I have an upcoming event that requires a ring.
So when a catalog arrived from a local fine-arts and antiques auction house — an analog version of a “notify me” email from an online collector-car auction — a 5.53-carat stone caught my eye.
O’Gallerie, a family-run Portland institution, was founded in 1972. Over the years, I’ve purchased art, furniture and even a couple of pinball machines at its sales. I have found its specialists to be straight up and easy to deal with. The firm is reputable, and I trust it.
The description was succinct and comprehensive:
Sapphire, diamond and platinum three-stone ring. The platinum ring was set with a 5.53 cts. cushion-cut blue sapphire and two GIA certified 0.24 ct. round brilliant-cut diamonds (color grade: D/F; clarity grade: VS1; laser inscribed GIA 2181869250 & GIA 5181869240).
The ring weighs 7.9 grams and is stamped “PLAT” (partially obscured). Ring size: 6½. GIA reports for both 0.24 ct. diamonds included.
The estimate was $8,500 to $10,000. The ring had a reserve, and in my experience an item will sell when it is in the range of the low estimate.
I thought I might make a lowball bid of $6,000.
Trust, but verify
While I like valuable stones, I’m not an expert, so I relied on the auction company’s description and valuation. I realized that in some ways this is no different than the trust we put in an auction company when it is representing a collector car.
Just as you can’t put a car on a lift or run a compression test at a car auction, there was no opportunity to bring in a jewelry appraiser and get their opinion.
I find it most reassuring when an auction company has specialists to assist you, a comprehensive and accurate catalog description, and also a library that has documents relating to the provenance of a car.
If I had gone to a pawn shop, given my naiveté, I could easily have walked out with a piece of cut glass. I was also not comfortable buying from an online flea market like eBay, where assurances of quality are few and far between.
At O’Gallerie, the specialist told me the ring had been consigned by a reputable dealer, the secondary diamonds had appraisals (that I looked at) and everything was set in platinum.
In the room
My rule of thumb is to bid up near an auction company’s bottom estimate, then take a breath and see how things evolve. My confidence bolstered by my conversation with the specialist, I raised my internal bid limit to $7,000.
But the online listing also showed what bids had been tendered. Much to my dismay, a $4,000 bid had already been placed as the ring came closer to being auctioned. That became $5,000, then $6,000.
We were edging closer to the auction company’s estimate and the bidding wasn’t even live yet.
Compared to a car auction, I was surprised by how few people were in the room, perhaps 15. Most of the bidders were, in fact, online.
I mentioned this to Rupert Banner, Group Motoring Director of Bonhams, and he said that car auctions are unusual in the number of people that attend them in person. He mentioned that many times when he conducts auctions of art or antiques in Bonhams’ New York City offices, he is selling to an empty room, with all the bidding electronic.
30 seconds to fame
It was time: Lot 484 was up. I made the first bid at $6,500. A $7,000 bid followed quickly. I countered at $7,500.
With the 20% buyer’s commission added, I was already at $8,250, my original $6,000 limit a forgotten memory.
“At least in Oregon there is no sales tax to add,” I thought. I also would not need to hire an ICC carrier to get my purchase home.
And it was a great stone, in a fantastic setting. As nearly every auctioneer on the planet routinely posits, where would I find another?
With no hesitation, an $8,000 bid was placed against me.
There was no time to stop or even think. At O’Gallerie, as with most similar auctions, the pace is rapid. Over 100 lots an hour are sold. That’s barely over half a minute per lot. It makes the three-to-five minutes a car might get on the block seem like a lifetime.
Abandoning my budget entirely, I decided to make one final bid.
The auctioneer looked at me. I nodded. “I have $8,500,” he said. “Do I hear $9,000?”
The next few seconds were the longest of my life. I was definitely done; no more bids. But now I was invested and desperately wanted the ring.
“SOLD!”
High sale
“Paddle, please,” said the auctioneer. I fumbled, found it, and held up #531. The others in the room turned and looked at the big spender who had just bought the most expensive lot of the evening.
I walked to the counter, paid $10,200, and was given the ring. I checked my Apple Watch, and my pulse had shot from 72 up to 145 during the brief bidding.
I was simultaneously elated, exhausted and relieved. My fiancé and I treated ourselves to a lovely dinner to celebrate, complemented with a nice bottle of wine.
I had paid more than I wanted to. However, I could afford it and the prize I wanted was in my pocket. That’s a win no matter how you choose to keep score.
The confirmation came a week later when I received the appraisal: $24,700. ♥