Anyone have tips for buying gold/silver jewelry at auction for resale?

[dumpsterdiver]

I've been trying to go to as many auctions as possible lately. I have been doing pretty good overall. I'm no longer that guy who has to look everything up on his phone.

However the one place I really seem to fail is in the jewelry auctions. Is there a price per gram you shoot for on something you think is worth more than scrap. The auction I have been going to throws it on a scale and usually states if its sterling or not. Don't think my pockets are deep enough for the gold yet. Any tips at all appreciated. What to avoid. What resells quickly etc.

Thanks

 

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[nathan104]

For auctions, go to the previews or get there early enough to check everything out. Bring your own magnifying glass and check all the pieces you want to bid on. I take a pocket magnifying glass and a pocket jewelers scale. Check it and weigh it. Then I use Coin & Bullion Melt Value Calculators to figure out scrap value of the pieces based on their weight and karat, or the type of silver. Its all their on their silver and gold scrap by weight app.

If they wont let you inspect the pieces, personally Id walk away. Not worth the risk that they get everything right, or throw a piece marked sterling with extra metals on it onto the scale. Check everything yourself.

As for what amount to pay, that's up to you on how much money you want to make. Figure the scrap value if its a piece that isn't worth more than scrap and figure how much profit you want to make. Subject your profit from the scrap price, and you have your top bid. Don't forget to add in buyers premium, registration fees, or taxes if applicable. If the bid goes over your price. WALK AWAY. That's the hardest part of the whole thing.

As for pieces worth more than scrap. You jus have to research. Looks for signed pieces, then research the makers. Search completed sales on ebay to see what similar items have sold for.

 

[trdhrdr007]

It's been my experience that the percentage of pieces worth more than melt is pretty low. I see a lot of things selling on ebay for just enough over melt to cover fees & wonder why someone would go through the hassle of listing instead of selling to a refinery. There are people who do better than scrap on a regular basis. It's my understanding that it's for light weight items and/or recognized designers. I'm not that knowledgeable about that part of the biz so I won't buy unless I can get it for melt minus my required profit.

 

[dumpsterdiver]

They do let you inspect the day before. And you can inspect what is a few hours away from going up to auction. You can't really do more than glance at what is going up in the next few hours. It didn't occur to me about extra metals on it. That is a great tip.

I guess this is what I can't get my mind around. Some people get caught up in the auction and bid items they want up to retail or well above. But I see the same four or five people buying almost everything for probably more than melt. I don't know if they just break even on everything and hope for a few things to play out really well. I'm also usually going to auctions within a decent driving distance of manhattan and figure maybe they have a jewelry store. But I still have this feeling I'm missing out on the action. Maybe I will try to steer myself towards designer stuff because some of the bidders hardly look they just buy.

 

[twiasp]

Pay attention to all the people that run estate sales. Learn which ones are crooked and which ones are not (some have "helpers" that help them set up and then take first picks before the sale starts), which are good at picking the valuables. If you see a bunch of jewelry all laid out, snag pieces up into your hands when tons are looking and put them back neatly on the table where you got them after you check them out (I get a small neodynium magnet and put it under a band aid on a finger for easy sneaky magnet checks). Don't let people push you out of the way or be overbearing to get their way. Watch out for hubby/wife teams where one will try and block you out while the other one picks the place clean. Don't get drawn into conversations with chatty Cathy's (which may or may not be another hubby/wife, or friends diversion tactic). Guns if you are into them are usually held apart in a separate room (for safety). Pay special attention to the tops of closets because a lot of people cannot reach to see the top back portions. I am sure there are many more things, I don't go to many estate sales because most in my area are crooked and picked clean before the doors officially open.

Good Luck dumpsterdiver, some estate sales are complete madhouses.

 

[dumpsterdiver]

I just wanted to follow up my own post to say that I took everyones great advice in and headed off to a jewelry auction. I thought I would bid on a robert morris bracelet. I bailed out at $35 which was probably above melt price after auction fees. It was silver, copper and brass. The exact one I cannot find on eBay. I also bid on a silver and turquoise cuff bracelet. Obviously modern but still looked nice. I bailed out at $60. I was already higher than I wanted to be. I think I actually dropped out at the right time because I think there is a bit of squeeze out the competition going on here. So I bid up to the price I was ok dumping it on them. I saw some cultured pearls with a tiny gold clasp going for well over a $100. I remember seeing that sort of thing at TJMaxx not too many years ago for much cheaper. Maybe its the price of gold but some prices were very confusing. Or maybe the bidders shop at the mall jewelry stores.

I think I will bring my own scale and make some notes before the auction next time because the pace was a little overwhelming. And one of the auctioneers was just hard to understand. So after absorbing all the advice I came home empty handed. But after thinking about it I certainly don't regret letting any of it get away. In hindsight the only things I think there was money left on was the costume jewelry cases. Where a couple pounds of costume was maybe $10-20. I don't think there was any gold or silver in there but probably still some brand names. Might have to pick up a neodynium magnet to speed things up. Maybe I would be better off at an estate sale.

 

[tamrock]

No advice here.... I don't go to auctions to buy anything. Their seeded with fakes and worthless crap for fools who have money to throw around who think what their bidding up is worth allot or just to showoff they've got money to burn. I believe there are many other better places to spend your time treasure hunting, or so it seems to me. You never see American Pickers Mike & Frank stopping off at any auctions. I like them enjoy the art of the deal. All this does mean you won't find a real score at those auctions. I just believe I can do better in finding gold & silver for a deal looking elsewhere.