Collecting 101
How to Buy an Engagement Ring at Auction
When you buy an antique ring, you are buying a story. Bonhams' Jewellery specialists share five the things you need to know when making this important purchase, from carat to colour and deciding on shape and style.
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1.
Off the High Street
Buying jewellery at auction is a great alternative to the retail experience, and often much better value. At Bonhams, as well as personal service and attention to details, we offer a wide variety across our jewellery sales, with nearly every shape, size, type of gemstone, style and period of jewellery—from 1700 to the present day—represented.
Rings sold at the average high street jeweller can all look very similar. For brand names like Cartier, Boodles and Tiffany & Co., the retail mark-up can sometimes be 300%—you are paying for the name. At auction, however, you can find these same coveted brands at much more attractive prices.
You might have to work a little harder to find an engagement ring at auction. It is important to invest time into finding the perfect stone and setting which is in the right condition for you when buying on the secondary market. More importantly, however, when buying an antique ring you are buying a story, the provenance can be very interesting—which can make your purchase even more special.
Rarity and the allure of owning a piece of history should not be underestimated. In recent years, the trend for buying pre-loved jewellery has become fashionable, with celebrities such as Emily Blunt, Anna Wintour and Kate Moss leading the charge for antique jewels styled in a contemporary way.
Bague diamants. Sold for €21,760 inc. premium.
Bague diamants. Sold for €21,760 inc. premium.
2.
The Four C's
Perhaps obviously, the most popular choice is the diamond ring. Formed millions of years ago, deep in the earth’s mantle, diamond has played a leading role in jewellery from the 17th century and is the universal symbol of love and marriage. There are a variety of cuts with which to appreciate its beauty and unsurpassed lustre, from the limpidity of the imprecise antique cushion-shape to the fire and precision of the modern brilliant-cut.
When buying a diamond at auction, attending pre-sale viewings is a great way to get your hand in. Specialists are always available to offer impartial advice, help you try on rings and help you navigate the mysteries of the Four Cs of diamond buying: colour, clarity, carat weight and cut.
Coloured stones may act as an alternative or may be paired with diamonds and include sapphire, which is usually thought of as blue but can actually come in any colour, ruby, emerald, topaz, aquamarine, tourmaline, amethyst, garnet or peridot.
The setting of the stone is also something to consider, whether as a solitaire or single-stone, a three-stone or a cluster. A high claw setting, for example, may advertise to best advantage a superior stone on a confident woman but the discreet channel setting of an eternity band, which will not snag on delicate garments, may better suit the sensibilities of a more modest individual.
3.
Size Matters
Unlike in retail, when you buy an engagement ring at auction you are usually looking at a one-of-a-kind piece so it’s crucial that you keep sizing in mind before setting your heart on one particular ring. We recommend you go into an auction with a flexible mindset. Whilst some rings can be resized, this can be tricky with more elaborate designs—very often art deco rings, a sure favourite for engagement, may get damaged if resized. Bonhams specialists can advise on whether resizing is possible and recommend a trusted workshop to undertake alterations if your bid is successful.
Some customers prefer to have their purchases entirely re-modelled and re-set in a ring of their own design or specification, so it is important not to ignore the fine stone in the unexciting ring shank or the hidden gem lurking in the standard brooch mount.
Own a similar ring? Submit your pieces online for a free auction estimate
4.
Budget
We recommend our clients buy the very best quality that they can afford when buying an engagement ring. The estimates we put on the jewels we sell are based on what similar pieces are fetching in our auctions and therefore act as a guide for prospective bidders – however the final price is set by bidders during the sale.
When looking for a mark of high-end quality, iconic houses such as Harry Winston, Van Cleef & Arpels, Cartier, Tiffany & Co. will always deliver standout lots to make a statement, though there are also unsigned pieces that will also deliver elegance, romance and sparkle if you wish to go for a more understated choice. Whether spending £5,000 or £50,000, you will always find a special piece at auction.
When buying at auction there are psychological factors that can result in an animated bidding war—the thrill of the chase, if you will! If lots of people want the same piece, then prices can far exceed their top estimates. It’s worth asking a specialist before the auction how much interest a piece has had in the run up to the sale so you can get an idea if it is going to popular.
Finally, and importantly, it is also worth remembering that auction houses will charges a buyer’s premium on top of the hammer price so this should be factored in. If you’re a first-time buyer, specialists will also offer guidance on the bidding process, understanding condition reports and buyers’ premium.
5.
Collaborate
Whilst a surprise proposal is very exciting, it can also be risky—especially if you’re unsure of your partners preferences in terms of stone, style and setting. We encourage not only the gentleman to come to buy an engagement ring: they can bring their partner on the journey too. Finding the perfect ring together will always be something to remember.
If you do want to keep the ring a surprise, make sure you have an existing ring measured by a jeweller to get the fit just right. At Bonhams, we hold over 40 sales per year across our global salerooms, so there are many chances to find the right ring.
Browse Jewels Online
17-25 February | Online, Knightsbridge, London
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