Sotheby’s Hong Kong Magnificent Jewels and Jadeite sale, the first auction of the 2018 spring season, showed a lot of promise, but failed to meet expectations. Of the 278 lots on offer, only 61.2% sold. By value, the results were even more dismal: The $48.6 million total amounted to 48% of the $93.6 million pre-auction estimate.
Slow going for jadeite
Among the marquee pieces that didn’t sell during the April 3 sale was the top lot: The Circle of Heaven, a jadeite bangle with an estimate of $10.2 million to $12.8 million. The item — which the auction house described as “extremely rare and highly translucent,” with “full brilliant emerald green color” and “fine texture” — was one of approximately 30 jadeite jewels and art objects that failed to find buyers, an unusual state of affairs for a Hong Kong auction. They included a jadeite and diamond ring with an estimate of $2.3 million to $3.5 million, and jadeite and diamond earrings valued at $1.9 million to $3.2 million.
Unsold treasures
Other items that remained on the block included a round brilliant-cut, 17.63-carat diamond with an estimate of $2.1 million to $2.8 million, and a ring sporting a step-cut, 14.18-carat, fancy blue diamond, valued at $5.9 million to $7.6 million.
Among the signed jewels that went unsold were a diamond ring by Monture Cartier featuring a step-cut, 14.72-carat Colombian emerald, estimated at $1.1 million to $1.4 million, and a Van Cleef & Arpels swan brooch with rubies, diamonds and emeralds, valued at approximately $280,300 to $356,700.
Colored diamonds make it big
As has often been the case at international auctions, colored diamonds dominated the highest sellers in Hong Kong, with a sprinkling of rubies, sapphires, jadeite and colorless diamonds. Signed jewels showed mixed results, but there were a few substantial sales. Rings and earrings made up most of the top 10 items, nine of which fell within estimates (the exception being an Art Deco Egyptian-revival gem and diamond bracelet from 1925, which crested its high estimate to sell for $1.19 million).
The top lot, which went for $11 million, was a ring with a 24.70-carat Burmese pigeon’s blood ruby surrounded by pear-shaped, D-color, internally flawless diamonds. Other big sellers included a pair of pear-shaped diamond earrings, respectively weighing 13.01 and 12.97 carats, which brought in $2.95 million; a cushion-shaped, 5.01-carat, fancy vivid purplish-pink diamond and platinum ring that fetched $2.4 million; and a 30.16-carat, fancy vivid yellow diamond ring that went for $2.8 million. A square emerald-cut, 10.30-carat, fancy vivid orangy-yellow diamond and platinum ring made the list as well at $1.3 million.
The only jadeite item to get into the top 10 was a set of earrings with translucent oval jadeite cabochons in vivid emerald-green, which brought in $1.2 million.
Prominent pedigree
Two lots that fell short of the top 10 were nonetheless notable for their provenance and design.
The Cullinan Vivid — a step-cut, 5.29-carat, fancy vivid yellow diamond set in a ring — can trace its origins to the Cullinan family, known for their exceptional diamond collection. It sold for $657,436, within estimates.
Meanwhile, an iconic Van Cleef & Arpels Zip necklace with brilliant-cut diamonds in 18-karat yellow gold and platinum went for $350,378, smashing its high estimate of $256,000. The flexible, decorative zipper necklace design converts to a bracelet and is emblematic of the pieces the Parisian high jeweler has created since the 1950s.
Image (clockwise from top left): 1779, ruby and diamond ring; 1656, pair of diamond pendent earrings; 1659, fancy vivid yellow diamond and diamond ring; 1773, Cartier sapphire and diamond ring; 1645, fancy vivid orangy-yellow diamond and diamond ring; 1782, fancy vivid purplish-pink diamond and diamond ring.Article from the Rapaport Magazine - May 2018. To subscribe click here.