Despite Market Downturn - Jewelry Sales Remain Strong

The other week I posted to the AW blog about the negative impact the financial downturn has had on international auctions houses. I also reported that some segments, such as coins (through Heritage) and jewelry were doing well with some signs of strength. Click HERE to read the post.

Forbes is reporting that jewelry auction sales are strong. The article by Jeanine Poggi called Why Auctions Thrive in A Bad Economy states "What also makes auctions of interest during difficult times is the sheer flood of items that go on the block. The economic downturn has been a driving force behind new consignors showing up at auction houses."

"Especially when it comes to jewelry, many people have items sitting in their safety deposit boxes that they don't need and haven't worn for years," says Leslie Hindman, owner of Leslie Hindman Auctioneers. "They are looking in their closets and seeing what they can sell to make some quick money."

"In some cases, the pre-auction hype far exceeds expectations. The highly anticipated Hip Hop Crown Jewels auction at Phillips de Pury & Company in New York has been pushed back to March 5, 2009, from Oct. 1, to "accommodate the increased demand from consignors and buyers who wish to participate in the sale," according to a statement by the auction house."

To read the full Forbes article, click HERE.