Irreplaceable Estate Gems & Jewelry
Occasionally, an appraiser encounters an item that defies conventional comparison in the marketplace, making it challenging to assign a value. When faced with the task of evaluating an item that is not only difficult but impossible to replace due to the depletion of resources, it becomes a complex undertaking. In such cases, appraisers review the historical records of auction houses to find similar items, but there are instances where no comparable items can be found. What happens then?
Such a scenario arose a couple of years ago, making it a truly unforgettable experience. In this specific case, the items being appraised were part of a collection of jewelry from Red Skelton's widow, adding significant historical and cultural value to the pieces. These unique pieces, all custom-made by William Ruser, a renowned Beverly Hills Designer in the mid-1900s, were auctioned through Auctioneer Jones & Horan in Goffstown, New Hampshire. I can post the items without breaking confidentiality as the owner wanted them publicized by the auction house in their advertising who these items were worn by, as it would significantly impact auction results and generate more interest having this provenance known.
The challenge of valuing items with no replacement or comparison was particularly evident in the appraisal of the two massive in size star sapphires, weighing approximately 62 and 68 carats, an exceptionally rare find even for 75 years ago. Given the absence of similar star sapphires of such size, we (myself and Jonathan of Jonathan’s Jeweler’s the store where the appraisal was conducted at) needed to consult the expertise of a renowned gemologist, a regular contributor to the Gem Guide, who is a prominent resource for current market pricing of gems. The gemologist's opinion suggested a significant value in the higher five-digit range but also noted that we could even go as high as a six-digit range on each gem, reflecting their irreplaceable nature in today's market. Ultimately, the assigned retail replacement value was aimed to cover the irreplaceable nature of the gems in the event of a loss, acknowledging the challenge of not being able to find suitable replacements in the current gem market today.
