JNA Nov/ Dec 2020

16 | JNA Nov/Dec 2020 SPECIAL FEATURES to tap into new market segments, particularly younger customers. In turn, buyers are given an alternative avenue to participate in auctions. “There is no doubt that online selling is here to stay,” remarked Roskind. “The digital route is particularly appealing to a younger client base since it provides them with a quick and easy access to auction platforms on a regular basis.” Auction houses are expected to further strengthen their digital infrastructure, with hybrid events such as in-person auctions interspersed with online sales becoming a more permanent fixture in jewellery auctions moving forward. The online business is a key area of growth for Sotheby’s, according to Yu. As such, Sotheby’s will continue to roll out additional online events to complement its live auctions. Expanding the company’s online strategies is likewise aimed at introducing jewellery auctions to a wider She also cited an increase in online participation and the value threshold for online transactions. Phillips has been holding digital jewellery auctions since 2018 but it recorded a 76 per cent upswing in traffic to the jewellery section of its website during the first half of 2020 compared with the second half of 2019. At a July auction in Hong Kong, its jewellery department recorded a 163 per cent year-on-year rise in online participation. Digital future Jewellery connoisseurs and traders may have become more open to digital auctions but the excitement of live auctions will always hold meaning for industry stakeholders, according to Lau. Roskind of Bonhams agreed as she acknowledged the increasingly important role that digitalisation is playing in the auction business. The crisis has fast-tracked this digital revolution, giving auction houses an opportunity Phillips’ Jewels and Jadeite auction in Hong Kong in July 富藝斯香港 7 月珍貴珠寶及翡翠拍賣會 The market has been surprisingly active despite the challenges and uncertainties we have seen in 2020, and the task remains to positively finish the year. - Rahul Kadakia, Christie’s international head of jewellery