What to Know Before Attending a Jewellery Auction

Attending a jewellery auction can be a thrilling day out, and it often turns up vintage finds you will wear and admire for years. Hatton Garden, London's jewellery quarter in EC1N, sits within easy reach of the city's salerooms, so a trip to a jewellery auction pairs naturally with a wander through the quarter's workshops near Greville Street and Leather Lane. Auctions reward preparation, though. Knowing your budget, understanding what you are looking at and reading the room all make the difference between a clever buy and a costly impulse. With a little groundwork, the saleroom becomes a place where genuine treasures change hands at fair value.

Set a budget and hold your nerve

Bidding is contagious. A piece billed at a modest figure can climb sharply once keen buyers join in, so decide in advance what you can afford and stick to it.

Factor in the buyer's premium and any taxes on top of the hammer price, as these add up quickly. Those who chase a lot in the heat of the moment usually regret it, whereas a firm limit keeps the day enjoyable.

Keep an open mind on the lots

Auction jewellery is one of a kind. Each piece is unique rather than drawn from a range of stock, so it pays to stay flexible. If you cannot find a necklace in your chosen colour, a beautiful antique brooch may catch your eye instead.

Attend the viewing beforehand and examine the lots closely. Check for repairs, replaced stones and clear hallmarks, and ask whether any gemstones carry GIA or IGI reports. A few minutes with a loupe tells you a great deal.

Read the room and the rivals

Knowledgeable collectors often attend in search of a bargain. If experienced buyers are bidding on your chosen lot, it is usually because they have spotted something special.

Research the value before you raise your hand, and consider having an important purchase checked by a valuer afterwards. Many jewellery valuation specialists work in the Hatton Garden quarter, close to Chancery Lane and Farringdon, and a professional assessment confirms what you have bought.

Fun fact: The traditional auctioneer's gavel has no official rule book, yet a single tap of it is legally binding once the hammer falls.