Why not an auction site?
We’ve been asked so many times “Why not just send my ring off to an auction site?” and we’d like to provide an explanation. It comes down to the amount of money you receive, and many times, it won’t be what you thought. You may be thinking – “Of course they’d say that, they aren’t an auction site.”
Let’s work with an example. So you get an idea that the market value quote will be between $4000-$5000 for your ring. If the auction lands in that area, you are obligated to sell the item. Which you should, because that’s an incredible offer.
Except jewelry auction sites generally don’t subtract the 15%-20% seller fee from the market value quote. So if your estimated auction yields you $4000, you have to sell and give them $800, leaving you with $3200 and that doesn’t feel anything like $5000. Sadly, that’s the best case scenario.
Ok try a route that may be more realistic. You found that the quote of $4000-$5000 was attractive and you decided to send in your piece. Once it arrived the appraiser noticed that he or she had misquoted and knew that the market value quote was a little high and that the item wouldn’t sell for the quoted amount. The piece was still sent to auction and the final price was $3350. You are now at least 3 days into the process. Jewelry auction sites will send your piece back, but 9 out of 10 cases, sellers just settle for the price, that’s precisely what the auction houses bet on. You settle on the $3350 and now realize that the auction house requires (20%) which $670 as sellers fee. Now your down to $2680. You thought for some reason that you’d come away easily with $5000, but you realistically came way with about half.
We don’t work that way. No hidden fees and you’re not waiting a week. We quote you on what you have and if we’re not spot on – we’ll ship it back. Best of all, you’re shipping to a nationally recognized jewelry store in Augusta, Ga.