Heritage Auctions’ Post

The February 14 auction (watches, jewelry and bags) was held recently. The number of exhibits was the highest ever for a two-week competition. Compared to the same convention last year, the amount of items on display has doubled. In addition, the number of items on list at our auctions, including in other months of the year, has been increasing with each passing year. We are continually improving our auction experience with feedback from our members to make it even better. The number of items on list increased due to the accumulation of these improvements, which led to an increase in the number of items on display by existing members and the addition of new members. We have also included a link to some of the results of the same auction, if you are interested. Here are some of the results https://x.gd/4VyrX Click here Document Request https://lnkd.in/gcj-n5Vz

I read this today, and it is true. "Those who say something cannot be done are often interrupted by those doing it!" And I have some history with this. Early in my gem and jewelry buying and selling career, I traveled the world buying things at one auction - including at all of the major auction houses, to resell them at other auctions - often tiny-in-comparison local auctioneers. A top person at Sotheby's NYC at the time saw one of their regulars talking with me during one of their auctions a few weeks earlier. Not knowing me, he asked her about me. She explained that I was buying at one auction to resell at another. He laughed, and said, "Lots of people have tried that, but it cannot be done on a regular basis." She responded, "Well that's interesting, because he and his partner are doing so well at it, that they just left on a round-the-world auction buying trip." Apparently he frowned and walked away. But I've proved them wrong over the decades - 80% of the items I purchase, I make money on, 10% I break-even on INCLUDING ALL EXPENSES, and 10% I lose money on - on average less than 10% on those items, after all expenses. Overall on items that I make money on, break-even on, and lose money on, I average a 13% ROI EVERY THREE MONTHS, reinvesting that - which works out to an annual ROI of approx. 75% a year, with practically no downside risk... So, "It" can be done!

Take a look at the results from Christie's Important Watches Auction in New York, held on June 10, 2024. This auction showcased 115 exceptional watch lots, achieving total sales of USD 13.04 million with an outstanding 100% sell-through rate, emphasizing the incredible success of the event. The auction was led by two Richard Mille 42mm limited edition watches, both featuring manual movements. The Richard Mille RM56-02 AO, an extraordinary limited edition transparent sapphire crystal skeletonized tourbillon wristwatch with a titanium cable-suspended movement and a cable tension indicator, sold for an impressive USD 3.01 million, making it the most expensive Richard Mille sold this year so far. This watch is limited to just 10 examples. Another significant sale was the Richard Mille RM 52-01, an extremely rare lightweight white quartz carbon skeletonized tourbillon wristwatch with a diamond-set skull. Limited to 10 examples, it sold for USD 1.26 million, surpassing its estimated sale price by 44%. Swipe left to see more from this auction. https://lnkd.in/gSajnkny *These insights and reports are solely dedicated to timepieces and exclude other items like clocks. For detailed analysis and insights, visit EveryWatch.com #EveryWatch #Auction #Christies #Watches #LuxuryWatches #WatchCollectors #AuctionResults #horology #finewatches #hautehorlogerie #watchcollector #RichardMille

📣 Term of the Day: Knocked Down! 🎉 Hey there, Auction Fam! Let’s dive into some auction lingo with our term of the day: "Knocked Down." In the auction world, when you hear that a “LOT” has been “knocked down,” it means that the item has been sold to the highest bidder! 🏆✨ It's that exciting moment when the gavel drops, sealing the deal and marking the end of a thrilling bidding war. 🔨💥 Imagine the buzz in the air as buyers eagerly raise their paddles, each one hoping to claim that coveted item. And then, with a resounding bang, the auctioneer declares, “Sold!” That's what “knocked down” is all about – the exhilarating conclusion of an auction sale. 🎯🔥 Whether you're looking to buy or sell, we’re here to help you every step of the way. From industrial equipment to commercial properties, our auctions are a great way to turn assets into cash quickly and efficiently. 💰🏢 Curious to see how it works? Join us at our next auction and experience the excitement firsthand! Or, if you have items to sell, let's get them knocked down at our next event! Contact us today to learn more. 📞📧 #AuctionLife #KnockedDown #Auctioneer #AuctionTerms #SoldAtAuction #BiddingWars #BusinessSolutions #AssetLiquidation #AuctionBuzz #TurnAssetsIntoCash

What potentially valuable items are stowed in your jewelry box or safe?    Former Oiler and five-time Stanley Cup winner Esa Tikkanen stowed away his championship rings in a jewelry box for 3 decades. Recently, he decided to put four of his five rings up for auction. All four rings found buyers through an auction house. You would think that Tikkanen’s kids would want their Dad’s Stanley Cup rings.  But when Tikkanen asked them, they said, “No thanks, Dad.”  Your offspring may feel the same about your ‘treasures.’ I bet there are things you have saved in your jewelry box or safe that you believe your kids will want. As long as you ask them first (give them a deadline) and they decline, then you could sell them. It’s important to decide which treasures are NOT for sale. Keep one or two and give away or sell the rest. Have an antique and jewelry company appraise your costume and precious jewelry. Tikkanen is being discerning by keeping the first ring he won in 1985 as it has deep sentimental value to him. He had promised his dad the first ring he won. When his dad passed away, Tikkanen got the ring back to keep. Tikkanen’s rings fetched nearly 265,000 USD. This win is atypical but welcome the windfall, whatever size it is. Welcome the possibility that others will find your item special and value it. The real achievement is in the discernment of what’s important to you and then letting go of the rest so you can free up space in your home and in your mind. What’s your next step to take? #tidyingup #simplify #homedeclutter #professionalorganizer #declutter #yegorganizers

Sotheby’s is pioneering a new auction format with "Sotheby’s Sealed", marking a shift in their approach to art sales amidst ongoing policy changes. Originally used for #luxury items such as cars, jewellery and watches, this format is now being applied to #fineart as well. In contrast to traditional auctions, 'Sotheby’s Sealed' maintains strict confidentiality regarding bid amounts, disclosing only the bidder's ranking without specific bid details or publishing any sale results. This lack of #transparency, however, has sparked concerns within the #art market, suggesting it could lead to inflated prices and erode trust in valuation standards. To me, this format seems like a middle ground between public auctions and private sales, providing us some visibility into private market offerings while retaining elements of confidentiality in bidding. How this will impact the #artmarket? Check out Kyle Castellanos analysis (and concerns) in his latest article: https://lnkd.in/d9Zpwqtr (Image: Sotheby's)

In 2023, Bonhams, the renowned auction house, topped US$1.14 billion in annual turnover, the best result in its 230-year history. For my December 2023 story highlight, the final post in this series, I've chosen to share their end-of-year wrap, one of many such stories created in Shorthand during December. There's something about Bonhams' choice of elegant typography, used right across their website, that means even text-heavy content like press releases feel right at home amongst the sumptuous auction lot photos. In a similar vein, the body of their end-of-year wrap is a sequence of two-column Text sections, featuring inline media, breakout boxes and calls-to-action. Unlike the other eleven stories I've shared in this series, most of which might be described as visual feasts, the primary purpose of this story is to serve as a jumping off point to other content, and this spare, understated layout achieves this goal. It's worth pointing out that Bonhams creates a lot of content with Shorthand (we're talking hundreds of stories each year), which tends to be more visual in nature. This includes a responsive, web-first edition of its quarterly magazine, a must-read for collectors and art aficionados everywhere. The artefacts at the heart of the content created by auction houses, just like galleries and museums, are the perfect subject matter for showcasing in Shorthand. They tend to make for really compelling visual stories. There are many people contributing to Bonhams' Shorthand stories, so I won't call them all out here. But congratulations to the entire Bonhams team for another fantastic year of amazing content. That brings an end to my 12-part series. I hope you enjoyed it. Happy storytelling all! https://lnkd.in/gzfPFX_S #storytelling #multimedia #contentcreation

New episode of Builders of Authority! Join for an in-depth conversation with Charles Marks, owner of Marks Jewelry Co., as they explore his journey from jewelry salesman to store owner!