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RAPAPORT... Christie’s followed its rival Sotheby's in hosting a fairly strong New York jewelry auction last week, despite the economic crisis that has shaken the city. The sale totaled $16.62 million, with 84 percent of the items sold by lot and 83 percent by value.
“Private buyers dominated the sale, acquiring all of the top 10 lots,” said Rahul Kadakia, head of jewelry at Christie’s. He noted that several collections of period jewelry, as well as rare diamonds and gemstones, performed especially well.
The highlight of the sale was a pair of pear-shaped D-color flawless Forevermark diamonds of 17.01 and 17.79 carats, which went for $3.55 million, or $102,000 per carat, to an unnamed private buyer. A circular-cut E-color potentially flawless diamond of 10.28 carats sold to a U.S. private for $1.058 million, or $103,000 per carat, within the lower range of its pre-sale estimate. The third-largest lot also broke the million-dollar mark: a rectangular-cut H/VVS2 diamond of 19.44 carats, which sold for $1.034 million, or $53,000 per carat.
Kadakia reported that 18 jewels that were sold by Christie’s New York went for more than $1 million in 2008. This past week, Sotheby’s New York jewels sale garnered $20.35 million, selling 62 percent by lot and by value.
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