The New York jewelry auctions that Sotheby’s, Christie’s and Bonhams held during the first week of December lacked a marquee jewel or gem, but still had plenty of sparkle, offering a diverse selection of statement diamonds, colored gems and signed jewels that earned the attention of buyers.
Blue diamonds and sapphires were among the top lots of the week, which came as no surprise. Colorless diamonds showed mixed results, but signed jewels performed extremely well, particularly pieces by contemporary jeweler JAR. In addition, Sotheby’s held a dedicated sale of couture fashion jewels created and owned by British jewelry designer Shaun Leane that attracted plenty of interest.
The little pearl that could
Arguably the story of the week, however, was a natural saltwater pearl that unexpectedly sold for nearly $1.5 million, becoming the top lot at the Bonhams Fine Jewelry sale on December 4. Its pre-sale estimate was only $30,000 to $50,000, so its final price was a surprise even to the auction house. Its origin is unknown, and its only provenance was that it came from the estate of American philanthropist Mary Clark Thompson. It was large, measuring 14.1 millimeters in width and approximately 23 millimeters in length, but there was no reason to believe the pearl would be the subject of what the auction house described as a “frenzied bidding war.”
It garnered the highest price for a natural pearl at auction in the past six years, and became the third-most-valuable single natural pearl ever sold at auction. It topped a Harry Winston diamond rivière necklace formerly belonging to Hollywood socialite Zsa Zsa Gabor, which featured 45 graduated round brilliant-cut diamonds and went for more than $1.2 million.
Azured victory
A day later, sapphires and blue diamonds were the star attractions at Sotheby’s Magnificent Jewels sale in New York. The December 5 auction achieved nearly $54 million, selling 82% by lot and 79.4% by value.
The top lot was an emerald-cut, 5.69-carat, fancy vivid blue, VVS1-clarity diamond that brought in more than $15.1 million, just exceeding its high estimate. The total price amounted to more than $2.6 million per carat. In addition, a 2.05-carat, fancy intense blue diamond mounted on a diamond ring sold for over $2.6 million — more than $1 million above its high estimate, coming to about $1.3 million per carat. Among colorless diamonds, the top lot was a 14.01-carat, D-color, VVS1 diamond that fetched $1.6 million, falling within estimates.
A good sign
Signed jewels featuring blue sapphires were popular among buyers, including:
▪ A sapphire and diamond bracelet by Van Cleef & Arpels, circa 1936, that sold for more than $3.1 million, doubling its high estimate of $1.5 million. The bracelet features five sugarloaf Ceylon cabochon sapphires weighing approximately 193.73 carats in total, joined by articulated segments of geometric design containing square, rectangular, round and old European-cut diamonds.
▪ A sapphire and diamond necklace-bracelet combination by Harry Winston that garnered more than $1.9 million, beating its high estimate of $1.5 million. The convertible jewel features seven emerald-cut sapphires weighing a total of approximately 123.13 carats.
▪ Earclips by Harry Winston with two modified pear-shaped Burmese sapphires weighing 23.02 and 20.83 carats, respectively, which sold for nearly $1.1 million ($24,971 per carat), well above its $850,000 high estimate.
The single JAR piece in the auction was a diamond and green garnet brooch that sold for over $1.5 million — more than double its high estimate of $650,000.
Mean and Leane
One highly anticipated lot that didn’t sell was the largest round diamond ever offered at auction: a 110.92-carat stone with VS1 clarity and excellent polish, cut and symmetry. Its estimate was $4.2 million to $6.2 million — though it did have an L color grade, which may have been why buyers gave it a pass.
The auction came a day after Sotheby’s held a dedicated sale of 42 fashion couture pieces by Shaun Leane that brought in more than $2.6 million, topping the event’s $2 million high estimate. The works from Leane’s personal collection ranged from skeletal corsets for Alexander McQueen’s runway shows, to a white gold evening glove with more than 4,000 diamonds for designer Daphne Guinness, to red-carpet jewels for style icons Isabella Blow, Kate Moss and Sarah Jessica Parker.
That auction sold 73.8% by lot and 91.7% by value, so while not all items found buyers, those that did were in great demand.
Graff keeps going
If there’s any jeweler in the world who has had a better year than Laurence Graff, they are keeping it a secret. Graff purchased not only the 1,109-carat Lesedi La Rona — the largest rough diamond in existence today — for $53 million, but also the 709-carat Peace Diamond, the 14th-largest rough diamond ever mined. His name also appeared this year at auctions throughout the world.
That trend continued at Christie’s Magnificent Jewels sale in New York on December 6. A crossover ring of Graff’s design with two fancy vivid blue diamonds was the top lot, fetching more than $12.5 million.
The platinum ring is set with two pear-shaped, modified brilliant-cut, fancy vivid blue diamonds that weigh approximately 3.36 and 2.71 carats and sport VVS2 and VS1 clarity grades. It sold for well above its $8.5 million high estimate.
Brilliant diamond performances
Also dominating the Christie’s sale — which totaled nearly $62.6 million, selling 88% by lot and 85% by value — were signed jewels by JAR, Van Cleef & Arpels and Harry Winston. In a bit of a twist, colorless diamonds, signed natural pearl earrings and an art object also performed well. Among the top diamond lots were:
▪ A cut-cornered square step-cut, 38.91-carat diamond mounted in a platinum ring and flanked by three tapered baguette-cut diamonds on each side. It sold for more than $3.6 million, topping its high estimate.
▪ A round brilliant-cut, 23.26-carat diamond mounted in platinum, which fetched more than $2.3 million, well above its $1.5 million estimate.
▪ A diamond rivière necklace with 46 round brilliant-cut diamonds mounted in platinum, which went for more than $1.1 million, just over its $1 million high estimate.
However, a diamond that failed to sparkle for bidders was a round brilliant-cut, 45.46-carat, D-flawless unmounted stone, listed as the number-two lot of the auction with an estimate of $6.3 million to $7.3 million.
The lone sapphire among the top 10 lots was a Belle Époque Kashmir weighing 11.81 carats. Mounted on a diamond ring that sold for more than $1.7 million, it smashed its $1 million high estimate.
A jewel by any other name
Notable sales of signed jewels, meanwhile, included:
▪ A Harry Winston diamond cluster wreath necklace that sold for more than $1.8 million, within estimates.
▪ Multi-gem ear pendants by JAR that went for more than $1.2 million, within estimates.
▪ Natural pearl and diamond pendant earrings by Van Cleef & Arpels, which fell within estimates at $972,500.
▪ An Art Deco multi-gem bracelet by Georges Fouquet, designed by Adolphe Mouron dit Cassandre, which sold for $924,500 — well above its $600,000 high estimate.
▪ Diamond Girandole platinum and diamond ear pendants by Cartier that brought in $324,500, more than five times their high estimate of $60,000.
A bejeweled
objet d’art made it into the top 10 sales as well, coming in at number six. The Rothschild Chinoiserie Nécessaire, an elaborate upright casket set containing hundreds of diamonds, rubies and emeralds, fetched more than $1.5 million at the sale. An estimate wasn’t provided.
With the success of art objects and natural pearls, among other items, the New York sales proved the auction market still holds many surprises.
Article from the Rapaport Magazine - January 2018. To subscribe click here.