Sotheby’s Sale Disappoints

We reported last month how watch auctions were setting records, but not so with a recent jewelry auction at Sotheby’s in Switzerland. Nearly 150 jewels including the star lot, a huge blue diamond, were left unsold, as nervous buyers held back amid uncertainty in world markets, the auction house said. Read more

City Loan & Pawn Shops Form Alliance

City Loan has announced that the company has aligned itself with Abes Pawn Shop in Santa Clarita, California. City Loan hopes that the partnership will increase the company’s exposure to this market, thus eliminating the need for it to open a bricks and mortar location with its subsequent costly overhead. Read more

Antiquorum Watch Auction Sees Record Sales

It is not only jewelry auctions that have been exceeding expectations lately as investors continue to move money into hard assets. Antiquorum reports that its first auction of the fall season brought in $9,892,812 from its sale of collectible clocks, pocket watches, and wristwatches.

In total, 404 pieces were sold. 34 percent of the items were bought via Antiquorum’s online bidding system. Buyers logged in bids from countries around the globe, including China, Germany, and Russia.

The highest sales price went to a Patek Philippe “First Series,” which scored a final bid of $1,514,400. But it was a wristwatch formerly owned by Albert Einstein that sparked the auction’s most intense bidding war. When the gavel dropped the Longines watch from the famed physicist was sold for $596,000, more than 2,000 percent its original estimated value (the highest price ever paid for a Longines wristwatch). Rolex also earned a record amount for its “Platinum Day Date” wristwatch which went for $78,000.

You certainly aren’t going to find those kinds of watches at a San Diego pawn shop, but the these auction results should show you that if you are in need of a good sized cash loan from a pawnbroker, a collectable watch is one of your best items to use as collateral.

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Have you been wondering just what estate jewelry is? Then wonder no longer. We’ve detailed it in this article: What is Estate Jewelry?

What is Estate Jewelry?

We’ve all probably heard of “estate jewelry” but what exactly is it? Is it just that old gaudy looking stuff we see in our grandma’s jewelry box? The answer is no. Estate jewelry is technically any jewelry that has been owned previously. It doesn’t matter how old it is.

The reason for the confusion is that estate jewelry is often sold side by side with “period jewelry.” What is period jewelry? Well, that is jewelry from a particular era such as Art Deco, Art Nouveau, or Edwardian. What confuses the situation more is that many modern jewelry items are being made in these period styles, and called “vintage-inspired” or “revivalist” jewelry. The appeal of this jewelry is that it is said to be a classic and thus never goes out of style.

But back to estate jewelry. Estate jewelry is a market that has increased dramatically in the last twenty years. In fact, industry experts have said that it is the fastest growing segment in the fine jewelry market. In addition to estate fine jewelry, estate costume jewelry is also being increasingly sought after by shoppers, who like its kitschy and often funky look.

If you are thinking about buying a piece of estate fine jewelry at a San Diego pawn shop, make sure it is coming from a shop whose owner or staff knows fine jewelry, diamonds, and craftsmanship. You need to always beware of counterfeit pieces or items that have been repaired or tacked together from parts of different pieces of jewelry.

Don’t expect that original paperwork or a receipt will accompany the piece, as that rarely happens. After all, remember that the person who gave the estate jewelry to the pawn shop owner was using it as collateral on a cash loan. They weren’t actually selling to the pawnbroker or were asked to provide such things as the original receipt.

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When people go to San Diego pawn shops, they often wonder what they should be looking for. Well, we have one answer: Look for Colored Diamonds!

Stephen Webster: Diamond Fanatic

The one exciting thing about shopping for jewelry at pawn shops, be they in San Diego or any other part of the country is that owners sometimes undervalue what they have in their showcases because they don’t realize what kind of item they have. This is especially so when it comes to hot new jewelry designers like diamond fanatic Stephen Webster.

From a modest start in the small town of Gravesend, near London, Webster has become one of today’s most recognized celebrity jewelry designers, attracting a wide range of famous clients, including Elton John, Kate Moss, Johnny Depp, Sharon Stone, Jennifer Lopez, and Nicholas Cage. His unique talents have been regularly recognized by his peers. He is a four-time winner of the “Luxury Jeweller of the Year” award (2001, 2002, 2003, and 2005) in the United Kingdom. He has also been the UK’s “Jewelry Designer of the Year” four times, most recently in 2006.

Unconventional and quirky, Stephen Webster blends the traditional values of jewelry craftsmanship with a love for modern fashion, street styles, and contemporary music. His career began at 16 when he attended a jewelry and silversmith course at Medway College of Design. He later studied under Tony Sheperd (a former Prime Warden of the Worshipful Company of Goldsmiths) before heading out on his own to work as a craftsman for several London design houses–during which time he was twice commissioned to set the De Beers Diamond Stakes Trophy.

Stephen Webster set up his first studio in Canada in 1982, returned to England briefly in 1984, and then set off to California to explore the sun-drenched streets of the West Coast. In 1988 he once again returned to England to establish his current company Stephen Webster Ltd., which has become one of the largest jewelry manufacturing and design studios in London’s West End. Webster has also established independent boutiques and concessions around the world, including stores in Moscow, Hong Kong, Seoul, and St. Petersburg.

So what this all means is this: if you see a piece of Stephen Webster jewelry going for a couple hundred dollars at a San Diego pawn shop and you are sure it is the real deal, buy it!

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If you have some Stephen Webster diamond jewelry, then you might be thinking about having it appraised. Before you do, read: Beware of Jewelry Appraising Values.

Beware of Jewelry Appraising Values

San Diego buyers and sellers of fine gemstone jewelry should take note of a recent report by ABC’s 7 On Your Side in San Francisco. The California consumer watch dog has shined a light on what could be construed as misleading practices being conducted by auction houses and jewelry appraisers. In particular the report singles out alleged inflated appraisals by American International Gemologists of Woodland Hills, who have received an F rating from the Better Business Bureau. The report retells the following consumer story:

“The auctioneer stopped me on the way out saying gee I’ve got something here for you, and he had the bracelet in his hand,” said Sjostrom.

He showed her an appraisal certificate saying the bracelet is worth a lot of money — $34,000 retail. But the auctioneer said Mary could have it for a mere $3,500.

“$3,000 to pay for something that had a $34,000 value would be incredible,” said Sjostrom.

So Mary bought it. With fees and taxes, she paid $4,200. Then she went outside and got a closer look.

“The rubies were very, very cloudy a lot of cracks and inclusions in the diamonds,” said Sjostrom.

Mary went right back in and asked for a refund. But all sales were final.

“He said, well, try and sell it on eBay,” said Sjostrom.

Needless to say that was not the kind of answer that Mary was looking for. If you are shopping at a San Diego pawn shop for jewelry and the owner shows you an appraisal certificate, look at with a discerning eye. Remeber that the appraisal value is the RETAIL value, and that could be hugely inflated. Don’t rush into anything. Check out the appraiser with the Better Business Bureau, as well as the pawn shop.

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Now that you have learned a bit more about jewelry appraisers, it would be a good idea to follow up that knowledge with our article: 7 Tips for Selling Diamonds and Diamond Rings.

Pawn Shops May Benefit from Fall of Jewelry Retailers Friedman’s & Whitehall

Local San Diego pawn shops stand to profit from having two less competitors in the crowded retail jewelry market. National Jeweler Magazine reports that Friedman’s Jewelers filed for Chapter 11 bankruptcy protection in January, with Whitehall following suit in June. Read more

Advice For Dental Gold Sellers from San Diego Buyers

This Week’s Gold Seller Question:

What is a good price for dental gold scraps by the gram?

Answer From: San Diego Jewelry Buyers

Depending on the gold purity of your dental scraps, we would be paying you roughly between $10.00 and $20.00 per gram. Let me explain how that works: Dental gold scraps can vary in actual karat rating (gold purity) from between 40% gold content all the way up to as high as 80%. So, for example, if gold is trading on the market at $900 per troy ounce, and your scraps tested at 40% gold purity, then we would be paying you $9.83 per gram. If your scraps tested at 80% gold purity, then we would be paying you $19.67. These figures are calculated at 85% of gold’s current trading price, to leave room for operating and refining costs, and to cover risk of gold prices taking a sudden drop. These figures are based on the assumption that you have only a small quantity of gold (less than one ounce), but in case you have a lot of dental gold we sometimes pay higher for larger quantities.

We tell customers that the best thing to do is come into our office so that we can test the karat rating of their dental gold scraps, and let us make them an offer. There is no obligation to sell to us, and we offer this service free of charge. We’re available any time from 9:00 AM till 4:00 PM Monday through Friday, no appointment necessary. Our office is located at 861 Sixth Avenue (between E Street and F Street), in the Jewelers Exchange Building, downtown San Diego (in the Gaslamp District). We’re at the far right corner of the ground floor, suite number 125. Please ask for Carl Blackburn. You may call ahead if you’d like, to let us know what time you’ll be coming in, our telephone number is (619) 236-9603.

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Here at the San Diego Luxury Pawn Shop Report we are always looking for unusal news stories that jewelry lovers might be intrigued or surprised by. Here’s a good item: Lesotho Unearths 478 Carat Diamond!

Lesotho Unearths 478 Carat Diamond

Gem Diamonds said yesterday that it had recovered a 478-carat diamond from its mine in Lesotho – the 20th-largest rough diamond yet found. The gem had the potential to become one of the largest round-cut diamonds in the world.

The Daily Telegraph reports that the gem was discovered on September 8 at the Letseng mine in Lesotho, a small kingdom inside South Africa. The mine, which was owned by De Beers for many years, has already produced three of the world’s biggest diamonds. These are the 603-carat Lesotho Promise, the 493-carat Leteng Legacy and the 601-carat Lesotho Brown.

Clifford Elphick, Gem Diamonds’ chief executive, said: “Preliminary examination of this remarkable diamond indicates that it will yield a record-breaking polished stone of the very best colour and clarity.” The diamond, which has not yet been named, has the potential to yield a 150-carat polished stone. That would dwarf the 105-carat round-cut Koh-i-Noor diamond seized by Britain from India in the 19th century and now part of the Crown Jewels. It would still only be a fraction of the size, however, of the Cullinan diamond, which was discovered in 1905.

This huge gemstone was 3,106 carats when recovered and yielded a teardrop-shaped diamond of 530 carats – the Great Star of Africa. The Letseng mine is owned by a mining company that is 70pc-owned by Gem Diamonds, with the remaining 30pc held by the Lesotho government. Mr Elphick added: “Letseng continues to reward its shareholders with the production of these significant diamonds and to confirm its position as one of the great mines in the diamond industry.

“With a further 45 years of life remaining, we expect Letseng to make history for many years to come.”

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We at the San Diego Luxury Pawn Shop Report have a special affection and respect for fine mechanical watches, seeing them as a perfect blend of beauty and precision. Thus we were happy to read the following news: New Auction House to Sell Masterpiece Watches.

New Auction House to Sell Masterpiece Watches

Patrizzi and Co. Auctioneers, a new auction house founded by former Antiquorum chairman Osvaldo Patrizzi, has announced its first-ever auction.

The National Jeweler Network reports that the sale of watchmaking masterpieces will take place on Nov. 18 at the Hotel Richemond in Geneva, with collectors also participating via the Internet.

A trio of Breguet timepieces are among the lots to be auctioned off, with Breguet No. 2807, an 18-karat gold and enamel astronomical, equation-of-time pocket watch, among the offerings. The watch was one of an edition of three created by Breguet, but No. 2807 is the earliest of the three and the only one known to still be in its original condition. The watch features mean and true solar time, manual perpetual calendar and phases of the moon. The watch was sold to General Yermoloff in 1817 and is expected to sell between $1,400,000 and $1,850,000.

Breguet No. 2396 is a fine and extremely rare 18-karat gold watch with a “Garde Temps” four-minute tourbillon regulator. The timepiece’s regulator features constant force escapement that has been converted, as well as independent seconds, a 36-hour power-reserve indicator and fast-frequency balance. The watch was also sold to General Yermoloff in 1815 and is expected to fetch between $550,000 and $850,000.

The Breguet and Fils “Horlogers de la Marine Royal,” Breguet No. 3787, is one of three of the world’s first “Garde Temps” deck chronometers with double barrels known to have survived. Made in silver, the watch is one of the first practical deck watches ever made. It is estimated between $160,000 and $180,000.

Additional highlights of the sale include a Vacheron Constantin extra flat minute repeater and a Patek Philippe Ref. 1518, each expected to realize between $180,000 and $360,000.

For highlights and more information, visit the Patrizzi and Co. Web site, PatrizziAuction.com.

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If masterpiece watches are not your style but hip hop jewelry is, then the following article from the San Diego Luxury Pawn Shop Report is right up your alley: Hip Hop Bling Goes to Auction.

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