On a grey, cold, otherwise un-extraordinary day in a downtown Toronto office building, I am holding a fistful of diamonds and rubies. It's a brooch -- shaped like a pair of strawberries dangling with a slight pendulum -- expected to fetch about $2,000 at Dupuis Jewellery Auctioneers' upcoming auction.

"That's for someone who's a little avant-garde," says Karen Hausman, a jewellery specialist with Dupuis. She hands me a teardrop diamond ring of two carats. "That's for someone a bit New York," she says. Who made them? Who wore them?

For much antique and custom jewellery, the buyer will never know about the original owner. At auction though, it's often the history of a piece that fuels buyer desire. For example, a diamond and platinum brooch, circa 1945, worn by the late Gabrielle Léger, wife of the late Governor-General Jules Léger, is priced at $12,000 to $15,000. Proceeds go to charity.

Auction buying, in the wake of the era of '80s excess and '90s sensitivity, has come to appeal to many as a triple whammy: It's recycling. It's authentic. And at the end of the day, it's great shopping.

However, while buying at auction is definitely in vogue, auctions themselves aren't for the faint of heart. There is no return policy. And decisions happen quickly.

Despite the risks, public auctions have moved from the exclusive purvey of dealer and avid collector to the general public. Some estimates put 50 per cent of the audience as the common people.

"It's just about everyone you can think of," says Linda Rodeck, managing director of Joyner Waddington, a division of Canada's oldest auction house. "Schoolteachers who have saved up. Students with their parents who want graduation gifts. People decorating their children's rooms or offices. We get a Bay Street crowd, but at the end of the day, it's who has money."

Rodeck says the incredibly popular Antiques Roadshow is at least partly responsible for the trend. "It has brought buying at auction right into people's homes."

Across the country, major auction houses such as Dupuis, Ritchie's, Empire and Waddington's, are gearing up for high season. It's a social event -- previewing, cocktailing and bidding with several hundred others is a way to get into the holiday spirit. "It's a spectator sport, seeing paintings sell for hundreds of thousands of dollars," Rodeck says.

Experts like Rodeck and Hausman say they're seeing new faces in the crowd. "I see a new breed of collector, a younger breed," says Dirk Heinze, a book specialist at Waddington's. "Often, they're buying what's familiar from childhood."

Waddington's upcoming Books and Maps auction features a first edition of Karl Marx's Kapital ($4,000-$6,000); rare books of geography and botany; and a first edition of Dr. Seuss' I Had Trouble in Getting to Solla Sollew ($200).

New auction buyers don't necessarily come with an agenda in mind, Heinz says. "I think they are buying what they like, as opposed to having a defining collection. I think that defines itself over time. I think people who are buying now will find, in ten years, they do have a library of kids books, or whatever."

While auction houses provide estimates for what they list, they can't predict, beyond their experience and gut feeling, what an item will sell for at the end of the day. But while some things will never see the low end of their estimate, some will fetch much higher. A 1968 edition of The Hobbit, for example, signed by J.R. Tolkien himself, is listed for $1,600-$1,800 at the upcoming Waddington's auction on Dec. 11. Who knows, though, whether all the media hype around Lord of the Rings will push the price up, or just result in buyer ennui.

"Generally, we open at two-thirds of the low end of the estimate," Heinze says. "If it's $100, we might open at $60. It's usually at the discretion of the auctioneer."

At Dupuis, a pair of bracelets by West Coast artist Bill Reid, who didn't make much jewellery, are a rare find. There's also an art deco brooch that has drawn preview attention from potential buyers, now that the period is so popular.

Classic pieces are often worn more than sold, so it's the more ornate pieces such as "granny watches," diamond-encrusted evening things, that end up in auction lots.

"Canadians tend to want understated," Hausman says. "They want something they can wear in a crowd."

Buying at auction is cheaper than retail, the jewellery specialist says. "It's often about a third. You can buy a Rolex for $7,000."

To the modern girl who's seen Audrey Hepburn movies, $355 for a diamond necklace seems a good deal. Or, to put it more crassly, for the same price as an entry-level Tiffany solitaire, she can buy a two-carat "eternity ring."

People don't dress for the occasion as they once did. Hausman compares today's auction-going crowds to those that attend the theatre or the ballet. Not that the auction isn't a cosmopolitan experience. Lines are open to bids from around the world -- in fact, much jewellery goes to out-of-town or out-of-country buyers.

The attraction is, in part, due to the dollar -- a buyer who's paying with euros can spend half what she otherwise could. However, Canadian jewellery also has a reputation for being "virgin," Hausman says.

She pulls out a brooch with a delicate edge. "If someone had been wearing that, it would have been chipped," she says. "A lot of this is kept in boxes."

On Dec. 1, Hausman will be calling one of her clients at 2:30 in the morning. Unlike most middle-of-the night phone calls, this one won't be bad. In fact, it has been bidden. Her client, who lives in Switzerland, says the auction is something he just doesn't want to miss. "I asked, are you sure you want me to wake you up?" she says. "He said, 'I'll be happy to hear your Canadian voice.' "

Holiday bidding

TORONTO

Dupuis Jewellery Dec. 1, 2, and 3 (previews Nov. 30 and Dec. 1), Royal Ontario Museum, 100 Queen's Park, 416-968-7500

(toll free 1-800-879-8975).

http://www.dupuis.ca

Joyner Waddington's Canadian Art

Dec. 2 and 3 (previews Nov. 30-Dec. 2), 111 Bathurst St., 416-504-5100.

http://www.waddingtons.ca

Waddington's Fine Books and Maps

Dec. 11 (previews Dec. 9 and 11), 111 Bathurst St., 416-504-9100.

http://www.waddingtons.ca

Ritchie's European & American Art Auction Dec. 2 (previews Nov. 29, 30, Dec. 1) 288 King St. E., 416-364-1864.

http://www.ritchies.com

Ritchie's Holiday Auction Silver, Asian works of art, glass, ceramics, Dec. 16.

Carpets, textiles, furniture, clocks, tribal arts, decorations, Dec. 17, (previews Dec. 14, 15), 288 King St. E. 416-364-1864.

http://www.ritchies.com

Empire Auction (fine art, jewellery, collectibles) Dec. 7, 8, 9 (previews Dec. 6, 7) 165 Tycos Drive, 416-784-4261.

http://www.empireauctions.com

VANCOUVER

Maynard's Antiques, Fine Art, and Jewelry Dec. 9, 10, 11 (previews Dec. 6-8) 415 W. 2nd Ave., 604-675-2228 (toll free: 1-800-461-0788).

http://www.maynards.com

MONTREAL

Empire Auction (fine art, bronze, jewellery, figurines, furniture) Dec. 7-11 (previews Dec. 6, 7) 5500 Paré St., 514-737-6586.

http://www.empireauctions.com

OTTAWA

Empire Auction (fine art, jewellery, furniture) Dec. 14, 15, and 16 (preview Dec. 13) 1392 Cyrville Rd., 613-748-5343.

http://www.empireauctions.com