When the pandemic lockdowns kept most of the population indoors and led collectors to splurge on exceptional items, online auctions saw a sharp uptick. That trend continued even after restrictions eased and in-person events resumed, and auction houses expect it to keep going — although live sales still tend to be the preferred medium for higher-priced lots.
“Our online sales play the role of offering jewels from $20,000 to $1 million across the globe and year-round,” says Rahul Kadakia, international head of jewelry at Christie’s. “They also play an important part in helping us control the lot count, and therefore the time it takes to stage a live auction.”
The optimal number of lots for a live sale is 120 to 150, he explains, “as with telephone, room and online bidding, these auctions take anywhere from three to four hours. [In contrast,] online sales allow clients to take the time and make up their minds when placing bids on more commercial items.”
Long live live
While some may wonder if online auctions will replace in-person ones, auctioneers are confident in the staying power of live sales.
Bonhams plans to keep holding live auctions as well as online versions, as it considers the former a staple of the international auction market, according to Kate Flitcroft, the UK-based auction house’s co-head of jewelry. “It’s hard to compete with the energy of a live auction day, [which] is full of anticipation and excitement,” she says.
Benoît Repellin echoes that sentiment. “There’s nothing quite like the excitement of a live auction,” declares the worldwide head of jewelry at Phillips. “As an auctioneer, I love the electric atmosphere of the saleroom — an experience our clients tell us they value just as much [as we do].”
Last year, Phillips relocated its Geneva sales to the prestigious Hôtel President Geneva, a move that Repellin says reaffirms “our belief in the enduring appeal of in-person auctions” and their role as a cornerstone of the business.
“The saleroom is certainly not dying,” affirms Kristian Spofforth, consignment director of Heritage Auctions. “There is magic to a live sale…that can never be witnessed in an online sale, particularly when an important lot or private collection is being offered. The drama of the gavel, the tension in the room, and the skill of the auctioneer can boost the bidding on a lot far above its estimate.”
London-based independent jewelry consultant Matthew Girling also maintains that “live auction events will never fade out. Purely online sales have increased in number, but that growth has slowed.”
The best of both worlds
Nonetheless, high-value auctions are increasingly migrating online, observes Spofforth, with both consignors and bidders expressing a growing degree of confidence in that medium.
“I would hazard a guess that about 50% of all auctions have an online element, whether that be live-streamed bidding, timed online-only sales, or hybrid models,” he remarks.
For Kadakia, “there is no doubt of the growing importance of online sales and how they have allowed auction houses to sell year-round and reach a growing and younger audience.” He believes online sales will continue to coexist with live ones, “and the sale selection will be curated accordingly.”
Repellin, too, foresees “a hybrid model that blends traditional in-person elements with the expanding role of digital channels, offering greater accessibility and flexibility to collectors worldwide.”
Digital perks
Phillips has seen an increase in requests for digital images and video ahead of its sales. Still, interest in in-person previews remains strong. “There’s simply no substitute for holding a piece of jewelry in your hand,” says Repellin.
All of the interviewees agree that telephone bidding will continue to play a big part in high-value jewelry auctions, though online bidding systems will increasingly compete.
“For now, telephone bidding remains essential, but as digital solutions evolve, they may offer greater convenience and accessibility to a wider audience in the future,” Repellin elaborates.
Another area of change is the ability to research a piece’s provenance digitally.
“Technology provides access to more information, driving interest [that leads to] competitive bidding,” Flitcroft says. “In June 2024, we achieved a fantastic result for an enamel, pearl, diamond and gem-set jewel by the American firm of Marcus & Co. Our specialist was able to track-down the design drawing from the Jewelry Design Books of Jaques and Marcus [collection] in the Dartmouth Libraries digital archive. The jewel was signed, but the addition of the design drawing captivated collectors and propelled bidding to nearly three times the presale estimate. It ultimately sold for GBP 165,500,” or $211,780.
Main image: An enamel, pearl, diamond and gem-set jewel from Marcus & Co. circa 1895, which sold at Bonhams in 2024 for GBP 165,500 ($211,780). (Bonhams)
