
Jewelry Rescues:
Spotlight on valuing antique & vintage metalwork
By Sheila Smithie,
Antique & Estate Jewelry Specialist & Fellow of the Gemmological Association
of Great Britain
Fig 1. An antique brass "pinchback"
long chain bought for $1100. Photo
courtesy of SkinnerInc.com.
Valuable antique and estate
pieces have been lost to the scrapper because neither seller, nor buyer,
realized that the item had value beyond its metal weight. Before selling
heirlooms and antique jewelry for their scrap value, consider having the
jewelry evaluated by specialists at an auction house, either by making an
appointment to bring in pieces, or sending detailed images. Auction houses
normally do not charge for the initial review and verbal appraisal of
jewelry, as it is an integral part of their business model. Owners can also
send jewelry to reputable major auction houses for review through insured
mail if an “in person” visit is not possible.
The heads of jewelry
departments of major auction houses, and their teams of specialists, combine
to offer many years of experience in their field. Through constant
interaction with estate lawyers, collectors and the general public, jewelry
specialists review and auction large volumes of old jewelry. They are
therefore in an excellent position to recognize jewelry that is collectible
but not obviously valuable, even when the items are not signed or even
marked for gold content. Specialists can determine jewelry’s metal content
with non destructive tests, and, as part of their evaluation, can offer a
realistic idea of a likely market value, using their knowledge of comparable
items that have been recently auctioned.
Consider the following cases of
unmarked antique and vintage metalwork, handled by Gloria Lieberman and her
department at Skinner Auctioneers:
The antique chain in
figure 1 is made of brass called "pinchback," an alloy of copper and zinc.
popular in the 18th century as a substitute for gold. Although the metal
content value is negligible, the chain was bought by specialized collectors
for $1100.
This
Archaeological Revival 18K gold and amethyst fringe necklace was found
tangled up with other items in a plastic bag stuffed with costume jewelry
which Skinner reviewed in the thorough process of conducting an estate
appraisal. In such appraisals, no item is overlooked. The owners and the
heirs were completely unaware of the value of this necklace, which had been
handed down through the generations and was somehow forgotten. Its gold
content was unmarked, and the double “C” Castellani hallmark was small and
difficult to find without an expert to recognize the work and know where to
find the maker’s mark. Castellani were among the most important jewelers of
the nineteenth century, and their jewelry, collected by Americans on Grand
Tour, is highly prized today. The necklace, even though damaged by harsh
treatment, brought $26,000. Fig. 2 photo provided by SkinnerInc.com.
In other cases, workmanship
that appears amateur can lead sellers to undervalue items. They can mistake
handcrafting for crude construction and poor taste, as with the unsigned
Arts & Crafts period bracelet below by Edwards Oates Studios. Before
scrapping the unwanted bracelet, however, the owners had it evaluated among
a group of other gold and costume items. Skinner sent the bracelet to Edward
Oakes’ family for authentication as a 1920s work from their studios, and it
brought $5500 at auction. Fig. 3. Arts and Crafts period bracelet (circa
1920's) photo provided by SkinnerInc.com.

An
extraordinary example of fine gold work, whose style fell out of favor in
the 20th century, is exemplified by this armband. It came to Skinner from a
pawnbroker and was entirely without hallmarks or signature. Further, it
seemed to have been damaged. It had drilled holes that did not serve any
purpose, and was missing several small gems. It appeared too large to wear.
However, research subsequently showed that the piece was an 18K gold armband
from the Parisian jeweler Boucheron, and bought by the American
millionaire’s wife Marie Louise Mackay in 1876. The drill holes had once
accommodated a large detachable brooch, since lost, likely destroyed for the
natural pearls with which it was set. Even in this incomplete condition, the
armband brought $34,000, almost ten times its substantial weight in gold at
the time of sale. Fig. 4 provided by SkinnerInc.com.
Finally,
this large silver brooch was brought to the attention of Mrs. Lieberman,
whose reputation as an early supporter of artist jewelry during her 40 years
in the business is widely known. The owner had purchased the unmarked,
unsigned piece at a large garage sale in suburban Los Angeles. Initially
reluctant to spend the money on herself, she bought it because it “spoke to
her” and had remained unsold after the third day despite the $5 price tag.
It was made of a single piece of wire, including the brooch pin. Though the
owner did not think to connect the piece to a major modern artist, she
nonetheless felt it had intrinsic artistic value and that Mrs. Lieberman,
whom she knew from Antiques Road Show appearances, would appreciate it.
Skinner subsequently handled the brooch’s authentication by the Calder
Foundation, whose experts dated it to 1942. The brooch brought $33,000 at
auction, well beyond its value as a few ounces of silver. Fig. 5 Calder
silver brooch photo provided by SkinnerInc.com.
The prior examples, illustrate that the auction market is an important
option for sellers to consider. It is vital to understand that presenting
jewelry at auction is different from selling jewelry directly to dealers.
Since auction houses do not buy jewelry but act instead as the seller’s
agent, the auction house’s interests and the seller’s interest are mainly
aligned. The auctioneer is paid on commission, which is maximized by
achieving the highest possible price for the seller
At the same time, the auctioneer’s business depends on describing the items
accurately to potential buyers, which helps it achieve a good reputation
among buyers and high prices for sellers. This positive dynamic benefits all
the participants in the market. Sellers should understand that auction
houses charge both a standard seller’s commission and an auction premium
over the hammer price (paid by the buyer), which are used to cover the
substantial marketing and staffing expenses of running an auction. The
commission and premium are of course the main source of the firm’s revenue.
When sellers are auctioning valuable items of jewelry, the seller’s
commission may be negotiable, but this is not always the case if the
jewelry’s value is modest. There is often a four to six month time frame
before the jewelry can be auctioned and payment made. If the seller needs
immediate funds, auctioneers may advance money, but only if important and
valuable items are being sold. Each item sold is given an auction estimate
based on hammer prices of similar items in past auctions.
Specialists should be willing
to explain the rationale behind these estimates. Typically, a mutually
agreed reserve will be placed on the jewelry to ensure that it does not sell
below intrinsic value.
Increasingly, antique and vintage jewelry is gaining appreciation as an
important part of our cultural and artistic heritage. New jewelry
curatorships have been established at major institutions, such as the Museum
of Fine Arts Boston, who are pioneers in this area. Many auction house
specialists and dealers are highly motivated to share their knowledge and
experience in this cause, and owners can both benefit from and participate
in this trend.
Written by Sheila Smithie, who worked for ten years as a specialist for
Gloria Lieberman in the Jewelry Department of Skinner Inc. Auctioneers.
Newman
Gem & Jewelry Series and Osteoporosis Book Links
Diamond
Ring Buying Guide, Details & Reviews
Diamond
Handbook,
Details & Reviews
Gemstone
Buying Guide, Details & Reviews
Gold
& Platinum Jewelry Buying Guide, Details
& Reviews
Pearl
Buying Guide, Details & Reviews
Gem
& Jewelry Pocket Guide, Details and
Reviews
Osteoporosis
Prevention, Details & Reviews
Jewelry
Handbook, Details & Reviews
Exotic
Gems, Volume 1, Details & Reviews
Exotic
Gems, Volume 2, Details & Reviews
Exotic
Gems, Volume 3, Details & Reviews
Exotic Gems, Volume
4, Details
Rare
Gemstones: Details & Reviews
Gold,
Platinum, Palladium, Silver & Other Jewelry Metals, Details & Reviews
|