak to experts and ask how they authenticate the piece. There are many jewellery auctions and vintage jewellery fairs around the world every year. Visit them and practise using a jeweller’s 10X loupe to look at the different marks and signs – play detective!” - Yvonne Chu, Acting Head of Department, Jewellery, at Sotheby’s Asia 

[caption id="attachment_170658" align="alignnone" width="1157"] A private collection of Mystery-Set jewels by Van Cleef & Arpels headlined Bonhams’ London Jewels sale in September. (Photo: Bonhams)[/caption]

Start buying at auctions 

“Attending jewellery auction viewings will not only help you become familiar with what is on the market, but also provides the perfect introduction to the wide range of styles on offer – from rare 18th-century pieces right through to modern and contemporary designs. The diversity at auctions is hard to beat.” - Jean Ghika, Global Director of Jewellery at Bonhams 

When in doubt, go Art Deco 

“The market for Art Deco jewellery has always been strong, with signed pieces by Cartier from this period performing exceptionally well at auctions.” Daphne Lingon, Christie’s Head of Jewellery for the Americas

“Art Deco pieces with typical geometric outlines or bold colour contrasts are always popular because they have an iconic style.” - Terry Chu, Phillips’ Head of Jewellery for Asia

“Most of my clients start with Art Deco jewellery – diamond double clips or diamond bracelets are very popular for first-time visitors to our store. It’s a great look, very versatile, usually priced more attractively than modern diamond brooches and very well made. Compared to jewellery from some other periods, it’s easier to gauge the basic intrinsic value of Art Deco diamond and platinum pieces because you can easily calculate the carats of diamonds and assess the 4Cs and workmanship – and they go well with most outfits today too.” - Brenda Kang, Founder of Revival Vintage Jewels Objects 

[caption id="attachment_170655" align="alignnone" width="1199"] Jewellery’s provenance adds to its value. This brooch by Hennel circa 1925 has an engraved emerald dated 1813 to 1814, thought to have been presented by the Mughal emperor Akbar II to Lady Mary Hood. It was auctioned at Bonhams’ London Jewels sale with a pre-sale estimate of £40,000 to £60,000 (Photo: Bonhams)[/caption]

Look for a signature

“Signed pieces – where the name of the jewellery house or maker is engraved on the underside of the piece or on the inside of the ring – are generally more valuable than unsigned ones. Cartier, Fabergé, Harry Winston, JAR, Lalique, Van Cleef & Arpels, to name a few – any of these names on a jewel will transform its value. Jewellery designed and produced by these makers represents a very high standard, although much depends on the piece too. A signature on a 1920s Cartier Tutti Frutti piece – among the most sought-after of the house’s creations – for instance, can potentially transform the value to millions of dollars. Signed pieces by mid-century designers such as Suzanne Belperron and Jean Schlumberger have also received great attention in our recent sales. Jewels, both signed and unsigned, from the 1960s and ’70s have been in demand too.” - Daphne Lingon, Christie’s Head of Jewellery for the Americas

Consider jumping on the ’60s to ’80s bandwagon

“Jewellery from this period seems to be gaining popularity, especially chunky yellow gold jewellery and watches with stone dials. These used to be slow moving, but have been popular in the past year or so. I’ve always loved retro jewels – yellow gold pieces are so perfect for daytime. They make a real statement while still being office appropriate.” - Brenda Kang, Founder of Revival Vintage Jewels & Objects 

[caption id="attachment_170656" align="alignnone" width="1600"] A signed Cartier Tutti Frutti jewel from the 1920s can fetch millions of dollars. This bracelet sold at Sotheby’s Hong Kong in October 2017 for HK$13.9 million (Photo: Sotheby's)[/caption]

Be cautious when buying online 

“Do your research, and visit online sites that are trusted and curated by vintage experts. Look for easy entry points on each site. For instance, at Vestiaire Collective, we have a We Love selection curated by our experts that showcases the most desirable items available. Read all descriptions very carefully: When you’re shopping online, you don’t have the luxury of physically touching and feeling each piece, so it’s crucial that all details are listed up front. Don’t be afraid to ask for more information from the seller if you need it. Some things you need to look out for: Are the pieces tarnished? Are all the gems secure? Are all the clasps functioning?” - Fanny Moizant, President and Co-founder of Vestiaire Collective 

Go with your heart

“First and foremost, collect what you love. Having a theme or collecting a series from a period is great, but I’m also a big advocate of buying pieces that you will wear, create your own memories with and can pass down to the next generation, rather than just something that would sit in a safe or a drawer.” - Brenda Kang, Founder of Revival Vintage Jewels & Objects

“I don’t see a need for a goal or special theme when building your personal collection. It’s good enough to follow your heart, because one may need a pair of delicate Edwardian pearl earrings for a party and then a strong geometric Art Deco brooch for work.” - Terry Chu, Phillips’ Head of Jewellery for Asia

[inline-quote author="Jean Ghika, Global Director of Jewellery at Bonhams "]"Always ask if there have been any alterations or additions, and if there are, whether they have been done sympathetically (only restoring and repairing the piece, without changing too much of the original)."[/inline-quote]

Note the condition of the piece 

“Always ask if there have been any alterations or additions, and if there are, whether they have been done sympathetically (only restoring and repairing the piece, without changing too much of the original).” - Jean Ghika, Global Director of Jewellery at Bonhams

“When you are looking for a beautiful piece of jewellery, do pay attention to the workmanship and finish quality. Look at the underside of the piece as well as the front to examine how well it is made; if a piece of jewellery is finely crafted, as much attention would have been paid to the back as to the front. Also, examine how smooth the finish is and if the settings are secure, straight and regular. This applies to all jewellery, whether vintage or new.” - Goh Ying Li, Creative Director at La Putri 

Tap the power of provenance 

“The value of jewellery is determined by a combination of factors, including design and brand, period, craftsmanship, the quality of the gemstones and authenticity. On top of these, provenance can have a significant impact on the value of a piece of jewellery. Well-documented records indicating where the jewellery comes from and who wore the piece are not only proof of its authenticity, but can also make it more desirable. Jewellery with good provenance often comes with a story that makes it more interesting and attractive too – the Hutton- Mdivani jadeite necklace previously owned by Barbara Hutton and subsequently acquired by the Cartier Collection is a great example. The necklace was sold for US$27.44 million in April 2014, achieving a world auction record for any jadeite jewellery.” - Yvonne Chu, Acting Head of Department, Jewellery, at Sotheby’s Asia

[caption id="attachment_170659" align="alignnone" width="1521"] On offer at Sotheby’s Hong Kong’s upcoming Magnificent Jewels And Jadeite sale this month is this brooch gifted by Richard Burton to Elizabeth Taylor during their marriage. Set with diamonds and a central 37.29ct Burmese sapphire, it has a pre-sale estimate of HK$13.5 million to HK$18 million (Photo: Sotheby's)[/caption]

How to start a vintage jewellery collection by Annabel Tan first appeared on PrestigeOnline Singapore

The post The beginner’s guide on how to start your very own vintage jewellery collection appeared first on Prestige Online - Hong Kong.

Visit the Singapore preview of the Phillips' Jewels and Jadeite autumn auction for a glimpse of the high jewellery before they go under the hammer.

The post Exquisite Jewellery Pieces At The Singapore Preview of Phillips’ Jewels And Jadeite Auction appeared first on Prestige Online - Hong Kong.