Table Of ContentILLUSTRATED
GUIDE TO
JEWELRY
APPRAISING
ILLUSTRATED
GUIDE TO
EWELRY
ANTIQUE, PERIOD,
AND MODERN
ANNA M. MILLER, GG, ASA
CHAPMAN & HALL
New York· London
Copyright © 1990 by Van Nostrand Reinhold
Softcover reprint of the hardcover 1s t edition 1990
ISBN-13: 978-1-4615-9719-3 e-ISBN-13: 978-1-4615-9717-9
DOl: 10.1007/978-1-4615-9717-9
This edition published by
Chapman & Hall
One Penn Plaza
New York, NY 10119
Published in Great Britain by
Chapman & Hall
2-6 Boundary Row
London SEI 8HN
All rights reserved. No part of this book may be reprinted or utilized in any form
or by any electronic, mechanical or other means, now known or hereafter invent
ed, including photocopying and recording, or by an information storage or
retrieval system, without permission in writing from the publishers.
16 15 14 13 12 II 10 9 8 7 6 5 4 3 2
Library of Congress Cataloging in Publication Data
Miller, Anna M., 1933-.
Illustrated guide to jewelry appraising: antique, period, and modern
/ Anna M. Miller.
p. cm.
Bibliography: p.
Includes index.
ISBN-13: 978-1-4615-9719-3
1. Jewelry-Valuation. I. Title.
NK7304.M5 1990
739.27'029'7-dc20 89-16452
CIP
British Library Cataloguing in Publication Data available
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iv
To Joe, for his help
and encouragement
v
CONTENTS
PREFACE IX Pendants 70
Chains 73
ACKNOWLEDGMENTS Xl Bracelets 75
The Brooch 78
CHAPTER 1. Beads 92
THE PROFESSIONAL APPRAISER Pearls 96
Primary Function of the Appraiser 2 Charms, Seals, and Trinkets 107
Primary Objective of the Appraiser 3 Cufflinks, Studs, and Stickpins 109
Value Definitions and Their Applications Reverse Crystal Intaglios 113
to Jewelry Appraisals 3 Pocket Watches and Wristwatches 116
Purpose and Function of an Appraisal 4
CHAPTER 5.
CHAPTER 2. THE APPRAISAL DOCUMENT
APPRAISAL CONCEPTS AND PRINCIPLES Information to Be Included
Valuation Approaches 7 in a Jewelry Appraisal 125
Finding Information 22 Appraisal Document Critique 126
U sing Price Guides 23 Using Limiting and Contingent Conditions 128
Judging Quality 24 Fair Market Value Document 129
Recording Condition 24 Jewelry Appraisal (Sample) 131
CHAPTER 3. APPENDICES
MAKING CORRECT IDENTIFICATION Diameters and Corresponding Weights
Using Symbols, Motifs, and Ornamental of Round, Well-Proportioned,
Styles as Identification Guides in Estate Brilliant-Cut Diamonds 145
and Period Jewelry 28 Proper Nomenclature of the Specific Parts
Motifs and Designs Used in Various Cultures 29 of a Brilliant-Cut Diamond 146
Decorative Motifs 32 New Diamond Cuts 146
Using Color as a Clue to Jewelry Dating 37 Formulas for Unusual Diamond Cuts 152
Cut of Stones 40 Precious Metal Prices 152
Supplemental Identification Information Average Trade Prices (per Carat) 152
for Antique Jewelry 40 Table of Comparative Ring-Size Equivalents 153
Guide to Gemstone Handling 154
CHAPTER 4. Colored Stone Grading Report 158
ESTIMATING VALUES Cubic Zirconia Stone Conversion Chart 160
Finger Rings 53 Birthstones through the Ages 161
Earrings 60 Manufacturers and Wholesalers
Necklaces 65 of Antique Reproduction Jewelry 162
VlI
CONTENTS
VlJI
Auction Galleries That Hold Jewelry Sales 162 Auction Catalog Terms 168
Pearl Facts 163 Enamel Terms 169
Working Agreement (Sample) 164 Pearl Terms 170
Affidavit Page for Estates (Sample) 165
BIBLIOGRAPHY 173
GLOSSARY
Appraisal Terms 167 INDEX 177
PREFACE
There is more to appraising jewelry than just being parable sales and a value determination. Then, all this
able to put a dollar value on an item. The title of ap information, with clear jewelry descriptions, must be
praiser distinguishes the individual who is able to iden succinctly put together with photographs and deliv
tify, witness, estimate status, excellence, or potential ered to the client.
ity, and to determine the authenticity of an article. Today's jewelry appraiser should also be cognizant
Many factors impact on a thorough appraisal, espe of the vicissitudes of fashion, how changes impact the
cially on estate and period jewelry. jewelry market in a substantial and vital manner in
Developing all this expertise is a lot to ask of practi both design and style. A careful look must be given to
tioners who only a decade ago were barely making a study of color psychology with an awareness of why
distinction between a well-written sales receipt and a specific gemstones and their colors and enamels of cer
professional appraisal report. tain colors were used in different periods. Industrial
In the past few years bold changes have taken place developments, from machine stamped jewelry, the use
in this field. It is now understood that standard ap of aniline dyes in clothing, and development of the
praisal concepts and principles can be applied to the electric light, have influenced design and use of gem
appraisal ofj ewelry in the same way they are applied to stones. Jewelry has moved from an expression of
real and other personal property. wealth and power to a way of communicating personal
One thing has been learned for certain. The jewelry feelings. Having this knowledge not only adds to the
appraiser needs historical knowledge of jewelry along expertise needed to date jewelry, but also helps to au
with information on modern trends. Jewelry is a great thenticate it. Willing or not, the appraiser is also jew
mirror of a society and the people of a particular cul elry historian. In an increasingly mobile and dispos
ture, and reflects the taste and attitudes of a period. It able culture, in a period of time where a borderless
is interesting to note that the value of an item varies European continent may become a reality, more peo
from the relationship of the item to its owner and his ple than ever want a direct link to the past and wish to
culture, customs, and geographical location. In our know about their ancestors and roots. This is evident
present society, it becomes clear that an item is also by the growing interest and sales of antique and period
measured against the social, economic, religious, and jewelry. A sudden plethora of dealers in antique and
environmental forces that affect value. estate jewelry, magazines, books, and seminars dedi
We must also consider that, while technical equip cated to period jewelry have fanned the flame of con
ment is necessary for proper identification of gem sumer interest.
stones and metals in most cases, more than those tests Finding a dollar value for any item ofj ewelry is not a
alone contribute to estimating market value of an ob simple task. At the present time, there is no Blue Book
ject. A test of apprai"er competence is demonstrated ofj ewelry prices. Calculating a sum requires a compli
by how well he or she is able to read the jewelry. How cated series of steps and inquiries with answers based
well the appraiser is able to define the manufacturing on the appraiser's ability to correlate, analyze, and do
process, quality grade the gemstones, assess the design deductive reasoning. Although old fashioned legwork
for balance, harmony, and rhythm, circa date, and an still plays a stellar role, appraisers cannot just run
alyze the local, regional, and national market for com- amuck in the market and muM know what information
IX
x PREFACE
to collect, where to find it, and how to interpret the which results in a collective excitement and broader
data. Helping appraisers frame the question of what expertise in this field. The development of the disci
information is necessary, and then helping find the an pline is far from over. As it grows, new practitioners
swer is one of the aims of this book. will bring their ideas and insights into this arena. We
Other purposes are to reiterate and improve on applaud their efforts.
basic principles ofj ewelry appraising, to refine and ex It is hoped this book will provide basic information
pand the nomenclature, to guide both novice and to build upon and will be of genuine assistance in the
practicing appraiser to a better understanding of an continued development and practice of jewelry ap
tique and period jewelry, to suggest clues for more praisal, today and into the future.
accurate circa dating, to assist in writing concise narra Prices in this book should be viewed only as general
tive descriptions, to point out a practical methodology guides, as they are conditional to the date of this writing
for research, and to assemble information needed for and valid in the author's regional market. Prices may be
an accurate estimation of value. higher or lower in other geographic localities.
The number of jewelry appraisers is increasing,
ACKNOWLEDGMENTS
Many colleagues and friends contributed time and in unlimited access to her jewelry for photographing and
formation to this book. First, thanks to Joanna Angel to Ellen Epstein for permitting me to take a family
for her inspiring enthusiasm and knowledge. heirloom cross-country to be photographed.
Grateful thanks to those who supplied invaluable in I wish to extend thanks to many members of the
formation: Patrice Phillips of the Diamond Informa American Society of Appraisers who by their confi
tion Center, Reginald Miller, Lazar Kaufman, Moshe dence in this work made completion of the book possi
Kaufman, Albert Asher, Robert Sandler, Mark ble, with special mention to the Personal Property and
Sandler, Steven Orgel, Howard Rubin, Alison Gems and Jewelry disciplines.
LeBaron, Susan Eisen, Rupa Dutia, Consuelo White, Thanks to members of the Southern Women's Jew
Mark P. Moeller, Charlene Fischman, John Miller, elry Association and the Association of Women Gemol
Karen Lorene, Lloyd Lieberman, Carolyn Price ogists for their staunch moral support and encourage
Farouki, Marcia Mayo, Therese Kienstra, Sue ment. To Elizabeth Hutchinson for the illustrations and
Johnson, GIA; Dona M. Dirlam, GIA; George Hous to Van Edwards for both the cover photograph and all
ton, Rebecca Baker of House of Onyx; Peggy other photographs not otherwise credited, thank you.
Blackford, Ed Menk, Mark Valente, Cortney Balzan, To my Japanese colleagues, Toshio Ishida and
Doug Sparrow, Alan Revere, James V. Jolliff, Pat Tadaaki Saito, your cooperation and willingness to
deRobertis, Edith Weber, Myra Waller, Richard provide information was much appreciated.
Raymond Alasko, Pam Abramson, Tony Valente, Finally, thanks to Joseph W. Tenhagen, ASA, MGA;
Joyce Jonas, and Neil Cohen. and to Dr. Charles D. Peavy, ASA; for their advice and
Special thanks to Tom R. Paradise for the many counsel and steadfast belief in the importance of this
helpful facts from his special fund of knowledge. work.
I particularly want to thank Sara Levy for allowing
Anna M. Miller, GG, ASA
Master Gemologist Appraiser
xi
CHAPTER 1
THE PROFESSIONAL
APPRAISER
"Knowledge is of two kinds.
We know a subject ourselves,
or we know where we can find
information upon it."
Samuel Johnson
In appraising, knowledge is power only if it can be same-the differences were between the technologi
communicated articulately. If the three-word mantra cal data. Appraisers of diamonds must know how dia
of the real estate appraiser is location, location, loca mond purchasers react to the four Cs of cut, clarity,
tion, then the chant of the jewelry appraiser must be color, and carat weight, while the residence appraiser
research, research, research, with education, ex is concerned with buyer reaction to the value elements
perience, and connoisseurship added as support and of square footage, number of rooms, age of the dwell
foundation. ing, and location.
Historically, jewelry appraising as a profession is in Until recently the jewelry appraiser has avoided
its infancy, but the same basic concepts and principles using any standard appraisal structure and has voiced
for responsible jewelry appraising have been around indifference to using the existing methodologies, con
for a long time. When law divided material properties cepts, and principles. The awakening has begun, and
into "real" and "personal," real property assumed a today many gems and jewelry appraisers are clamoring
dominant role in business matters. Personal property, for precise valuation information. There lies ahead a
called chattels, was of lesser importance. Thus, real great development period in which the jewelry ap
property (real estate) appraisers have dominated valu praiser will recognize the tie between appraisal princi
ation practices despite the vast financial investments in ples and their unifying concepts, which pervade and
personal property and the valuation problems inher are basic to all branches of the profession.
ent in buying, selling, and insuring these goods. The gems and jewelry appraiser is in a period of evo
As a growing awareness of investment potential in lution and maturation; he or she must understand
arts, antiques, machinery, tools, stamps, coins, sculp that, even with the knowledge of special techniques,
ture, glass, china, household furnishings, gems, and the business is complex and volatile. The realization
jewelry emerged, personal property appraisers began that estimates of value assigned to items will materially
to read, study, modify, and codify existing defined impact both client and subject for a long time is begin
standards. They realized that the differences between ning to get the appraiser's attention and considera
the appraisal specialties that made them appear to be tion. Thus, more and more valuers are concluding
quite unrelated were in the kinds of data and property that appraising must be more than just a sideline of
attributes with which the appraisal was concerned and the jeweler or gemologist. It demands full status as a
not in the principles and methods. Henry A. Babcock profession.
wrote in "Appraisal, Principles, and Procedures" that The subject of valuation is an alive and vital topic
the principles and methods of valuation for a diamond that requires the student and practitioner of valuation
ring and a single-family residence were one and the science to keep current with trends by a continuing
