RAPAPORT...
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A 32.77-carat fancy vivid yellow VS2 diamond sold for $6,578,500.
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In what, on the surface, appeared to be a quiet sale,
Christie’s New York Magnificent Jewels auction hammered down with a
surprisingly upbeat total — $46,599,650* against a presale estimate of $35
million to $40 million. The 335-lot sale was sold 83 percent by lot and 93
percent by dollar value. This compares to Christie’s April 2011 sale, which
sold 281 lots for $31,792,875, and October 2010, which sold 447 lots for
$52,492,138.
Top Lot
Bidders from the U.S. and around the world were buying on
the phones and online. The salesroom itself was only partially full, and while
there was some live bidding, the audience was comprised mostly of spectators,
many of whom were busy tracking prices. The mood of the room may have been
influenced by the fact that this October 18 sale fell right in the midst of the
fall Jewish holiday season and many in the trade were on vacation. The
holiday-induced quiet did not, however, seem to hamper buying.
The top lot of the day was a 32.77-carat fancy vivid yellow
VS2 pear-shaped diamond that sold for $6,578,500 — $201,000 per carat — to an
anonymous buyer. The stone was beautifully cut, with a pleasing shape and a
rich butterscotch color that was evenly distributed throughout the stone, with
no bowties or white patches, which sometimes occur in fancy shapes or color
diamonds, particularly in larger-size stones. It was a lively stone with
scintillation in mostly orange tones that complemented the warmth of the color.
There was a lot of presale interest in the diamond as it traveled to various
prospective buyers for private viewings, and bidding was competitive at the
sale.
“Despite naysayers, the market is here,” commented Rahul
Kadakia, head of jewelry for Christie’s Americas. “You just have to have your
finger on the pulse of the market and you have to know where the price
resistance hits.”
That being said, there was a lot of bidding at the sale, but
bidders were taking their time, contemplating their move to the next level as
they competed for goods. There was some heavy lifting while buyers weighed the
decision as to whether or not to spend the money and prices inched up slowly
and cautiously on a number of pieces, sometimes selling for just under the low
estimate at hammer price. It was notable at this sale that hammer price for
many pieces fell just shy of the low estimate, perhaps a sign that sellers were
eager to turn their jewels into dollars in a tightly strapped economy where
cash is king.
Diamonds
On the other side of the coin, for some, diamonds are a safe
haven store of wealth. Although diamond prices have taken a slight dip
recently, Kadakia does not believe that
the downturn has impacted diamond buying as prices have stayed in an
acceptable range and the market is known to fluctuate. He does, however, credit
the yo-yo stock market with helping diamond sales. “Diamonds are tangible
assets even if the prices fluctuate. You have the diamond in your hand. It
didn’t disappear into a vortex like money does in the stock market. You will
always have the diamond even if the price goes up or down a bit,” observed
Kadakia.
Diamonds performed well at this sale, with the gems
garnering prices that dealers described as “healthy.” Saul Goldberg, president
of New York City–based William Goldberg Diamonds, noted, “It was a healthy day.
Important things sold; there were healthy diamond prices.”
The top ten list seemed to prove those words true. The
second top lot of the sale was a 25.74-carat oval, D,VVS2, potentially flawless
diamond ring from Graff that sold to a dealer for $3,890,500, or $151,000 per
carat. A Cartier 20.43-carat VS1
rectangular-shaped diamond ring took fourth place in the top ten lots, going to
an Asian private for $2,098,500, or $103,000 per carat. Also making the top ten
list was an 11.11-carat D,VVS1 — potentially flawless — cushion cut diamond
ring, which sold to Geneva-based retailer Chatila for $1,342,500, or $121,000
per carat.
In addition to the vivid yellow top lot, colored diamonds
made a strong showing. A 3.21-carat fancy vivid blue ring took the number three
spot, selling for $2,714,500 — $846,000 per carat — to a U.S. dealer. An
8.20-carat pear-shaped fancy purplish pink diamond ring by Tiffany & Co.
took the number five spot when it sold to Chatila for $2,042,500, or $249,000
per carat.
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A 3.21-carat fancy vivid blue diamond ring sold for $2,714,500.
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Jewelry
In addition to big rocks, the sale also had a large
selection of hard-to-find 1970svintage Bulgari pieces that sold well. The
jewels were large and colorful with a flamboyant style that works well with the
current craze for 1970s-inspired fashion that is in all of the stores.
While other signed jewelry also sold well, the market seemed
much more selective than usual when it came to these pieces and there were
passes on several items by David Webb that in past markets would have sold.
Also surprisingly left out in the cold were highly collectible, coveted and
rare items by Castellani and Giuliano. While these pieces are generally sold to
buyers with very discerning tastes, in past years, pieces of this caliber have
always found a home. It leaves one to wonder if in this era of cash and
commodity versus financial markets, perhaps the true collector pieces may have
to wait for their moment to rise again — while diamonds, understood to have
tangible value, take center stage.
“There are privates who want to invest in diamonds. They
want something they can hold and feel and say ‘I’ve got a million dollars,’”
concluded Kadakia.
*All prices include buyer’s premium.
Article from the Rapaport Magazine - November 2011. To subscribe click here.