Australian south sea pearls

The Paspaley Group will hold three of its internationally renowned pearl auctions in Hong Kong this year offering some of its finest quality Australian South Sea pearls to the jewellery trade. The auctions will be held in March, June and September at the Hong Kong Convention Centre.

 

Major buyers

Paspaley’s invitation-only sales regularly draw top buyers from more than 20 countries, with the highest representation from Japan, Hong Kong and the United States. Attendees include large wholesalers who distribute to traders and jewellers in their respective markets, as well as jewellery manufacturers and select major retailers.

 

At these auctions, Paspaley generally display 150 to 200 lots per day, with a total of 300 to 600 lots displayed over the two to three day selling period. “We generally offer a few important strands and single pieces at each auction. However, the finest items of our harvests are usually sold through private negotiation,” said Paspaley executive director, Michael Bracher.

 

Applications to attend a Paspaley auction can be made through any of the wholesale offices. Auction places are limited to between 100 and 140 companies, depending on the location of the auction.

 

Invitations are awarded based on several factors including the number of years a company has been doing business with Paspaley, total orders, recent purchases, marketing initiatives that the company is conducting to create awareness of the product and the customer’s geographical region.

 

Qualified bidders

“Except in rare circumstances, new customers must establish a relationship and trading history through our wholesale offices before they are invited to attend the auctions. This is partly to ensure that the buyer has sufficient experience in pearl grading and valuation as many of the lots are offered for sale with no price indication”states Michael Bracher. “We are equally concerned by an inexperienced customer over-paying for a lot as we are of a customer under-performing at an auction.”

 

Prior to each auction, Paspaley reviews the invitation list and decides on how many new customers, if any, will be invited. The pearling company then reviews its entire customer database and determines the most appropriate list of invitees for the auction.

 

At the auction, customers are given the opportunity to physically inspect any of the lots that interest them. As the lots are sold by silent tender, bids may be made at any time until the auction closes. The company with the highest bid over Paspaley’s auction reserve will win the lot. In the event of a tied bid, the winning bidders are contacted and asked to draw straws to determine the winner.