Often things are not always as they first appear. Consider the phrase “estate jewelry.” Some people think estate jewelry is old jewelry, perceived as anything from vintage costume-type collectible jewelry to fine jewelry in pure gold, sterling silver or platinum. At one point, “estate jewelry” referenced only fine, high-end antique jewelry. In actuality, “estate jewelry” is jewelry and/or timepieces which are part of the estate of a deceased person.
In its most basic true definition, “estate jewelry” is an elegant-sounding word for previously owned jewelry. The term “vintage” when attached to jewelry refers to the era of a piece’s origin.
The majority of estate jewelry available on the market today originates from the estate of someone who has died. However, estate jewelry also comes from living people who want to sell all or part of their jewelry collection.
Whether it comes from an estate or from a living person, estate jewelry then divides into more niches. Antique jewelry refers to the age of a piece: a true antique piece of jewelry must be 100 years old or older. There are also style considerations, since jewelry is a style-driven industry. Classic styles include everything from Georgian (1714-1837) to Edwardian (1901-1910) to Victorian (1837-1901) to Art Nouveau (1890-1915) to Art Deco (1920-1939) and Retro (1935-1950) stylings. Beyond these, there are other subsets, including semi-precious stones like authentic turquoise, as well as collectors who favor diamonds or specific precious stones like amethysts, sapphires or emeralds.
If you want to buy or sell previously owned jewelry, knowing if your jewelry is old/out of style versus a true antique piece can make a huge difference in terms of value and/or cost beyond intrinsic (metal value and gems) value.
To add to the complexity, estate jewelry values require research beyond the “collectible” jewelry pieces often seen at craft shows or flea markets that may be marketed as “estate jewelry” but may not be considered fine jewelry at all. Some may be gold or silver-plated rather than gold or silver and contain “gems” which may be pretty but are actually synthetic stones rather than precious stones.
For example, there are contemporary “fake” manufactured diamonds that may even be created with real metals in styles that mock valuable pieces; many such look-alike pieces are worn by celebrities in public with their valuable counterparts locked safely away at home.
COLLECTING ESTATE JEWELRY
Most experts say people drawn to estate jewelry and/or building collections have a true passion for jewelry, or a passion for a certain stone, gem, metal or style. Experts tend to believe that jewelry is meant to be worn, not just saved or put in a safe. If you are concerned about lasting value, handing down heirlooms or jewelry as an investment, here are some basic things to consider:
Condition. If you are concerned about lasting value of jewelry you buy, condition is a major factor. Realize that worn-out jewelry impacts its value. Check settings to make sure a piece is secure, since preowned jewelry can be missing prongs designed to keep gemstones secure. Check clasps for loose connections. You can even shake a ring gently close to your ear to see if you can hear whether a stone is loose in its setting.
Look for chips in gemstones. Emeralds are soft and can be easily chipped or scratched. Pearls can be damaged and eroded inside and out; but if they are not eroded internally they can be restrung.
Intrinsic value. In the jewelry world, intrinsic value equals the metal (gold, platinum, silver) price plus any gems.
Metal in jewelry and gems is valued as raw materials based on current market rates. Metal price (known as the daily “spot price”) must be viewed in light of purity; purity is the karat of gold or percentage, with 24 karat being pure. 10 karat is 10/24 or .410 gold with the balance of weight in alloys. 14 karat is 14/24 or .583 gold. 18 karat is 18/24 or .750 gold. Most of the time platinum is 90 percent pure; silver is usually sterling silver, which is .925 pure. Weights used with precious metals include troy ounces, pennyweights and grams.
Jewelry considered damaged beyond repair is usually bought for its intrinsic value. Depending on the piece, damaged/broken jewelry can justify restoration costs, but often damaged jewelry is only valued for its intrinsic worth.
Appraisals. It is important to remember that appraisals are documents that deal with jewelry worth, but most jewelry appraisals are insurance appraisals. Insurance appraisals only deal with replacement cost if an item is stolen, lost or damaged. The appraisal is meant to verify what it would cost to replace the item, so insurance appraisals indicate what it would cost to replace the item in new condition, not what a piece may actually be worth.
The bottom line? Your jewelry is worth its intrinsic value—any other price depends on a host of variables.
Some previously owned jewelry has a resale value higher than intrinsic value, which can include intrinsic value, workmanship, and the designer or “name brand” of a jewelry piece. Two similar diamond solitaire rings can be valued for resale at very different prices if one is stamped Tiffany & Co. and the other is not.
Diamonds. Diamonds are a whole different ballgame. Diamonds’ worth is often perceived by their carat/weight size but other factors come into play. In the 1940s GIA (Gemological Institute of America) established the International Diamond Grading System and a formula known as the “4Cs” to evaluate diamond quality: cut, clarity, color and carat weight. A large diamond size does not always equal higher prices/value; all “4Cs” must be considered to reach a diamond’s true worth.
Having a certified appraiser/experienced gemologist evaluate the true worth of a diamond—or any estate or antique jewelry- can be an important factor to consider before you buy or sell.
Research. Research is important if you want to collect/buy estate jewelry. The Internet offers a wealth of information regarding estate jewelry values when you are beginning in this collecting field. Numerous websites offer basic jewelry information. Art historians who study jewelry can also be helpful regarding what styles and materials were or were not used in a specific time period.
In addition to Internet research, watching videos online hosted by art historians and catching episodes of PBS’ Antiques Road Show, you can do library research and read recent books by jewelry experts. You can also take classes and attend auctions and antique shows. Firsthand familiarity is important as you start to become knowledgeable about estate jewelry. Visit a variety of jewelers who deal in estate jewelry and other retail outlets that specialize in antique and estate jewelry for sale.
Collectors can also study and learn about hallmarks and trademarks and how they can affect the value of a piece of jewelry, as well as dating the piece. One expert calls the book World Hallmarks Volume 1 “a must” for any collector. (A hallmark is a government stamp of standards; a trademark is the mark of the manufacturer or retailer of a piece). Hallmarks can include gold or silver marks previously discussed, such as when a gold piece has the mark 18K or the words sterling silver on a silver piece.
Costume jewelry can also have hallmarks; fine jewelry might be marked from great jewelry houses like Tiffany & Co. or Cartier, although experts caution that buyers have to be careful regarding such signatures. Experts admit that unfortunately there are “good forgeries” in the marketplace. If you have concerns about the legitimacy of a signature, or see jewelry that appears to be antique but has no hallmark, consult a certified appraiser.
Sources for buying estate jewelry close to home include auctions, retail shops and jewelry stores specializing in estate or antique jewelry, antique stores, estate sales and buying from individual owners. Visit individual stores and estate sales and become familiar with what is available in the local marketplace. Local stores can also feature Internet buying options.
Thanks to the Internet, you can participate in online auctions and/or do immediate buys via renowned auction houses like Christie’s and Sotheby’s. Christie’s, a British auction house dating to 1766, has over 85 offices in 43 countries and opened its first international branch on Park Avenue in New York City in 1977. Sotheby’s, dating to 1744, is a British-founded American multinational corporation also headquartered in New York City.
Sotheby’s features a “Buy Now” section on its website described as “our luxury online emporium for immediate purchase.” You can browse and dream via categories (necklaces, rings, etc.) and even by name: a recent listing of Cartier jewelry available for immediate purchase at Sotheby’s had starting prices of $3,530 via the “Buy Now” section of their website. A quick glance on the site’s necklace category offered necklaces with beginning prices of $750.00.
Beladora describes their online site beladora.com as “the original and most trusted online source for authentic vintage, designer and estate jewelry.” Founded in 2007 by Beverly Hills, California-based Kazanjian & Fogarty, Beladora says they offer “a curated selection of precious stones and estate pieces.” A recent browsing of beladora.com in the necklace category showcased a diamond 18K necklace for $650, as well as a Tiffany & Co. diamond necklace for $850.00.
When it comes to selling estate and antique jewelry, many of the same caveats that relate to buying and collecting apply. Recognize that if you are selling your own jewelry, or if you are charged with selling jewelry for a loved one’s estate, that inherited jewelry can have emotional attachments based on the relationship you had with the person who has bequeathed the jewelry. Liquidating sentimental family heirlooms can be very emotional and can even be part of the grieving process for some people.
Other challenges regarding selling inherited jewelry: you might have no idea how much the item originally cost. Age of jewelry can mean the jewelry has become a valuable antique worth much more than its original purchase price— or its value can merely be intrinsic. Consult several appraisers and/or experts with experience valuing estate jewelry; you can do the same with jewelry you own that you now want to sell, visiting in person and “shopping around,” or even emailing photos in some cases for advice. Most experts advise getting at least three estimates—or more for high-value items. Get such offers in writing.
Although estate and/or antique jewelry can be an investment, advisers emphasize that when buying, you should buy what you love. If originally bought at a fair price, estate jewelry or antique jewelry should continue to hold its value, but market fluctuations mean there are no guarantees.
Unlike brand-new jewelry, estate jewelry provides a different kind of approach to jewelry. Arm yourself with knowledge. Realize if you like estate jewelry, you want something special and authentic. It should be something you want to wear and love.