High-profile auctions further underscore the investment value of vintage jewellery. For instance, in 2011, Elizabeth Taylor’s jewellery collection fetched US$115 million at Christie’s. In 2017, the CTF Pink Star diamond was auctioned by Sotheby’s for US$71.2 million. These high prices were driven not just by the quality and rarity of the pieces, but also their provenance and historical significance.

Nicholas Luchsinger, the Asia-Pacific president of Van Cleef & Arpels, cites the maison’s ruby and diamond Jarretière bracelet sold by Christie’s in New York this June, formerly owned by actor Marlene Dietrich. The price realised was beyond the estimate, and one reason was the provenance. Another example is a pearl pendant owned by Marie Antoinette: auctioned by Sotheby’s in 2018, it fetched US$36 million, far exceeding its estimated value. While Luchsinger believes that provenance is “a great storytelling tool”, he advises investors to focus on the signature, craftsmanship and quality of the stones instead: “The piece may have belonged to somebody famous, but the jewellery remains the same.”

The fascination with older styles can be seen in the way jewellers, auction houses, collectors and even maisons are paying more attention to old-mine cuts more than ever before. “If you look at jewellery on the royal portraits in England and Germany, the diamonds [appear to be] very dark, because they have fewer facets,” Luchsinger says. A lot of the gemstones we see in vintage high jewellery from Cartier, Van Cleef & Arpels and Bulgari are sourced from Jaipur, an Indian city known as the world capital of gemstones, and the cutting of the stones depends heavily on the skills of local gem-cutters colloquially known as babus in India. Harsh Maheshwari, whose family is originally from Jaipur, specialises in sourcing and supplying coloured diamonds in the B2B market. He explains that earlier generations of craftsmen had little access to technology. “Today we have better tools, so the finishing of a stone is better, the shine is different.

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They had their own way [of chiselling and cutting the stones]. You can see the flaws [in the stone], but they are [present] not because of the [babus’ lack of] skills, more because their [carving] tool was probably a little chipped, but they only had access to that, nothing else.” Maheshwari thinks that with antique and vintage jewellery, the flaws that we see today add to a piece’s character, and thus appeal.

Another example of old cuts being brought back to the fore is the rose cut, an erstwhile favourite diamond cut that is once again trending today. It’s also a cut that Van Cleef & Arpels is known to use cleverly in its Ballerina collections. The maison recently held an exhibition of its ballerina brooches in the flagship store in Hong Kong—a curation of some privately owned pieces that showcased how the brooches have progressed over time. The collection came about as a surprising by-product of the Spanish civil war: the Spanish royal family sent all their jewellery to Mexico for safekeeping, Luchsinger explains, including a lot of rose-cut and old-mine-cut diamonds. After the war, the royals needed money, so they sold the stock of rose-cut diamonds to Van Cleef & Arpels; in the 1940s, the house created its first Ballerina collection, with the iconic rose-cut face of the ballerina, a feature that has been retained to this day. 

Yet, as much as the designs and allure of vintage pieces continue to enchant us, the mechanisms through which these pieces are bought and sold have significantly evolved over time. The vintage jewellery market has undergone a transformation in terms of accessibility. Gone are the days when these treasures were only available to a select few invited to view them in the secret rooms of French maisons or jewellery fairs. The advent of digital technology has revolutionised the process. Sotheby’s, for instance, witnessed a 91 per cent growth in online sales in 2022 alone, making even million-dollar pieces from collections such as Cartier’s Tutti Frutti accessible to a wider audience. Ngan said that the collection, with its unique blend of rare sapphires, rubies and emeralds, is well known in the jewellery world, and can easily be sold online. “The reason the auction houses are able to sell such a high-value lot online is because of the pandemic,” says Faerber, explaining that the expansion of high jewellery sales to digital forums was unimaginable before Covid paralysed the world.

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This shift to digital platforms hasn’t just made vintage jewellery more accessible globally; it has also opened up the market to new demographics—in particular, buyers in Asia. “In the past two years, I’ve seen lots of Asians buying Victorian [era], art deco and antique jewellery,” says Maheshwari. Faerber has noticed a similar trend, noting that among her roster of clients in the east, pieces from the Edwardian and the art deco periods are the most sought-after, especially those that are signed and branded. “I think it’s reassuring for them,” she says, adding that while she predicts art deco’s time in the sun is coming to an end, “the 19th century is slowly coming up”.

Ngan also believes that signed vintage pieces are proving particularly investable. In April this year, Sotheby’s sold a Van Cleef & Arpels signed Dahlia brooch from the 1950s. “We had estimated it at HK$ 1.5 million and it sold for HK$ 5.4,” she says. This was just one example where the auction house estimated a piece at a market value they found fair, but sold for far more. Another example of a surprising bid in Asia was for a Van Cleef & Arpels turquoise set. “It was quite different from the usual Asian taste, so we had an estimate of HK$2 million, but it sold for HK$7.8 instead.” When signed by a brand, collectors know a lot like that may only come once in a lifetime for auction or sale, and “if you’ve missed it, then you will not have the chance to collect it again,” she says.

These instances underline the allure of vintage pieces, a sentiment echoed in Bonhams London Jewels auction held in September 2023. Here, a Chaumet diamond necklace from circa 1900, resplendent with old brilliant and rose-cut diamonds, stole the limelight, selling for an impressive £305,200 (US$ 372,766)—a figure twice its top estimate. Another piece that turned heads at the Bonhams auction was a 1920s art deco sapphire and diamond platinum ring, centred around a 7.12-carat, fancy-cut sugarloaf cabochon sapphire from Kashmir, which commanded £248,050, far exceeding its pre-sale estimate. 

With these industry insights in mind, how does one embark on the journey to find the right vintage piece to invest in? The consensus among the experts we interviewed is clear: it’s essential to love the piece. “I like jewellery to be worn. So I think [when investing in vintage jewellery] look at what looks good on you. Jewellery should be on a [person], but not in a safe,” says Luchsinger. While investors may overlook this seemingly simple advice, the importance of personal connection to a piece should not be underestimated when seeking great craftsmanship, provenance and quality of stones. Equally important is trust in the seller. Faerber mentioned that it’s important to know that investing in high jewellery is a long-term plan, as it takes generations for it to appreciate in value considerably, and for it to be trending again. She also shared an interesting tip: “When you buy a piece of [vintage] jewellery, you need to turn it and look at the back to see how it has been crafted. Sometimes, there is too much metal, so it looks heavy. Check for any scratches and when you put it on, if it is a bracelet: see that it unfolds properly, or if it’s a necklace, see that it lays right.” Faerber believes that beautiful craftsmanship should be visible from the back of the jewel as well as the front; in her words, you should exclaim “Oh! and Oh! on both sides”. And if one is looking at making a more informative choice, she advises that sources like Understanding Jewellery—a book by David Bennett and Daniela Mascetti—can be helpful.

While all our experts recommended an independent appraisal before making significant investments, potential investors should keep in mind that most vintage jewellery will bear some kind of maker’s mark or hallmark. These are not just inscriptions; they provide valuable information about the age, origin and purity of the metal. It is also important to know about the important workshops used by the maisons. Renowned workshops that one can look out for are those of Henri Picq, who created many of Cartier’s earlier Tutti Frutti designs; Atelier René Boivin, known for high-quality craftsmanship for its eponymous brand; New York-based Oscar Heyman & Brothers, which has contributed to Van Cleef & Arpels, Tiffany & Co and Cartier; and Verger Frères, a notable workshop that produced pieces for brands like Van Cleef & Arpels and Boucheron—it was particularly known for their art deco designs and high-quality craftsmanship. Lastly, Mellerio dits Meller, one of the oldest jewellery houses in Europe, did not work with brands, but rather served queens and empresses over the centuries. 

If one is well versed with these reputed workshops, there could be a way of investing in a jewel that resembles the branded ones for a lesser price; for example, according to Luchsinger “an art deco bracelet which has been made by a workshop for Van Cleef & Arpels, sometimes [that workshop] produces a similar bracelet which is not signed and the quality is incredible, but as it’s not signed, clients don’t look at these pieces and they don’t sell for the same value as the signed pieces”.

Above all, our experts urge jewellery lovers to consider the wearability of a piece: some vintage pieces can be delicate, so if you’re looking for something to wear daily, a sturdier piece from a slightly later era might be more suitable. Faerber suggests looking out for “19th-century corsage brooches and choker necklaces”. She adds that “brands like Dior, [introduced] a choker on a ribbon”, making it more desirable for vintage jewellery lovers.

This consideration of vintage jewellery as both an aesthetic adornment and an investment brings us to an interesting observation about how the value of these pieces has changed over time. “Twenty-five years ago, an art deco bracelet by Cartier would be sold for about 20-25 per cent more than its estimated value. Today the same bracelet would be sold at 300 to 400 times more”; says Luchsinger. That poses the question of how the category grew multifold in just two decades? According to the Van Cleef & Arpels head, it all started “40 years ago, when nobody was buying estate or vintage jewellery”. It was only dealers who were buying these pieces at auction, mostly from estates. The dealers would then take out the stones and reset them in contemporary pieces. “There was absolutely no value to the piece by itself, and it’s very sad,” he says. Many beautiful creations were destroyed. “It’s only in the 1970s when a famous New York-based dealer Fred Leighton decided to put vintage jewellery back on the map that it started to trend,” he adds.

That was the beginning of the allure of vintage jewels “and now it’s a big thing, as it complements the mood of the day”, which is about sustainability and scarcity. When asked about the future of the category, Luchsinger thinks that jewellery is the best way to recycle, so it will always be relevant. “A piece of fashion or leather will damage,” but when it comes to jewellery, its future is not just bright; it’s sparkling.

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