An auction season filled with superlatives was topped once again on December 1, when Christie’s Hong Kong sold $48 million worth of jewelry, with 89 percent sold by lot and 92 percent by Hong Kong dollar. The breathtaking climax to the event was the sale of a fancy vivid pink, cushion-shaped, type IIa, VS1 and potentially flawless diamond weighing exactly 5 carats. The bubble-gum-pink diamond, estimated to bring $5 million to $7 million, instead elicited a battle of the bids, according to Vickie Sek, director of jewelry and jadeite for Christie’s Asia.
“Bidding for this stone was highly competitive,” Sek said. “We had six top collectors worldwide bidding on the telephone and one bid in the room.” Most of those competing for the stone were from Asia, one was American and one was from the European trade. “All the bids were fast and firm, which means all of them were determined to get it. Toward the end, the three privates were still bidding very strong, without hesitation, against each other. In the end, the diamond went to a well-known top collector from China, who buys across the fine art categories.” The price that collector paid was a gasp-inducing $10,776,660.* It set two world auction record prices: one for the per-carat price of a diamond — $2.1 million — and one for a pink diamond.
The stone, with two shield-shaped diamond side stones, was set in a ring by Graff. It was considered a collector’s stone by many authorities, including Tom Moses, Gemological Institute of America (GIA) senior vice president of laboratory and research. Moses called it “Extraordinary for its saturation of color and size…. As with all colored diamonds, the most important attribute is the color. This stone is medium in lightness and highly saturated, supporting the GIA Grade description of Fancy Vivid. Even for the most experienced gem connoisseur, this exemplary specimen is a reminder of nature at its best.”
The diamond was accompanied by a diagram indicating that it is potentially flawless — meaning it would not need significant recutting but only “minor repolishing” to become flawless, according to Moses. Of course, grinding away even the tiniest bit of diamond would bring the weight under the magic 5-carat mark.
More Colored DiamondsThe pink was one of two fancy color diamonds in this sale graded “vivid” that came from the House of Graff. The second stone, which also brought out the bidders, was an oval-shaped, fancy vivid yellow, VVS1 diamond weighing 9.03 carats. While not doubling its estimate, it sold well above the high estimate, fetching $1,529,940, or $169,000 per carat.
A fancy intense blue diamond rounded out the color choices, at least for diamonds, in the top ten. The rectangular-cut, VS1 diamond weighing 3.02 carats sold for $1,163,580, or $385,000 per carat, to the international trade. This stone, too, had brand name appeal: It was set in a platinum ring by Tiffany with square-cut white diamonds along the upper portion of the shank.
The headline-making results of this sale can be attributed to a number of factors, according to Sek. “Our success is really based on our strategy of offering a combination of signed pieces and beautiful, quality goods, but all have to be priced well. Our regular clients keep coming back to us, but each sale always attracts new buyers. Whether old or new, these clients come from all over the world, but I have to stress that most come from Asia — China, Taiwan, Hong Kong, Indonesia and Singapore.”
The economy plays a role in the selection of goods that are offered. “In this recession market,” Sek adds, “buyers are very selective. They are looking for beauty and quality, of course, not forgetting the rarest jewels. Whether in a good economy or bad economy, our top buyers will spend, no matter the price.”
That willingness to spend was apparent when another world auction record price was set, this time by a cushion-shaped Kashmir sapphire weighing 16.65 carats, which fetched $2,396,820 or $144,000 per carat. The price more than tripled the low estimate. This lot, too, was purchased by an Asian private. In all, eight of the top ten lots went to Asian privates, typical for a Hong Kong sale.
DiamondsPrices for D-color, flawless or IF diamonds were more restrained, settling in with the low to high estimates. Among them, a circular-cut, D flawless diamond weighing 16.99 carats was sold to an Asian private for $2,902,500. A smaller D, IF, type IIa, square-cut diamond, weighing 8.66 carats, was sold a heartbeat below the high estimate at $1,086,180. Considerably down the scale in per-carat price, a rectangular-cut diamond weighing 17.65 carats was accompanied by three gem lab reports from well-regarded labs, two of which graded it as D, but a GIA report gave it only an F. All three reports agreed on a clarity rating of VS2. The stone was sold below the high estimate for $962,340, or $54,000 per carat.
Private clients, Sek explains, “are concerned more about whether they like the stone or not. This stone was bought by a private who liked the shape and the size. She doesn’t mind whether it’s D or F. Plus, there is a type IIa certificate that proves the stone is very good material.” The F grade from the GIA reflected gray spots inside the stone, more of a factor for dealers, Sek added. “They are more concerned on the color grading for their pricing.”
For the woman who can’t decide among shapes, an elegant diamond necklace offered for sale was just the ticket: It featured an 11-carat, pear-shaped D flawless diamond, along with a 3.51-carat, D, IF heart shape, a 1.34-carat D, IF marquise shape and four pink diamonds as accents, each about ¼ carat, all spaced along an 18-karat white and rose gold double chain. The lot soared above the high estimate, selling to a European private customer for $1,602,180. The pear shape was figured at $132,000 per carat.
Jadeite continues to play a role in the Hong Kong sales, albeit a smaller role than in years past. Of the 255 lots in the sale, 59 were jadeite, including a number of important carved jadeite figures. Although jadeite brings out the connoisseurs who appreciate the luminous quality of fine material, the number of jadeite lots in recent sales has diminished as the reach of the sales has expanded around the globe. And, Sek says, “To source top-quality jadeite is even more difficult than sourcing gemstones because the only mine for jadeite is in Burma and nowhere else. That mine has become less and less productive after so many years of mining.” Still, she notes, “Our increasing number of clients from Mainland China love jadeite very much. Unexpectedly, there are Russian and Middle East buyers for our top jadeite as well.”
The balancing act performed by Sek and her team continues to impress, as does their ability to source the best in each category of gem and jewelry, East and West, signed and spectacular. The final price achieved by the pink diamond proves that Sek’s team has the golden touch when it comes to courting, educating and ultimately selling to a global audience.
*All prices include buyer’s premium.
Article from the Rapaport Magazine - January 2010. To subscribe click here.