The Auction Market – Rapaport
The Auction Market Is Becoming Harder to Forecast by Anthony Demarco
For the past 15 years, momentous events — including wars, recessions and Covid-19 — have had little impact on the auction market for gems and jewels. During the worst and best of times, the monied class has viewed hard luxuries like jewels and watches as sound investments and collectible items of beauty. In addition, auction houses have proven agile in developing creative and innovative ways to sell their items. Some auction-house officials say they’ve also been successful in attracting a new generation of collectors through online sales and special selling exhibitions.
This resiliency was highly evident in the first half of the year as rare items reached record-breaking prices. However, with the ongoing Russian invasion of Ukraine and sky-high inflation, prices for marquee items leveled off in the latter half of 2022, leading to what may be a cautious 2023.
“It’s going to be interesting what this year brings in the auction world,” says Benjamin Goldberg of New York-based diamond and high-jewelry firm William Goldberg.