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Auctions
Stellar Sales
The spring auctions at Sotheby’s and Christie’s in Geneva brought positive results in an anxiety ridden world.
By Francesco Rosa
The Geneva auctions this spring have once again achieved healthy results, despite a global climate of political and economic uncertainty, sending a positive signal to a concerned international jewelry market. “Both Sotheby’s and Christie’s have done better than the current market situation. The results that they brought, the prices that they achieved and the total figures show that the entire market is getting better, even though it is not always obvious and auction results demand a careful and informed analysis,” noted Eric Valdieu of Valdieu Fine Arts and former head of Christie’s jewelry department in Geneva. While colored diamonds and colored gemstones did well, the white diamond market was on the soft side, with prices struggling on some levels. The F, G and H, VVS or VS diamonds were seeing stronger prices than the D, E, F and G flawless as there is more demand in the market for the former, which are still high quality, but a better value for the money. Both sales attracted international dealers, who participated in the very active bidding. The presence of private buyers seemed reduced compared to previous sales, although the great number of anonymous bids coming online and from the phones make this data hard to assess for anyone but the auction houses.
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The following day Christie’s two-session sale totaled $94,504,747, selling 233 out of the 264 lots on offer, representing a sold-by-lot value of 85 percent. Christie’s November 2016 sale had totaled $97,117,588 from 217 lots offered, while their May 2016 sale had made $148,639,176 from 285 lots offered. “The sale took one hour longer than I thought it was going to take, because everything was selling for more than its estimate and taking time,” said Rahul Kadakia, international head of jewelry, Christie’s. “If a sale goes late, it means it is making more money.” The top lot of the evening was a 92.15-carat heart-shaped, D-flawless diamond (see slideshow). Mounted by Boehmer et Bassenge on a cultured pearl necklace dubbed “La Légende,” it was the largest heart-shaped diamond ever offered at auction. Bidding started in the room before an anonymous phone buyer entered the battle, eventually placing the winning bid. The total price of $14,989,012, or $163,000 per carat, set a new world auction record for a heart-shaped diamond. The second top lot at Christie’s was a Burmese oval-cut ruby of 15.03 carats, set in a diamond cluster ring. Bidding was an intense battle between a buyer seated at the front of the sale-room and two buyers bidding on the phone. Sam Abram, of New York–based Siba Corporation, won the gem for $12,942,775, or $861,000 per carat. “This is the finest ruby I have seen at auction in decades and we are proud that it now belongs to The Siba Collection,” commented Abram after the sale. Marc Boghossian of Geneva-based Bomare SA, summed up the sales at both auction houses. “The prices achieved for gem-quality colored stones and colored diamonds were higher than at previous auctions in Geneva, because there continues to be great demand while the supply is very, very limited for such high-quality items. Sotheby’s presented a genuine sale with authentic pieces coming from privates, while Christie’s had a smaller selection, which seemed more targeted toward certain needs or demands from the market.”*All prices include buyer’s premium.Article from the Rapaport Magazine - June 2017. To subscribe click here.
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