“Thank you for your attention, I have felt very comfortable.” The rubric ends with a pen heart and a smile. It is surrounded by other similar signatures where words like “kindness”, “gratitude” or “comfort” can be read. It is not the guest book of a medical consultation, nor of an interior designer or a fashion designer. It is the diary of the clients of one of the most important firms for the sale and purchase of jewelry and watches in Spain, through whose headquarters, in the heart of Passeig de Gràcia in Barcelona, transactions of hundreds, thousands of pieces of jewelry and watches pass each year on their way to the American market where the jewelvintageEurope has been a trend for more than a century. In the Bonhill Group offices in Barcelona, every detail is taken care of so that the customer experience is impeccable and its guest book is the best testimony of this.
"We want the customer to feel as comfortable as the day they bought the piece, so we work to ensure that the memory of their visit to our establishment is excellent. One of our differentiating features is precisely that, humane and friendly treatment," says Carla Alegría, vice president and head of the Tresor division, aimed at private clients, of a firm that until early 2016 operated only in the professional market of points of sale, distributors and brands. This commitment to exclusive experience, together with its role as a direct buyer outside of intermediaries, marks the differential character of a firm that has more than 180 jewelry stores throughout the United States, a network of spaces where the goods acquired on this side of the ocean are sold.
"The second-hand jewelry and watch market in the USA has been established since the 19th century. Even then, European emigrants placed a high value on jewelry coming from the continent and this is something that not only has not changed, but has continued to consolidate," points out Alegría, who recognizes that this phenomenon is very different in the European context. “In Europe, thevintageNot only is it not valued as much but, traditionally, there is some resistance to putting jewelry on the buying and selling market. If someone wants to sell a piece of jewelry they usually feel uncomfortable or, unfortunately, find establishments that are too aggressive. Our job is to reverse this trend so that people feel comfortable carrying out these types of transactions that, in addition to having great value, are very natural in other parts of the world.”
A direct transaction
Currently, Bonhill's Tresor division moves through two main channels. On the one hand, the direct customer who comes to know the brand through the media or through some personal contact; on the other hand, through the intermediation of jewelry stores that facilitate this type of transactions as an added service. "Many times jewelers receive queries from clients who want to get rid of a piece. This is not a business with which they necessarily have to be familiar, so we support them by carrying out an appraisal and purchasing the piece if necessary. In this way, a double function is fulfilled: the client is in the trusted environment of their jeweler and, in addition, they can sell the item with the best conditions to reinvest in another object, which is an advantage for the jeweler," explains its manager.
And, in its position as direct buyers, Bonhill Group has the ability to offer competitive prices, more interesting than those usual in other buying and selling companies that work as intermediaries. For José Luis Alvira, director of the Protrade division for professionals, this is undoubtedly one of the advantages that most helps them consolidate their position in the Spanish market. "As soon as people ask for an appraisal elsewhere, they become aware that we are the ones offering a better deal. The reason is simple: we buy directly for our stores in the USA, there is no one in between. The reality is that the secondary market moves with fixed prices that fluctuate $100 up or down, but these prices are not always offered because you often do not work with the direct buyer."
Generic jewelry and some branded, vintage and signature watches are the main categories of the Spanish market, characterized by the jewelry and goldsmith tradition. This feature is, in fact, one of the greatest difficulties when appraising vintage jewelry since, unlike what happens in other European countries, in Spain you can find magnificent pieces that do not have a brand. For Germán Pajares, gemologist and specialized appraiser in charge of these operations, this is one of the common handicaps when it comes to jewelry: "We find many old unsigned pieces and, in these cases, the appraisal is more subjective. Time is valued, the quality of the stones if they are diamonds, the originality or if it belongs to a movement such as theArt Deco o el Art nouveau. The clearest thing is when both things are combined, for example, a Cartier jewel from the 1920s, but in the Spanish market it is complicated, we have pieces like that, of course, but not many.”
Appraisals via WhatsApp
This subjectivity typical of vintage jewelry disappears, however, in the case of watchmaking where the brand is much more important. "If in a piece of jewelry it is important that it has its own character and that it transmits the spirit of an era, in a watch everything is simpler. We have received wonderful pocket watches or antique watches but, except in exceptional cases, we prefer to speak clearly to the client and tell them that in the secondary market they will not have more value than the intrinsic value, so that they are aware of this when making a decision," explains Pajares.
In appraisals, as in everything, the purchase and sale market has also had to modernize and now Bonhill carries out operations through email and WhatsApp. “We make an initial assessment and, if the client agrees, we schedule a visit to our offices or pick up the goods via courier after signing a consignment contract,” explains Alegría, who acknowledges that, once again, it is much easier to value delimited objects such as watches.
The specialized watch sales
Although attempts are made to reverse the proportion, at this time luxury watchmaking occupies 60% of Bonhill's buying and selling market compared to jewelry, with a market that is also much more defined and a customer profile that is much more aware of the value of their pieces. "The customer who brings a watch is very different from that of jewelry since, with some exceptions, he knows very well what he has in his hands. We meet people who love watchmaking and who, on many occasions, are collectors," adds Pajares who, as an expert, draws attention to the amount of information available on the Internet to help ensure that, in general, the person in a position to sell a watch is "much more informed than average."
While they talk to us, we can admire a tray of luxury watches received. Modern watch shop where you can admire brands such asCartier, Audemars Piguet, Hublot o IWC. We took the opportunity to discuss finishes, models and personal tastes. Several of the watches belong to the same collector and it is possible to glimpse the personal taste of the person who acquired them at the time.
Before saying goodbye, we have a question. How long exactly does it take to do an appraisal? German Pajares opens his eyes wide to answer us, “It doesn't take long, it's done in the moment.” Hundreds of pieces have passed through his hands in search of another life on the other side of the world. It doesn't take too much time. Just a few seconds to organize the data in your head. Give a figure. Make a bet. On his wrist, aGerald Genta RetrogradeIt proves that each jewel speaks of a person and a character, that theirs is a profession based on passion and experience. We leave with the feeling that it is the first thing, that naturalness with which he admires each object as if he knew it, which inspires the affectionate signatures of the book, which makes the difference.
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