Geolat & Associates "In The News"
WHAT IT ’ S WORTH
by Patti J. Geolat
One of today’s best bargains in estate jewelry also happens to be one of the hottest items in new jewelry: pearls. Demand for these little iridescent globes has been rising steadily for the last several years, with more and more women adding them to their wardrobes. Armed with a little guidance on how to judge quality and condition, you’ll be able to take advantage of the surprisingly affordable prices for pearls at auctions and estate jewelers. And just how much of a bargain are these pearls? Purchased new, a fine opera-length strand of 7.00 to 7.50 mm Akoya cultured pearls might sell for $8,000 to $10,000. The strand shown above was bought from an estate for just $3,500 -- a savings typical of pearl jewelry bought second-hand.
PEARL FACTS
Before 1920, almost all pearls were natural, that is to say, produced by oysters with no help from man. These natural pearls were so rare and valuable, they were worn almost exclusively by the very rich. Since the culturing of pearls by man was invented this century, these lovely organic gems have been much more widely available for us all to enjoy. Today almost all the pearls that you find in new in stores are cultured, and virtually the only way to find natural pearls is through an estate jeweler or at auction. When you do find natural pearls set in older jewelry, the premium is less than you might think, given their beauty and rarity. The 1910 platinum ring shown at left, for example, is valued at $2,000-not much more than you would pay for a similar new ring set with a cultured pearl today.
VALUE FACTORS
Of course, not all pearls in estate jewelry are a good deal-or even worth buying at all. Just as when you are buying new jewelry, you have to assess quality and value before deciding to make a purchase. There are three factors to consider when evaluating pearls: origin, quality, and condition. The pearls at left show a gradation in quality: high luster at the bottom of the image and low luster, low quality pearls at the top, with all the steps in between.
ORIGIN
All things being equal, natural pearls are more valuable than cultured pearls. In addition to being more rare than cultured pearls, they are 100 percent nacre-the lustrous substance secreted by the oyster-all the way through. In contrast, cultured pearls have a layer of nacre surrounding a bead of shell that was artificially implanted into the oyster to get the process going. Among cultured pearls, the saltwater variety is more valuable than the freshwater kind. It used to be very easy to tell the difference between saltwater and freshwater pearls: Saltwater pearls were (and still are) round, due to the fact they are cultured with a round starter. In the past, freshwater pearls, cultivated with a starter of amorphous “mantle” tissue, were generally more oblong than round. Today, improved techniques are producing freshwater cultured pearls of a more spherical shape, and it is increasingly difficult to tell them apart from the saltwater variety. All the pearls at left are freshwater pearls. With older estate jewelry, you should be able to more easily tell the difference. In a few years' time, buyers won't be so lucky.
QUALITY
The factors that determine a pearl’s quality are luster, shape, size, surface condition, and color.
- LUSTER is the single most important factor to consider when evaluating a pearl. The more lustrous a pearl, the more beautiful --and valuable -- it is. The photo under "Value Factors" shows a luster range from low and chalky (top) to high and shining (bottom).
- SHAPE The optimal shape for a pearl is round. For pearls that are not round, the degree of symmetry will then be what determines value. Below, see a range of shapes from baroque on the left to round on the right. Don’t forget, though: A natural pearl that is not round will still likely be more valuable than a cultured pearl that is perfectly spherical.
- SIZE Generally speaking, the larger the pearl, the higher its price. The average size of cultured pearls has gone up dramatically over the past five decades. In the 1950s, the most popular size for a strand of pearls was a graduation of 3mm to 7mm. Strands of this size are commonplace on the estate market and, because graduation is not currently in fashion, they’re relative bargains. The strand below, for example, can be had for a mere $300 to $400. Today the trend is for strands of uniform pearls in sizes 7mm and larger.
- SURFACE CONDITION The rule for estate pearls is the same as for new pearls: the fewer the blemishes the better. However, if you are on a budget and have to sacrifice something, a few spots here and there are preferable to making a sacrifice in luster.
- COLOR The preferred color range for saltwater cultured pearls is white rose to crème. A strand in these colors will be valued higher than one that exhibits a yellowish off-color, such as the 18 inch 6.5-7.0mm strand below, which is worth only $300. Freshwater cultured pearls come in a variety of colors including apricot, lavender and gold; specimens in any of these hues can be worth as much as white freshwater pearls. Cultured pearls from Tahiti, popularly known as black pearls, aren’t just black: they range from dark gray to green to aubergine. The overall beauty of the color is more important than the shade. For all colors other than white, the most important factor is whether the pearl has been dyed or otherwise color-treated. Treated color is particularly common for black and gray pearls below 8mm in size, which are often dyed black to imitate larger Tahitian pearls.
CONDITION
Pearls are more delicate than other gems, so be sure to carefully check the condition of estate jewelry before you buy. Pearls can age very well if they are well cared for, and if they were fine quality to begin with. The main factor that makes pearls last is the thickness of the nacre. Because a cultured pearl is a nacre coating over a bead nucleus, if the coating is damaged or worn thin, you will end up with little more than a string of beads. Fortunately, chipping is visible to the unaided eye, as you can see in the pearl at left, on the right near the string. You do need to see a few strands to compare, but with a little practice you can identify the thick nacre and highly lustrous strands and avoid the tired and lifeless ones. Rely on your sense of beauty. Happy hunting.
Geolat and Associates is a firm of independent fee appraisers specializing in the valuation of fine art, fine craft, 19th and 20th century furniture, Avant- garde design, china, glass, silver, photographs, gems and jewelry (antique, period and contemporary) as well as fine jewelry by internationally recognized designers and artists for private and public clients worldwide. Website: www.geolat.com
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Patti Geolat, founder & CEO of Geolat Companies, is a widely known authority on appraisal, brokerage & sale of fine jewelry. Her clientele includes many of the top jewelry houses globally, as well an extensive network of private & industry collectors. She has a reputation for excellence, confidentiality & ethics in the private world of jewelry and gemstones, giving her access at the highest levels. 