With the colder months keeping us indoors and the expenses of the festive season upon us, now is a great time to take stock of your jewellery collection and decide what is and isn’t worth keeping. With record-high gold prices in the UK right now, it’s a great time to sell those unworn, unloved pieces of gold jewellery collecting dust in the back of your drawers.
However, once you’ve decided to sell your gold, your next step is choosing how you want to sell it. Is it better to sell your gold for scrap, or to sell it at auction? While the convenience of selling your gold pieces for scrap might be your initial knee-jerk reaction, selling your gold at auction has a range of advantages over selling it for scrap. Let’s explore some of the benefits of selling your gold at auction, over selling it to a jeweller or bullion dealer for scrap prices.
Potential for higher returns
Auctions can also drive up the price of a lot as multiple buyers bid for the same item, especially if it’s unique or highly desirable.
Gold jewellery and sovereigns often hold value beyond just the weight of the metal. Rare coins, vintage jewellery, or pieces with historical significance will often fetch prices well above their melt value when sold to collectors or enthusiasts at auction.
If the gold jewellery has intricate designs, gemstones, or is from a renowned designer or brand, it could be worth significantly more than its scrap value. Auctions provide a platform where buyers recognise this, and are willing to pay a premium for any added value a piece might possess.
Gold sovereigns are often worth more than their gold content due to rarity, age or historical importance. Selling these for scrap would only net you the gold’s melt value, ignoring their collectible appeal. At auction, gold sovereigns are likely to attract collectors who understand their worth, ensuring you get a fair market price.
Transparency and market fairness
Auctions provide a transparent way to sell, where the price is determined by market demand. This eliminates the risk of underpricing, which can happen with scrap dealers offering flat rates. We will also work with you to set a starting reserve price. We don’t want you to part with your pieces for less than you’re comfortable with. As a general rule, this starting estimate will match current scrap gold prices on the market at the very least.
Trusting a reputable auction house, such as ourselves, with auctioning your precious gold items means that potential buyers will feel confident about the authenticity of their purchase, and will therefore be willing to bid higher.
Preservation of sentimental or historical value
Selling at auction means that items with sentimental or cultural significance, such as heirlooms or vintage pieces, are most likely to find a new home that appreciates their full history, rather than being melted down. This can be particularly comforting when parting ways with a piece that is of significant sentimental value to you.
Professional valuation and promotion
Potteries Auctions’ professional appraisals ensure that your items are valued accurately based on factors like rarity, condition and market demand. Our experienced jewellery expert specialises in assessing the value of gold jewellery. This ensures you receive a fair and accurate appraisal, and that your items are priced competitively.
Our combination of in-person and online auction platforms attracts bidders from around the world. With Potteries Auctions, your jewellery can be seen by potential buyers from around the world. This increases the chances of finding the right buyer willing to pay a premium price. We also regularly hold specialist timed sale auctions for large collections of similar wares or for single-owner collections. By marketing your items to targeted audiences, we’re more likely to find you the best price for your jewellery.
Find out more about the process of selling your jewellery at auction with Potteries Auctions here.
When selling gold for scrap can be beneficial
Selling your gold at one of our auctions has many, many advantages. However, there are some situations where selling your gold for scrap might make more sense for your personal circumstances.
- Quick cash: Selling for scrap will typically get you your money faster, as gold buyers base their offer on weight and purity on the spot.
- Damaged or broken pieces: If the jewellery is in poor condition, missing stones, or won’t be of interest to collectors, selling it for scrap might yield the best outcome. However, it’s worth noting that with scrap jewellery such as this, we weigh each gold item and set the reserve at the bullion or scrap gold price. That way, at the very least, our clients receive bullion or scrap prices as a minimum if their item sells.
- Low-value items: Generic or mass-produced gold jewellery may not perform well at auction, as their primary value lies in the gold content. But if you’re unsure, it’s always best to get your items appraised for a better understanding of their value before you automatically send them off to be melted down.
Check out some recent examples from our auctions below. They showcase why selling gold at auction versus selling gold for scrap is worth it.
Please note: all gold scrap prices are correct at the time of writing (13/11/24).
Lot 1601 in our November 2024 auction was this full gold sovereign set in an 18ct gold quality bow brooch. With a weight of 15.5g, selling it for scrap gold would get you around £573. By selling it at auction instead, our customer was able to achieve a 15% increase in value.
This handmade 18ct yellow gold neck chain weighed in at 20g, giving it an estimated scrap price of around £741. With us, it fetched a hammer price of £980, increasing its value by 32%.
Weighing in at 9.8g, this 18ct gold hallmarked diamond and ruby ring would’ve sold for scrap at around £363. By selling the ring at auction, our customer was able to find a hammer price of £550 instead, basically doubling the ring’s value!
This 18ct gold bloodstone intaglio ring engraved with a falcon sold for £800 at a recent auction. If this had been sold for scrap, it would’ve only fetched a gold price of around £392. A wonderful 104% difference!
This hallmarked 18ct yellow gold “REGARD” ring sold for £340 at our three-day November 2024 auction. Weighing in at 3.3g, its gold scrap price would be approximately £122. That’s a 178% increase!
How do I sell my gold jewellery at auction?
At Potteries Auctions, we identify and provide valuations to help you get the best value at auction for your items.
Please get in touch with us if you’re looking for an expert evaluation and are seeking to sell your gold jewellery. Free valuation days are held every Tuesday at our Silverdale saleroom. To book an appointment, use our online booking form here.
Due to popular demand, we have also started to offer a private valuation service for premium items. Please contact us directly to arrange an appointment by emailing amy@potteriesauctions.com.
You can also email us at enquiries@potteriesauctions.com or call us on +44 (0)1782 638100. Valuations can even be provided via WhatsApp – send some clear images of your items via the app to 07864 667940.