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Selling Tiffany Engagement Ring - advice needed

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  • 24-07-2019 3:38pm
    #1
    Lesalare
    Registered Users Posts: 342 ✭✭


    Hello,

    I was wondering if anyone here has any experience of selling high end jewellery?

    I have a 1.8 carat Tiffany diamond ring which currently retails for approx. $38K. It's been sitting in a box for 5 years and I am thinking to sell it but am getting ridiculously low quotes from auction houses (3-5K). I understand you never get close the the original value with ring re-sales, but this seems extortionately low.

    Has anyone here had any luck selling similar items for a more reasonable price here in Dublin?

    Any advice, greatly appreciated.

    Thanks
    Tagged:


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    #2
    Discodog
    Registered Users Posts: 15,822 ✭✭✭✭Discodog


    Lesalare wrote: »
    Hello,

    I was wondering if anyone here has any experience of selling high end jewellery?

    I have a 1.8 carat Tiffany diamond ring which currently retails for approx. $35K. It's been sitting in a box for 5 years and I am thinking to sell it but am getting ridiculously low quotes from auction houses (3-5K). I understand you never get close the the original value with ring re-sales, but this seems extortionately low.

    Has anyone here had any luck selling similar items for a more reasonable price here in Dublin?

    Any advice, greatly appreciated.

    Thanks

    I would suspect that you might be better off contacting a specialist.
    There's a huge mark up on all jewellery & so much depends on the quality of the stones.


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    #3
    Cabaal
    Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 28,462 Mod ✭✭✭✭Cabaal


    There's is certainly a massive mark up on jewellery and according it looses more value then a car the second it leaves the store.

    You'd get advise from a specialist as already suggested.


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    #4
    Discodog
    Registered Users Posts: 15,822 ✭✭✭✭Discodog


    These are the crowd from the TV program. They come across as totally genuine & fair. They are UK based but do travel. They specialise in diamond jewelry.

    https://www.prestigepawnbrokers.co.uk/


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    #5
    irishnian
    Registered Users Posts: 14 ✭irishnian


    I once bought a Tiffany ring for I believe 5k and I had to sell it for 750 euro here in Ireland in a private auction, no one wants Tiffany rings, they don't have any resell value whatsoever, you won't be able to get even half of the price you paid unfortunately.


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    #6
    Effects
    Registered Users Posts: 9,761 ✭✭✭Effects


    Have you thought about having it made into something else rather than selling it?


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    #7
    Lesalare
    Registered Users Posts: 342 ✭✭Lesalare


    irishnian wrote: »
    I once bought a Tiffany ring for I believe 5k and I had to sell it for 750 euro here in Ireland in a private auction, no one wants Tiffany rings, they don't have any resell value whatsoever, you won't be able to get even half of the price you paid unfortunately.


    Thanks for your feedback.

    I spoke with 2 auctioneer houses and both said contrary to your thoughts re. no one wanting Tiffany in Ireland. The lady in Adam's Fine art opp. the Shelbourne, told me Tiffany is highly sought after here, Cartier and such in the UK and France but as Tiffany only has one small store in BT's, and they don't sell very high end items, I would probably find it easy enough to shift it here, as, like in the US, Irish girls are mad for the store and the baby blue box. However as you say for less than half price.

    They have recently given me a valuation of 10-12K for it if I decided to sell it through them at an auction.


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    #8
    Lesalare
    Registered Users Posts: 342 ✭✭Lesalare


    Effects wrote: »
    Have you thought about having it made into something else rather than selling it?


    Hey, yes I have thought amount turning it into a solitare pendant. However if I can get 10K for it via an auction house I'll probably go with that, or just keep it for a rainy day. Just seems crazy when I don't have anyone to pass it down to etc. that it's just sitting in a box when I could turn it into cash etc...


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    #9
    my3cents
    Closed Accounts Posts: 9,764 ✭✭✭my3cents


    Lesalare wrote: »
    Thanks for your feedback.

    I spoke with 2 auctioneer houses and both said contrary to your thoughts re. no one wanting Tiffany in Ireland. The lady in Adam's Fine art opp. the Shelbourne, told me Tiffany is highly sought after here, Cartier and such in the UK and France but as Tiffany only has one small store in BT's, and they don't sell very high end items, I would probably find it easy enough to shift it here, as, like in the US, Irish girls are mad for the store and the baby blue box. However as you say for less than half price.

    They have recently given me a valuation of 10-12K for it if I decided to sell it through them at an auction.

    Don't forget to take auction fees into account. You'll loose 10-17.5% of that 10-12k in commission plus VAT on that and there is 1.5% insurance charge.

    Commission is 17.5% plus VAT (Irish art is 10% commission)

    So over 2k to sell the ring for 12k.


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