FREQUENTLY ASKED QUESTIONS

1. What is Estate Jewelry?

Jewelry that has been previously owned by a consumer. Generally, the jewelry’s craftsmanship and design assures a value greater than melt/breakout value. In some instances, the jewelry is signed/stamped with a recognized brand or may include valuable gems.

2. Auction Format – How the Live Auction Works

The Rapaport Jewelry Auction is held in a Live Auction format. Jewelry lots are available for viewing online and in Rapaport’s New York office with bidding accepted until the close of the auction.

During the live auction, the current highest bid will be visible for each item. The value and status of your highest bid will be visible only to you, unless it is the leading bid. If the status of your bid changes and you have been outbid, you will receive an e-mail notification. You may increase your bid at any time until the auction closes.

The highest bid placed that hits or exceeds the reserve price at the close of the auction will win the item. However, placing the highest bid on any lot at the close of the auction does not guarantee that you will win the lot if you have not hit the reserve.

All bidders will be notified if they have won any lots the day after the auction closes.

All sellers and bidders must meet strict Rapaport compliance requirements and register for the auction and a Rapaport Trade Account.

3. Inquiries

Suppliers and bidders may obtain information about the auction and personal service by calling +1-212-354-9800 or emailing jewelry@rapaport.com.

4. Registration and Auction Agreement

Members of the trade wishing to participate in the auction must register online and create a Rapaport Trading Account. Please call +1-212-354-9800 or email jewelry@rapaport.com if you would like assistance.

The registration process is designed to meet all legal compliance requirements and will require uploading a government document evidencing a legal company.

Registration is limited to companies or individuals who are in the jewelry trade.

Consumers may participate in the auction via registered companies, subject to the condition that the registered companies are responsible for the payment of all bids and all legal compliance requirements. Rapaport Auctions does not provide direct access to consumers and encourages registered companies, particularly retailers to represent consumers. Rapaport Private LLC will process bids from consumers subject to the same terms and conditions as any other registered company.

5. Taxes and Fees

A 10% Buyer’s Premium is charged to Private buyers participating in the auction. All bidders must pay sales tax unless they are members of the jewelry trade who provide a Sales Tax Resale Certificate.

6. Shipping and Insurance

Shipping and insurance fees to and from Rapaport are paid by the party requesting the shipment. Insurance is provided by Rapaport for all items while on Rapaport’s premises. Insurance is not provided for shipments to or from Rapaport. Lots may be delivered directly or picked up from Rapaport’s New York offices.

7. Viewing

Viewing will be available in the Rapaport New York office and online.

Clients may contact a member of the jewelry team for more information about a lot by calling +1-212-354-9800 or emailing jewelry@rapaport.com.

8. Estimates

Each lot in the catalog is given a low and high estimate, indicating to a prospective buyer a range in which the lot might sell at auction. When possible, the estimate is based on previous auction records of comparable pieces. Estimates should not be relied upon as a representation or prediction of actual selling prices.

9. Starting Bids

Each lot in the catalog is listed with a starting bid. All bids must be at or above the starting bid in order to be accepted.

10. Bidding

Bids may not be changed or cancelled after bidding closes. All bidders will be notified if they have won any lots one day after the auction closes. A 10% bid deposit may be required. Bidders are required to meet Rapaport credit standards to ensure they fulfill their bid commitments. There is a 10% penalty in the event a bidder does not make payment within three business days of Bidder Notification of successful bids. Bidders may designate a maximum amount they wish to buy at any auction.

11. Auto-Bidding

Bidders have the ability to set up automatic bidding on each auction lot. This enables the bidder to set a maximum bid that they'd like to pay for the lot, eliminating the need to manually update their bid each time they are outbid. When another bidder outbids the current bidder on a lot, we will bid in increments on their behalf by placing a slightly higher bid - but only up to their pre-set maximum bid limit.

Bidders may choose to increase their maximum bid limit at any time once they are outbid.

Bids may not be changed or cancelled after bidding closes and all bids are final.

    12. Auction Extension

The auction may extend for a brief interval beyond the set closing time if there is ongoing bidding on specific lots at the designated closing.

    13. Payments

Payments for lots are due three business days after Bidder Notification of successful bids. Bidders can pay with a wire transfer, bank check or select credit cards. There is a 3% credit card fee.

    14. AS-IS Sales

While Rapaport makes reasonable efforts to ensure the accurate description of lots, all sales are on an AS-IS basis. Rapaport does not guarantee the accuracy of any grading, appraisal, provenance or evaluation report. Bidders are advised to have their own experts evaluate the quality and provenance of lots they wish to purchase. Returns may be accepted for private consumers up to 3 days after the merchandise is received.

   15. Returns

Merchandise returns may be accepted for private consumers up to 3 days after the merchandise is received.

   16. Disputes

Rapaport reserves the right to cancel any transaction in the event of a dispute. Upon cancellation, the buyer must return the jewelry and the seller must return the money paid.

Contact Us

jewelry@rapaport.com

+1-212-354-9800