Selling Jewellery – Frequently Asked Questions | First State Auctions

Selling Jewellery – Frequently Asked Questions

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What type of jewellery items do you accept?

We are currently taking vendor submissions for:

  • Diamonds - certified diamonds over 0.60 carat in all shapes and settings, Fancy colour diamonds.
  • Swiss Watches - including Audemars Piguet, Breitling, Cartier, Chopard, Frank Muller, IWC Schaffhausen, Longines, Omega, Panerai, Patek Phillipe. Piaget, Rolex, Vacheron Constentin and other luxury brands.
  • Gemstones - fine quality ruby, sapphire, emerald and alexandrite jewellery and gemstones.
  • Brand Name Jewellery - including Bvlgari, Cartier, Chanel, Chopard, Dior, Hermes, Paspaley, Tiffany, Van Cleef and Arpels and other luxury brands.

 

How does it work - what is the process?

Step 1 - Submit your application online

  • All vendor submissions to sell jewellery through First State Auctions need to be made online by completing the Sale of Jewellery Form. Vendors are requested to include detailed item descriptions, multiple images, certificates, original purchase receipts, box and instruction manual information and other relevant information.

Step 2 – Get an estimate

  • Our Procurement Department assesses the submission based on the information provided to us.  Further information is requested if required.
  • If the item is suitable for our auctions, a draft proposal is provided to the vendor which lists a reserve (if required), estimated selling range and the charges involved with selling. A cash sale purchase will be considered upon request. All the above is subject to visual inspection of the items by our qualified jeweller.

Step 3 – Visit our Sydney Head Office or send in your jewellery

  • If you wish to proceed with the proposal, the items can be submitted in person (by appointment) at our Sydney Head Office, dropped off at an upcoming auction near you or posted to us (registered and insured). We will discuss the best method with you.
  • Once received, our qualified jeweller conducts a thorough inspection of the items.

Step 4 –  Receive auction agreement

  • If all is acceptable, an agreement is drafted for both parties to sign.
  • If a cash sale offer is accepted, paperwork is filled out and payment is made to the nominated bank account.

Step 5 –  We prepare the item for auction

  • Once the signed agreement is received by us, the item is prepared for auction. This may include cleaning and polishing, obtaining Certification of Authenticity, photographing, cataloguing and lotting.

Step 6 –  The item goes to auction

Step 7 –  You get paid

 

What if my jewellery is not in perfect condition?

You can still sell it at auction. Jewellery and precious metals are appraised based on their weight and quality. Our expert team can help you with the assessment.

 

Do I need to clean my jewellery before I send it to you?

No - this is not required.

 

How do I send my jewellery to you by mail?

If you are mailing your items to us, we highly recommend you send it by registered mail through Australia Post with insurance and acknowledgement of receipt from the receiver.

 

How do I know my valuables are safe with you?

Your items are fully insured while in our possession. Our comprehensive processes also ensure that your valuables are always safe and secure.

 

How much is my jewellery worth?

The auction value of your jewellery will vary depending on the nature of the item and its condition. We can give you an auction estimate based on past sales and current market conditions. We have been trusted auctioneers since 1995 and are very experienced and knowledgeable in valuing all kinds of jewellery.

 

Can I set a reserve?

If a reserve is requested, First State Auctions will provide a reserve based on past sales and current market conditions. You can lower that suggested reserve, but cannot increase it.

 

How do you determine the auction estimate?

We provide estimates of what we believe the item will sell for at auction based on current market conditions, past sales, information provided to us and confirm this with a physical assessment.

 

Why is your estimate usually much lower than the valuation price?

There is a big difference between retail replacement value and resale at auction. We are also conservative in our auction estimates, as we would rather under promise and over deliver.

 

What are the charges involved with selling?

We charge a commission based on the auction hammer price that the item is sold for. The commission will be quoted based on the items offered to auction. The commission will be deducted from sale proceeds. If we don’t sell the item, there is no commission charged. The commission includes insurance.

A lotting fee will apply and includes photography, clean & polish (as required) and authentication (if required). Additional fees also apply if the item requires repair or a Gemstone Laboratory report. These fees are to be deducted from sale proceeds or payable if the items are not sold and are returned to you.

 

Can I back-out of the process at any time?

Once you have signed an auction agreement, you cannot back-out of the process.

 

When will my item appear in an auction and can I submit it to an auction of my choosing?

Once a signed agreement has been received by us, it takes at least 2 weeks until the item may appear in an auction (as we prepare for them in advance). You can request that your item is included in a particular auction, however, we do not guarantee that it will be included in an auction of your choosing.

 

How do I find out if my item sold or not?

Please email the contact person at FSA who is dealing with your submission for an update.

 

What if my item does not sell?

If the items don’t sell at the first auction they are offered at, FSA will resubmit the respective goods for an additional 4 auctions.

If after 5 auctions, the items have not sold, the following options will apply:

  • You can request in writing that the items not sold be returned to you.
  • FSA can return all the items not sold to you.
  • You and FSA can agree to continue the process on the same basis as outlined in this document. A review of the reserve price may occur in this instance.

 

When and how will I get paid?

Vendor payments are conducted after the end of each month. Sales made during a calendar month will be paid within the first week of the following month. You will receive a notification from our accounts team as to the amount payable.

All vendor payments will be made by EFT to your nominated bank account or by company cheque.

 

What security checks apply?

Based on best business practices, we will need a copy of your official photo ID such as your drivers license or passport. We do this to protect both our buyers and sellers and to prevent fraudulent behaviour.