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Auctions
New Highs in Hong Kong
More auction records were set at Christie’s Hong Kong sale.
By Mary Kavanagh
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Diamond ear pendants set a world auction record, selling for $9,740,736.
Photo courtesy Christie’s Images Ltd. 2014. |
Hong Kong auction houses continue to achieve new world records for fine jewelry. A spectacular pair of pear-shaped D color, internally flawless type IIa diamond ear pendants topped the lots at Christie’s Magnificent Jewels May sale in Hong Kong, setting a new world auction record with their $9,740,736* sale price. The spring auction also set a new world auction record for a rare intense green diamond ring that sold for $3,644,352.
“Our auction achieved $92 million, a touch more than a year ago when we sold for $82.9 million,” said Vickie Sek, director of the jewelry and jadeite department at Christie’s Asia. “So I must say we are quite pleased with the results, which are well within our expectations.”
The total for the sale, which featured numerous colored stones and jadeite pieces, was $91,951,200. The 319-lot sale was 81 percent sold by lot and 73 percent sold by value. This compares to Christie’s Hong Kong sales in November 2013, which brought in a total of $111.3 million — the highest total ever for any jewelry auction in Hong Kong — and May 2013, which achieved $82.9 million.
The magnificent world-record-breaking diamond ear pendants were the stars of the show. The earrings each comprised a suspended pear-shaped diamond — weighing 25.49 and 25.31 carats, respectively — surmounted by a second pear-shaped diamond — weighing 2.45 and 2.33 carats, respectively — spaced by a brilliant-cut diamond — weighing .73 and .65 carats, respectively. The earrings, mounted in 18-karat white gold, were more than two inches long. The pendants are accompanied by reports from the Gemological Institute of America (GIA) confirming that all four pear-shaped diamonds are D color and internally flawless with excellent polish and symmetry. A private Asian collector purchased the jewels for $9,740,736, significantly above the presale low estimate of $8.4 million.
The auction’s other record breaker was a cushion-shaped fancy intense green VS2 diamond weighing 6.13 carats set within a brilliant-cut pink diamond surround extending to the half-hoop.Mounted in 18-karat rose gold, it sold to a member of the international trade for $3,644,352. “We were expecting $400,000 per carat and it went for $600,000 per carat, a world auction record price for an intense green diamond at auction,” Sek said.
The main attraction at the auction, The Eye of Golconda, failed to sell. Bidding for this magnificent Golconda diamond and emerald pendant necklace started at $5 million with a few bidders interested, but stopped at $7.5 million, which was short of the $8.5 million reserve. The necklace’s centerpiece, a pear-shaped D color, internally flawless type IIa diamond weighing 40.05 carats, was the largest Golconda diamond ever to go under the hammer in Asia.
Sek described it as “a special stone for special collectors,” and pointed out that “many connoisseurs came to admire it during our preview, but at the end, no one was willing to pay $8.5 million.” However, according to Sek, Christie’s was approached about the necklace after the auction, so “there is still a good chance a sale will be made.”
Diamonds, colored stones and jadeite featured strongly among the top lots in Hong Kong. “I was lucky enough to find major colored stones during my sourcing trips throughout Asia, Europe and America,” Sek said, noting that one of the most highly sought after pieces at the auction was a 28.88-carat cushion-shaped Colombian emerald set in a pavé-set, brilliant-cut diamond gallery and three-quarter hoop mounted in 18-karat white gold. It sold to a private Asian collector for $4,152,384, more than double the presale low estimate of $1.8 million, after what Sek described as “a ten-minute auction battle.” Sek said she was not surprised by the high selling price because “the color saturation, brightness and size are exceptional.”
The second top lot of the evening was a pear-shaped fancy intense pink diamond ring weighing 9.38 carats that sold to a member of the Asian trade for $5,966,784. Another popular ring that featured in the top ten lots was a rectangular-shaped fancy orangy VS2 pink diamond weighing almost 13 carats by Harry Winston that was bought by a member of the Middle East trade for $3,644,352. “Estimated at $120,000 per carat, it sold for almost $300,000 per carat,” Sek said. “Here again, its rare color and size stand out.”
Jadeite items featured strongly in the sale with a lot of interest among in-room buyers, in particular for the third top lot of the evening, a brilliant emerald-green jadeite bangle estimated at $3.8 million, which sold for $5.2 million. “Its vivid emerald-green color caught the eye of many Asian collectors, who put up a good fight for it in the auction room,” Sek said.
A suite of Burmese pigeon’s blood ruby and diamond jewelry comprising a necklace and ear pendants by James W. Currens for Faidee sold for $4,805,568 to a member of the Asian trade. The necklace is set with 28 oval-shaped rubies weighing from 5.64 carats to 1.06 carats and the matching ear pendants, set with eight oval-shaped rubies weighing approximately 10.83 carats total, were mounted in platinum and 18-karat yellow gold.
Another highlight of the evening was the sale of the fourth and fifth top lots, two almost identical unmounted brilliant-cut D color, flawless type IIa diamonds, weighing 26.08 and 26.20 carats. They were both bought by an Asian private collector for $4,950,720 each. According to Sek, the buyer wanted to keep them as a pair. “It’s so rare to match a pair in such a size,” she said.
Sek described the mood of the auction as “heated,” noting “we ran out of chairs for our buyers in the auction room and phone lines for our telephone bidders.” The main difference this time around is that there were fewer buyers from Mainland China. “They were replaced by collectors from Thailand, Singapore and other Southeast Asian countries. European and American buyers were also present via Christie’s LIVE online bidding and on the telephone. Some of the new buyers had come to Hong Kong for Christie’s sales of Chinese paintings, Asian Contemporary and Chinese Works of Art and used the opportunity to preview the jewelry sale and bid on several pieces.”
* All prices include buyer’s premium.Article from the Rapaport Magazine - July 2014. To subscribe click here.
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