Newbie questions Tahiti auction

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kimbentsen

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May 18, 2017
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Hi,

We are considering buying direct from an auction in Tahiti for our business, and we have some newbie questions relating to this. If this information is already available on this forum, then please redirect us there, and excuse our ignorance.

GIE Poe o Tahiti Nui has an auction on July 23, 2017 which seem interesting. https://www.facebook.com/tpafp/ .

I am really asking those who have participated in this kind of auction before.

1) Is the bidding secret and in writing, or open and live like a traditional auction?
2) Will there typically be bags of mixed pearls for 50.000 dollars or less, or do we need to bring 500.000 dollars. What price ranges are typical for a bag. Of course it depends on a lot of factors, but we are trying to get a gut feeling to see if this auction is only for the big guys. We are mostly interested in smaller pearls and baroque pearls.
3) We are prepared to pay taxes on import to Australia, but is there still an export tax from Tahiti? If so how much?
4) Is there anything else in particular we should be aware of?

Br, Kim
 
kimbentsen said:
1) Is the bidding secret and in writing, or open and live like a traditional auction?
2) Will there typically be bags of mixed pearls for 50.000 dollars or less, or do we need to bring 500.000 dollars. What price ranges are typical for a bag. Of course it depends on a lot of factors, but we are trying to get a gut feeling to see if this auction is only for the big guys. We are mostly interested in smaller pearls and baroque pearls.
3) We are prepared to pay taxes on import to Australia, but is there still an export tax from Tahiti? If so how much?
4) Is there anything else in particular we should be aware of?

Br, Kim
Click to expand...

Sure.

1. It is secret and in writing. A lot may or may not have a floor price.

2. Yes. Larger lots and mixed lots will be a better value.
- Mixed lots are more difficult to work. You have a combination of sizes, colors and qualities. The lot has to be pretty big to do anything with it. Large lots of similar or same can be a good value but they can also be difficult to move because all the resulting pairs and strands will be similar.
3. You may not pay any import into Australia. Check to see if unfinished, loose pearls carry duty. The export out of Tahiti is 50 cents per pearl.
4. Just because it's an auction doesn't mean all the lots are well priced. The last auction I went to in Papeete had lots from several different producers and they had set floor prices without collaboration, or so it appeared.
Whether or not you pay fair prices are pay way over market is going to be solely up to you. It's a dangerous way to start buying Tahitian pearls if you don't have much experience.
 
I would wait and purchase at the September show in Hong Kong. :)
 
Sigh, I wish I could buy lots of Tahitians at auction. Not to resell, just keep. :)
 
Hello,

I purchased from this auction a few times.

If this is your first time, here is my tip.

This auction usually occurs during 3 days.
Half of the bags on day 1, the other half on day 2. Whatever hasn't been sold during day 1 and 2 gets a second chance on day 3.

Everyday, you get the results of the auction. Which means that after day 1, you know which bag sold, at what price. If you do a bit of analysis of the results, you can get a sense of the market price, which can be helpful to adjust your bids for day 2 and 3.
Of course, when looking at the prices, you need to consider all the quality factors in order not to compare apples and oranges...

So if you are interested in, let's say : drop, 8 to 12mm, A quality, mixed colors : try to find the lots that were sold in day 1 that match those factors and see what are the min / max / average price per pearl.

You will realize that this method has its limit.... What if one lot of pearl is 8 to 12 mm plus one 16mm pearl ? The average price / pearl becomes irrelevant because there is no such thing as "market price" for 16mm pearl !
But it can give you some idea...

Good luck !

And if this is your first trip to French Polynesia, let me know if you need some advices on what to do / where to go ! I used to live there...
 
Welcome to Pearl-Guide, Opera Perles, and thank you for contributing to the thread!
 
Katbran said:
Interesting ! I've never been to a pearl auction so it's nice to get an idea as to how it works. Thanks very much!

And Welcome to Pearl Guide, OperaPerles!
Click to expand...

Thank you Katbran.

You are probably aware of this, but don't forget to register in advance if you want to attend the auction.
They usually ask for a proof that you are a professional in the pearl / jewelry industry,and close registrations one month before the starting date.
 
Thank you Jeremy and Opera Perles. And welcome to P-G, Opera Perles! It's nice to insight into how the auctions are operated. You can add my name to the list of folks that want to attend one day. ..actually, i want to go to HK too! :)
 
JerseyPearl said:
Opera Perles, welcome to PG and what a wonderful peek behind the curtain you have offered! Count me as another who would love to attend an auction. I also must comment on your website! It was a treat to look through your offerings.
Click to expand...

Thank you Jersey. I am glad you found my comment helpful.

As much as I'd like to "count you in" for an auction, I am not involved in auction management. Just a customer...
 
SunSeeker said:
Thank you Jeremy and Opera Perles. And welcome to P-G, Opera Perles! It's nice to insight into how the auctions are operated. You can add my name to the list of folks that want to attend one day. ..actually, i want to go to HK too! :)
Click to expand...

Thank you for the warm welcome SunSeeker !
Whether you actually manage to purchase a lot or not, attending a pearl auction is certainly an amazing experience for any pearl lover.
 
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