Luxury and high-jewelry specialist and adviser Sharon Novak shares some insights and real-life stories on bidding successfully at jewelry sales.
Sharon Novak’s first auction purchase was a politically charged photograph from American artist Robert Mapplethorpe she displayed at the entrance to her home to stand for freedom of expression. After 20 years as a luxury-goods brand president and as a curatorial and strategic adviser for organizations such as Oscar de la Renta, Burberry Group and eBay, she founded Jewelry Athenaeum, the consultancy where she currently provides advice for high-jewelry collectors at auctions.
In this new episode of the Jewelry Connoisseur Podcast, Novak details why buying at auctions is such a good opportunity for jewelry collectors and how her experiences at these events have strengthened her knowledge and improved her understanding of value. “It can give you a much wider range of opportunities to solve and find what you’re looking for,” she notes.
Auctions have changed a lot since Covid-19 hit, explains the specialist. “Many more people who may have been too intimidated to go to an auction house and certainly not sure of how to get involved with bidding are able to sign up online. It’s an interesting development,” she relates. However, she believes this new situation is stressful for traditional buyers “because the prices can just go crazy.”
As a graduate gemologist, Novak affirms that when bidding on gemstones at auctions, buyers need to focus on the purpose of the acquisition. “You need to really assess why you are looking for something, if it’s an investment or a purchase for love,” she observes. Due to changes in the availability of gemstones, for example, an investment purchase could be not as profitable as expected, as happened in the past with amethysts. “They used to be the rarest gemstone, incredibly expensive,” Novak says. “And then when more sources were found, the price plummeted because they became readily available.”
That is why she sees purpose as pivotal. “If you love a gemstone, tomorrow that might become the rarest thing on Earth, or it might become the most plentiful, but it won’t change the way you love it,” she notes.
Novak also stresses why it is important for customers to receive sound advice. “Buying at auction is the same serotonin rush as gambling. And you don’t want to have emotion going into it. It needs to be a rational decision, based on research,” the expert says.
She describes her experiences with museum-quality jewels, like the Marie Antoinette bracelets she tried on last year ahead of the Christie’s sale in Geneva in November. “As advisers, we will get access to the pieces a lot more easily to handle them in person. If we’re talking about an investment at that level, you really want to put your hands on it or send a representative to do so [before the sale],” she explains.
To listen to the Jewelry Connoisseur Podcast, click below.
Main image: Harry Winston emerald and diamond brooch auctioned by Sotheby’s. Sharon Novak wearing Bulgari emerald and diamond earrings auctioned by Christie’s. Photos: Sharon Novak/jewelryathenaeum.
