Charles Lewis Tiffany

• Born: February 15, 1812
• Birthplace: Killingly, Connecticut
• Died: February 18, 1902
• Place of death: New York, New York

American merchant and jeweler

Tiffany started a fancy goods and jewelry business that became the premier source of luxury items in the United States. Avoiding the faddish and concentrating on selling items of lasting quality, his name became synonymous with wealth and good taste, and his customers included royalty, presidents, and celebrities.

Source of wealth: Sale of products

Bequeathal of wealth: Children

Early Life

Charles Lewis Tiffany (TIHF-fah-nee) was the son of Comfort Tiffany, a cotton manufacturer, and Chloe Draper Tiffany, a homemaker. Comfort Tiffany was one of the first manufacturers of cotton goods in Connecticut. Charles attended the local school in Danielsonville and later spent two years at the Plainfield Academy. When he was fifteen, his father put him in charge of a general store he had started near the cotton mill. Charles worked there for ten years until joining his father in the business that had prospered and now became C. Tiffany & Son. By managing the store, young Tiffany learned retailing, managed the books, and made frequent trips to New York City for supplies.

First Ventures

By 1837, Tiffany had realized that he did not want to work in the cotton industry in Connecticut. A friend, John B. Young, had relocated to New York City and was working in a stationery and fancy goods store; six months later, in September, 1837, Tiffany joined Young. It was not a good time for businesses because the Panic of 1837 had resulted in many bank failures and a lack of consumer confidence, yet Tiffany and Young decided to combine Young’s experience and Tiffany’s money and open a fancy goods and stationery store. Tiffany’s father loaned him $1,000 to start the business. A new partnership, Tiffany & Young, was established, and on September 18, 1837, the partners opened for business at 259 Broadway.

There was some concern that this location was too far uptown and distant from the fashionable stores where the wealthy shopped. However, Tiffany had a knack for selecting unusual merchandise to sell and stocked the store with unique bric-a-brac, Chinese objects, Japanese papier mâché, umbrellas, walking sticks, dressing cases, fans, fine stationery, pottery, and other goods. Each article was marked with a nonnegotiable selling price, which was an innovation at this time; Tiffany did not believe in bartering with customers. Total sales for the first three days were $4.98, with an added $2.77 on the fourth day. However, the store gradually became known for the high quality of its merchandise, and sales steadily increased. In addition the company adopted a distinctive shade of blue to be used on Tiffany boxes and shopping bags. This color became a symbol of the company’s reputation for quality and craftsmanship.

Tiffany consistently searched importing houses to find exceptional goods. By 1841, business was good enough to rent the adjoining corner store. Increased space resulted in more and different inventory, including Bohemian glassware, French and Dresden porcelain, cutlery, clocks, and Parisian jewelry. This year saw the addition of a new partner, J. Lewis Ellis, resulting in a new name for the company: Tiffany, Young & Ellis.

Mature Wealth

At this point, Tiffany realized the necessity of having one of the partners search for merchandise abroad in order to ensure the novelty and exclusiveness that their customers were demanding. This idea was unique in retailing. Many European businesses sent salesmen to the United States, but American businesses did not send buyers abroad. Tiffany’s plan was considered bold, hazardous, and typical of his style of management. Young made the trip; Tiffany was occupied with the business and getting married. On November 30, 1841, he married Harriet Olivia Avery Young, the sister of his partner. The couple would have six children.

Young’s trip to Europe resulted in the company becoming involved in the jewelry trade, initially selling French costume jewelry. These items sold so well that in 1844 the store introduced precious jewelry to its merchandise. In 1845, Tiffany created the country’s first mail-order catalog, called a Catalogue of Useful and Fancy Articles. An increase in business necessitated a move in 1847 to a larger store at 271 Broadway. Taking advantage of the glut of diamonds on the market due to the European revolutions of 1848, Tiffany invested heavily to buy these stones, the value of which had declined 50 percent. Every spare dollar was invested in diamonds, and the result was huge profits. One such purchase was the zone, or girdle, of diamonds worn by Marie-Antoinette.

The company began manufacturing gold jewelry and in 1850 established its first branch store in Paris. In 1851, Tiffany contracted with silversmith John C. Moore to produce silverware for the company, and the next year the firm introduced sterling silver to the United States. It was Tiffany’s ambition to rival the silversmiths of Europe, both in purity of metal and in fine workmanship. As a result, Tiffany established a benchmark that became the United States sterling standard.

On May 1, 1853, Young and Ellis retired. Tiffany remained with the company, and with the addition of new partners the name of the firm was changed for a final time to Tiffany & Co. Business continued to grow, necessitating yet another move. This time Tiffany had a building constructed at 550 Broadway. Many criticized the location as being too far above the business district, but soon critics praised Tiffany for his foresight. By 1861, Tiffany acquired the adjoining building as the company prepared for the Civil War.

Tiffany had previously bought the cable that was not used when the first transatlantic cable was completed in 1858. Tiffany had this twenty miles of unused cable cut up into souvenirs of the event, ranging from paperweights to canes, bracelets, seals, and watch charms. Tiffany knew how to promote his products, as his earlier sale of the hide of P. T. Barnum’s elephant, which he purchased to promote the sale of leather goods, attests. Crowds were so eager to buy the cable mementos that policemen were hired to maintain order at the store.

During the Civil War, Tiffany, an ardent Union supporter, devoted capital and facilities to support the government. Showrooms were turned into a supply depot. Tiffany’s also sold quantities of gold braid, badges, and officers’ swords in addition to its usual wares. One of its customers, President Abraham Lincoln, purchased a pearl necklace and bracelets for his wife to wear for his 1861 inauguration.

By 1867, Tiffany became the first American silversmith to earn a first prize at the Paris Exposition Universelle, spreading his fame throughout Europe. In 1868, the business was incorporated, with Tiffany as president and treasurer. That same year, branch stores were opened in London and Geneva. In 1870, once again Tiffany moved his headquarters, this time to Union Square, where a five-story, completely fireproof building was constructed. This new store was filled with distinctive merchandise made in Tiffany’s own workshops, as well as goods imported from all over the world. One of Tiffany’s greatest achievements was acquiring, for $18,000, a 128.54-carat yellow diamond discovered in the newly opened Kimberly mines in South Africa. Tiffany sold so many diamonds that he became known as the King of Diamonds, and to show off the beauty of the stones, in 1886 he designed a six-prong diamond solitaire setting that became known as the Tiffany setting. In 1887 he acquired one third of the French crown jewels for a cost of $480,000. These gems were resold at a handsome profit to wealthy American families, including the Astors, Stanfords, and Pulitizers.

Fifty years after Tiffany founded his company, its vaults held more than $40 million worth of gems. By 1894, Tiffany was focused on manufacturing and built a factory in Newark, New Jersey. Here eight hundred employees produced twenty-five thousand different items, ranging from sterling flatware and silver plate to leather goods and stationery.

Tiffany belonged to a number of clubs and was a founding member of the Union League Club and the New York Society of Fine Arts. He never retired from his business. He died in 1902 at his home on Madison Avenue in New York City. At the time, his personal estate was worth $35 million and his firm was capitalized at $2.4 million.

Legacy

Charles Tiffany left a legacy of quality and restraint. He became a wealthy man, but he lived a simple life. “Understated elegance” is a phrase descriptive of what he sought and achieved in both his business and his personal life. Never a believer in following the beaten path, he took chances and seized opportunities. His products, including jewels, loving cups, silver services, and diamonds, became “must-haves” for generations of wealthy customers.

Bibliography

Auchincloss, Louis. “Civilized Temptations: The Tale of Tiffany’s Legendary Power to Distract.” Art & Antiques (September, 1987): 84-90. Details how Tiffany set the standard for taste through his store.

Cohen, Daniel. “Charles Tiffany’s ’Fancy Goods’ Shop and How It Grew.” Smithsonian 18, no. 9 (December, 1987): 52-63. An overview of the company, focusing on Tiffany’s innovations.

Hollerbach, Anne Larsen. “Beyond the Blue Box.” Metalsmith 24, no.1 (Winter, 2004): 43-49. Includes background information about Tiffany’s sterling silver business.

Loring, John. Tiffany’s 150 Years. Garden City, N.Y.: Doubleday, 1987. In addition to the history of the company and information on Charles Tiffany, this book provides historical information and photographs.

Price, Judith. Masterpieces of American Jewelry. Philadelphia: Running Press, 2004. Includes background material on Tiffany’s development of the six-prong setting for diamonds.

Stoddard, William O. “Charles Louis Tiffany.” In Men of Business. Reprint. Freeport, N.Y.: Books for Libraries Press, 1972. A detailed history of Tiffany and his company, focusing on his skill as an innovative businessman.

Tiffany, Nelson Otis. The Tiffanys of America: History and Genealogy. Buffalo, N.Y.: Matthews-Northrup, 1901. Commissioned by Charles Tiffany, the book focuses on the Tiffany family in America and includes photographs.

Tiffany & Co. Charles L. Tiffany and the House of Tiffany & Company. New York: Author, 1893. Details Tiffany’s life and the beginnings of the company.

Zapata, Janet. “Tiffany.” In The Master Jewelers, edited by A. Kenneth Snowman. New York: Abrams, 1990. In addition to historical information, this chapter includes photographs of Tiffany jewels.