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Blue diamond and white diamond 8.01-carat ring
sold for $12.72 million, the sale’s top lot.
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The jewels were stunning, the room was packed and the stage
was set for a fast-paced auction on April 3, the day of Sotheby’s Hong Kong
Magnificent Jewels and Jadeite Spring Sale 2012. The sale achieved a total of
$64 million, against a presale estimate of $75 million to $92 million. It was
the second-highest total for a Sotheby’s Magnificent Jewels and Jadeite auction
in Hong Kong. The 358-lot sale was 79 percent sold by lot and 70.2 percent sold
by value. That was slightly up from Sotheby’s fall 2011 results, which sold
78.6 percent by lot and 65.6 percent by value, and in line with its spring 2011
auction, where 78.4 percent sold by lot and 74.2 percent by value.
Several of the unsold pieces included colored gemstones,
such as a pink sapphire, pink tourmaline, cultured pearl and diamond necklace
by Boucheron, a spessartite garnet and diamond ring and a padparadscha sapphire
and diamond ring by Carvin French. According to Quek Chin Yeow, deputy chairman
and head of the jewelry department, Sotheby’s Asia, when it came to the major
colored diamonds and precious stones, “We were pleased to see that they all
sold very well.”
AUSPICIOUS TIMING
The sale took place on the eve of a Hong Kong public holiday
— the Ching Ming grave sweeping festival. Falling on a Thursday just before the
Easter holiday break, the festival, during which Chinese visit the graves of
their ancestors to pay their respects, clear away debris and leave offerings,
likely brought a higher-than-usual number of Mainland visitors to spend a long
weekend in the city.
Greater attendance was also generated by Sotheby’s
concurrent high-profile sales in art and ceramics, which were on view in
adjoining areas of the Hong Kong Convention and Exhibition Centre. Quek had
expected some crossover buying during the sale, he said, due to the big
collectors who would be drawn by the quality of pieces on offer at the art and
ceramics shows.
BLUE IS BEST
The top lot at the jewelry auction was an 8.01-carat emerald
cut fancy vivid blue diamond and white diamond ring. It sold for $12.72
million* to an anonymous bidder. “It’s the first time an 8-plus-carat emerald
cut blue has appeared in over 12 to 15 years,” said Quek.
The per-carat price of $1,588,079 was the second-highest
price ever achieved for a blue diamond at auction. The record per-carat price
for a fancy vivid blue diamond — also set by Sotheby’s in Hong Kong — was for a
6.01-carat fancy vivid blue diamond ring that sold for $10,135,897, or
$1,686,505 per carat, in October 2011.
DIAMOND PERFORMANCE
“White diamonds did well, particularly round high-quality
white diamonds,” said Quek. One example was an 18.11-carat brilliant cut
unmounted D flawless diamond that sold for $3,961,538 to a private Asian buyer,
the second-highest sale of the day. Other unmounted brilliant cut diamonds were
among the top ten sellers, with a pair of 5.01-carat and 5.05-carat D flawless
diamonds fetching $1,951,282.
The strength of diamonds in the sale bodes well for the
centerpiece of Sotheby’s Geneva auction, which will take place on May 15. The
rare stone with a hard-to-match historical provenance was previewed at the Hong
Kong auction. Named the Beau Sancy, the 34.98-carat modified pear, double rose
cut diamond, dates back to the late-1500s.
The diamond, which was likely mined near Golconda in
south-central India, attracted wide attention from the Hong Kong media during
the preview. “That’s where you get this wonderful white quality, from the river
mines of India. You have an enormous diversity of people who will yearn for
this thing,” said Alexandra Rhodes, senior specialist, Sotheby’s International
Jewelry.
THE APPEAL OF RINGS
Rings were high on the list of jewels reaching the highest
prices in Hong Kong, and generally sold better and attracted more bids than did
necklaces or earrings. The second-top-selling ring, centering on a 3.28-carat
pear-shaped, internally flawless fancy vivid pink diamond embellished with
white diamonds, went for $3,243,590 to a private Asian buyer. Pink and blue
diamonds are the preferred colors of Mainland Chinese buyers, noted Quek.
Another large ring, a 5.01-carat Burmese ruby and diamond ring, sold for
$1,592,308, also to a private Asian buyer.
Branded jewelry by well-established names such as Harry
Winston and Van Cleef & Arpels attracted many bids in the room and on the
phones.
A FULL HOUSE
The auction room was packed at the start of the sale, with
standing room only for several hours. Mainland Chinese made up the bulk of the
attendees during most of the sale, with some Hong Kong buyers and a smattering
of South Asians also present. That make-up was reflected in the breakdown of
buyers, with “mainly buyers from Asia, and international participation from
private collectors and the trade,” explained Quek. The telephones saw
heavy-duty action, with many buyers in the room competing against unseen buyers
on the telephone. By contrast, internet sales were few and far between.
THE RISE OF JADE
Jade pieces were well received during the auction, and
several pieces attracted fast-paced bidding. A jadeite “Laughing Buddha” and
diamond pendant necklace fetched $1,951,282, capturing sixth place in Sotheby’s
top ten selling list.
The sale of jade has become more popular in Hong Kong over
the past three years because of high interest from Mainland Chinese buyers,
said Quek. Jade is revered in Chinese culture because it is believed to emit
positive energy and to bring luck, happiness and wealth.
*All prices include buyer’s premium.
Article from the Rapaport Magazine - May 2012. To subscribe click here.