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RAPAPORT... A room full of spectators and bidders watched in amazement at Christie’s as eight lots soared past the $1 million mark at its Magnificent Jewels sale on April 25, 2007, in New York City.
The sale garnered $39,094,080 for 264 lots with a presale estimate of $20 million. The sale was 90 percent sold by lot and 94 percent sold by value.
The top lot of the day was the Baroda Pearls, formerly owned by Maharajahs of the Gaekwar family of Baroda in India. The two-strand necklace of 68 natural pearls with a diamond clasp, earrings, brooch and ring sold for an astounding $7,096,000 to a private Asian collector who requested anonymity.
An antique natural color Kashimir sapphire with a diamond frame took second place at $3,064,000 capturing a world record price for a sapphire of $135,000 per carat. Finally, the number three spot went to a fancy deep grayish-blue 9.39 cushion-cut diamond ring, which sold for $2,392,000. The remaining five lots that topped the million dollar mark were all diamonds.
Bidding was aggressive by both consumers and the trade with buyers coming from all parts of the world to compete for rare, beautiful, high-quality jewels, that commanded prices reflective of their importance.
Full auction coverage will be in the May 4, 2007 Rapaport Diamond Report.
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