Are People Buying Jewelry Right Now?
They were, to be honest, not the numbers I expected to hear. Last week my friend Frank Everett at Sotheby's told me to check out the online auction they had planned. There were great pieces, he said, from some of my American favorites, like David Webb and Tiffany and Verdura. I did, but wondered to myself and in an email back to Frank, "would people buy jewelry online right now?"
Yesterday, after the online sale ended, Frank FaceTimed me, from his apartment balcony where he goes for some fresh air during the day, and proudly read me the results: “97% of all lots were sold Stellene! That’s the best sell-through we have ever had in an online jewelry sale. Half of them exceeded their estimates! We had bidders from 32 countries. Some lots had more than six bidders going after them at the same time!”
We then went through the jewels that inspired the fiercest competition and the highest prices. There were—and we both agreed this was significant—classic pieces from heritage houses.
All eleven David Webb pieces sold, most notably a gold and enamel cuff for $21,250 (low estimate was $6,000). The four Verdura pieces all sold as well, with the highest price going to a pair of Byzantine style earrings for $13,750 (low estimate $5,000). And all 15 Tiffany lots were also successful, including a bold Paloma Picasso peridot necklace that achieved $12,500 (low estimate $2,000).
I asked Frank how he explained the success of the sale, given the state of the world. I had my own understanding of it, rooted in the power of beauty and the sometimes overwhelming desire for distraction. Frank agreed.
“We all sometimes need exactly that—distraction— in this difficult time, and what could provide better distraction than beautiful jewels? The success of this sale proves people still enjoy seeing and buying beautiful objects. We had bidders from all over the world, 32 countries! And many of them new to auction. Buyers can bid with confidence in our sales, even sight-unseen, because of our detailed cataloguing, photography and condition reports. Online auctions will become even more important in the future, and I’m happy to provide a diversion from current events, however small."
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