“What’s the tea?” “What’s the real score?” “What’s the real story?”
In today’s day and age, stories are what primarily drive us to action. Be it to purchase something, to make life or commercial decisions. Such is the compelling effect of storytelling.
For jewelry appraisers, when writing our reports, it’s necessary for us to ask questions regarding the nature of the jewelry we are appraising. While appraisal reports do not necessarily prove ownership, we do have to indicate some information about the items we are appraising — specifically how our clients came into possession of the jewelry or watch items that are subject of the appraisal. This is what we refer to as provenance.
What is Provenance?
Provenance is the establishment of the earliest known history of something or its place of origin. Provenance plays a significant role in jewelry appraisals when the item being appraised belongs to an important individual. A classic example would be the sapphire engagement ring of Princess Diana, which is now in the possession of Her Royal Highness, Princess Catherine of Wales. From a jewelry valuation standpoint, I would just put a price on the sapphire corundum, the round brilliant diamonds surrounding it, and the mounting. What makes the ring priceless is the history attached to the ring; that it was owned by Princess Diana, clearly an important individual whose controversial life story has touched everyone’s lives on the planet.
How is Provenance Proved?
Documentation, documentation, and more documentation.
Let’s assume, for a moment, that the sapphire ring falls into my lap and I was tasked to appraise it. If I were to attempt to establish the ring’s provenance, I would ask for the following:
- Original Receipts
- Original Box
- Letters from the Estate that owns the ring, verifying the authenticity of the ring and attesting to the ownership of the ring or how the Estate came in possession of the ring.
- Photos taken of the owner with the ring shown prominently preferably during the engagement itself.
- Letter from the Jeweler who made the ring or sold the ring. (In this case, it was Garrard.)
I would also take time to interview the current owner of the ring and ask for specific information that I feel would add more value to the history of the ring. Was the ring custom made or brought off the shelf? Any design inputs from the one who gave the ring? Why was sapphire corundum chosen as the main stone instead of the usual diamond? Notice the kind of questions asked. It’s more whys and hows; questions with intangible answers whose motivations are known only to the parties involved.
Who Values Provenance?
Items that have historical significance almost often end up in auction. Suffice to say, it’s the market that dictates provenance.
In the recent Sotheby’s auction in New York, just this December, a Rolex Day-Date Reference 1803 watch that belonged to Egypt’s late President, Gamal Nasser, was sold for $840,000. This specific watch was worn by President Nasser during the Six-Day War, a pivotal moment in the history of the Arab nations back in the 1960s. Without the provenance, this watch with this specific reference number typically sells in the secondhand market between $10,000 to $15,000.
The more popular the historical figure is, the more their items are coveted and avid collectors out there are willing to pay top dollar to own a piece of history.
Provenance is not just for watches and jewelry. It can be virtually for anything that was owned and/or used by a famous person. Think of the “Subway Dress” worn by Marilyn Monroe (or anything of Marilyn Monroe’s actually), which fetched a whopping $5.6M at auction; the Steinway Piano used by John Lennon to write the song “Imagine,” which sold for $2.7M; and the Ruby slippers worn by Judy Garland in the movie, “The Wizard of Oz,” a movie prop that sold for $32.5M.
What other famous items interest you?
If you’re looking to have the provenance of a piece thoroughly checked, consult a trustworthy appraiser.Send your inquiries via willynvillarica@willynvillaricajewelry.com or through Facebook (Willyn Villarica Jewelry) or Instagram (@willynvillarica_jewelry)
