Auction houses, also known as SVV (Salle de Ventes Volontaires), have long been a means of buying and selling works of art, jewelry, books, decorations, and even vintage or second-hand cars.
Selling a piece of jewelry in an auction house is a long process. An initial appointment with the auctioneer or one of their experts must be arranged to evaluate the item for sale. An initial estimate is then provided.
In order to put the jewelry up for sale, a sales mandate must be signed and a reserve price approved. When the sales mandate is signed, the auction house's commission is set, along with the amount of additional costs (transport, catalog, etc.). Currently, the auctioneer's commission is between 20% and 30% of the hammer price.
The sales catalog is then published, the jewelry is photographed, and a detailed description is provided. Between the initial appraisal of the jewelry and the auction, a period of between 3 and 6 months can elapse. Conversely, during an appraisal in a jewelry store specializing in repurchase, the appraisal and payment for the jewelry are completed on the same day.
It is also important to note that the auction house does not guarantee the successful sale of the jewelry. Indeed, the reserve price may not be reached, or the lack of bidding may prevent the sale. In this case, the jewelry is recovered, but the additional costs still remain.
Selling at an auction house can be a solution, but it's essential to understand that there is no guarantee of success. Auctions enjoy a certain reputation for selling exceptional items, but in the majority of cases, other solutions exist that are much faster, more secure, and more profitable.