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Auctions
Ravishing Rubies
Christie’s Hong Kong set two new world auction price records at its autumn Hong Kong Magnificent Jewels sale.
By Mary Kavanagh
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The Crimson Flame cushion-shaped Burmese ruby ring, weighing over 15 carats, sold for $18,372,919.
Photo courtesy Christie’s. |
At Christie’s Hong Kong, 2015 was the year of the ruby,” declared Vickie Sek, deputy chairman of Christie’s Asia and director of Christie’s jewelry and jadeite department, referring to the record-setting sale of a cushion-shaped Burmese ruby ring dubbed The Crimson Flame. Weighing over 15 carats, it was the top lot of the sale. Selling for $18,372,919* to a private Asian buyer, it set a new world record auction price per carat for a ruby at $1,221,604. Bidding was competitive throughout for this highly sought-after piece, which sold to much applause.
Sek was also referencing the previous record-breaking sale of a Burmese ruby necklace by Etcetera at the Hong Kong spring sale in June 2015. Noting that these two world auction records were not unexpected, she pointed out, “The Crimson Flame defines the perfect ruby in every way: size, cut, color, quality and Mogok geographical provenance — an extremely rare combination — and exceedingly difficult to find in the market.”
Yet another record was set by an exceptional flawless 10.11-carat emerald ring, The Afghan Emerald. It sparked an intense round of bidding, which concluded with the ring selling for $2,275,236 to a European private collector at $225,048 per carat, well in excess of the high presale estimate of $1,500,000 and setting a new world auction price for an Afghan emerald. “The Afghan Emerald hails from the legendary mines of Afghanistan’s Panjshir Valley and is the first emerald from this region to ever appear at auction,” Sek said, describing the stone’s clarity as “one of a kind” and its intense saturated green color as “unique” and “among the finest of Afghan emeralds.”
The December 2015 sale achieved $96,904,062 in total. The 321 lots were 80 percent sold by lot and 83 percent sold by value. This compares to Christie’s June 2015 spring sale, which brought in a total of $117,892,325, the highest total ever for any jewelry auction in Asia, and its autumn Hong Kong sale in November 2014, which brought in a total of $95,050,066.
Christie’s spring sale focused on private collections, most notably those of K’ung Hsiang-Hsi. This time around the emphasis was on gemstones — rubies, sapphires and emeralds. The third top lot was a highly sought-after Burmese ruby and diamond necklace by Faidee, which sold for $7,198,867 to an Asian private collector after a long-drawn-out bidding process. Jadeite also featured among the top lots this time around. The second top lot, a double-strand jadeite necklace with a diamond clasp by Cartier, was one of the auction highlights. Bidding was intensely competitive among in-room and phone contenders, starting at $2,000,000 and quickly increasing to reach $6,500,000, drawing applause from the audience and causing auctioneer and Chairman of Christie’s Asia Pacific François Curiel to remark, “No applause until the opera is over.” A European private collector eventually secured the coveted piece for $7,561,661, more than double the low presale estimate of $3,500,000.
A jadeite cabochon ring was the sixth top lot of the evening. It was bought by an Asian private collector for $3,788,605. Pink diamonds also featured strongly, with two rings making the top ten. The fourth top lot was a 7.53-carat pear-shaped fancy intense pink diamond ring. It went to an Asian private buyer for $6,255,603. The fifth top lot, a 5.22-carat cushion-shaped fancy intense pink IF diamond, was sold to Harry Winston for $4,441,634.
Sek estimated there were over 300 bidders present at the Convention Center and many more joined by phone and online who contributed to “several electrifying moments.” There was a good mix in the room with locals, Mainland Chinese and other nationalities represented. Bidding was steady and generally competitive throughout. “We are very happy with the sale,” Sek said. “Bidding was intense and the vibe in the room was exhilarating and lasted throughout the entire sale.” Asian buyers typically dominate the top-ten list at the Hong Kong auctions, but this time, two different European private collectors were featured. “The auction world is as much a global village as any other industry and we attract a strong following of European and American buyers,” Sek said. “They are just not as visible as they are sometimes outbid by Asian privates.” A regular auction-goer, who wished to remain anonymous, said the sale was “okay but not as good as Geneva.”
Demand for high-quality diamonds, gemstones and jadeite in Asia continues to be healthy. “There will always be an appetite for top-quality jewels, regardless of time and space, or macroeconomic and market conditions. This is the only buying pattern I have ever recognized, time tested and true, and unchanging,” Sek said.
Overall, 2015 was a good year for Christie’s, with the spring and autumn sales reaching a total of $215,000,000, the highest annual result ever achieved in Asia. “We have established another record and continue to be the auction market leader of jewelry in Asia and the world,” Sek continued, noting how encouraging these results are and how grateful Christie’s is for its success.
*All prices include buyer’s premium.Article from the Rapaport Magazine - January 2016. To subscribe click here.
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