RAPAPORT...  Christie's and Sotheby's held diamond and jewelry auctions this week in New York. Strong prices were achieved for diamonds at both sales. Christie's New York held its auction on October 21. During the morning session titled: Jewels - the New York Sale and the Annenberg Diamond, the total garnered $27,801,800. The top lot was the Annenberg Diamond, a 32.01 carat, D, flawless emerald-cut diamond flanked by two pear-shaped diamonds of  1.61 carats and 1.51 carats, which sold for  $7,698,500 against a presales estimate of  $3 million to $5 million. Together with the afternoon sale,  Christie's  Rare Jewels and Objets d’Art: A Superb Collection, Christie's reported a grand total of  $46,513,050 and a combined sell-through rate of 85 percent by lot. 

Rahul Kadakia, head of jewelry at Christie’s New York, said, it was as if the recession never happened. "Virtually every lot exceeded its estimate and the $7.7 million Annenberg Diamond astonished even the most seasoned diamond dealer.  It was an auction to remember. And if this were not enough, the sale started again at 2:30 p.m. and continued until 7 p.m., giving collectors opportunity to acquire exceptional masterpieces from the superb collection of Rare Jewels and Objets d’Art.”

The Annenberg Diamond ring was designed by David Webb. François Curiel, chairman of Christie’s Europe and International head of jewels, said, “The Annenberg Diamond of 32.01 carats combines the best of the 4 C’s: Top color, perfect clarity, ideal cut, and excellent weight. And if you add to this the impeccable provenance of the Annenberg name, you have one of the finest gems to appear on the market for many years.”

Walter and Leonore Annenberg were distinguished diplomats and philanthropists. The Annenberg Diamond belonged to the late Leonore who was a passionate art collector and, along with her late husband, entrusted billions of dollars to institutions devoted to education and the arts.

Leonore was the former U.S. chief of protocol during the  Reagan administration, and served as chairwoman and president of the Annenberg Foundation. Walter was a prominent newspaper publisher, broadcaster, diplomat, and philanthropist. He was a champion of public television and acquired many awards during his professional career, including the Presidential Medal of Freedom from President Ronald Reagan and the Linus Pauling Medal for Humanitarianism. Under President Richard Nixon, Walter was appointed ambassador to the Court of St. James and was later made an honorary knight of the Order of the British Empire.

The Annenberg Foundation has donated an estimated $4.2 billion to cultural, educational, and medical institutions during the course of time. During their marriage, the couple  established the Annenberg Schools of Communication at the University of Pennsylvania and the University of Southern California, and gave generously to a number of schools, libraries, theaters, hospitals, and museums across the United States.

Sotheby’s fall sale of Important Jewels in New York brought a total of $13,843,100, exceeding presale expectations of $9.3 million to $12.3 million. Diamonds were in demand, dominating the top 10 prices achieved.  The sale was 83.5 percent sold by lot, with nearly 65 percent of the sold lots achieving prices above their high estimates.

Lisa Hubbard, chairman of North and South America for Sotheby’s International jewelry department, and Gary Schuler, director of New York jewelry for the group, wrote of the sale: "We are very encouraged by the prices achieved on many of the diamonds in [Monday's] sale, including over $118,000 per carat for the pear-shaped 29.53 carat D-color, potentially flawless, type IIa, diamond ring, which brought a total price of $3,498,500 against a presale estimate of $1.8 million to $2.2 million."  A fancy intense yellow diamond ring of 14.24 carats performed well, bringing $386,500 against a high presales estimate of $300,000 as did the beautifully mounted 8.01-carat F-color J.E. Caldwell marquise-shaped diamond ring, which achieved $344,500 against presales estimate of $225,000 to $275,000.

"We saw spirited competition for signed jewels including the Tiffany & Co. fancy vivid yellow diamond ring, 9.55 carats, which brought $446,500 or $47,000 per carat, and the Van Cleef & Arpels 18 karat gold, diamond and amethyst ‘Botticelli’ necklace, which sold for $194,500.”