Possibly the most interesting thing about Sotheby’s Hong Kong Magnificent Jewels and Jadeite Autumn Sale was not what sold, but what didn’t. The October 3 auction achieved just over $64.5 million, selling 66.8% by lot and 66.2% by value — not great numbers. All categories took a hit, including fancy colored diamonds, colored gems and signed jewels, the three groups that have driven the robust growth of jewelry auctions in recent years.
Specifically, two lots boasting statement fancy colored diamonds failed to sell. The first was a 5.14-carat fancy deep blue diamond ring with an estimate of $7 million to $9.6 million. The second was a pair of fancy pink diamond pendant earrings weighing 5.21 and 5.01 carats respectively, with an estimate of $3.8 million to $5.1 million.
Colored gems, including the “Big Three” — emeralds, rubies and sapphires — had difficulties as well. For example, an emerald and diamond parure consisting of a necklace, earrings and ring by Van Cleef & Arpels, with 84 carats of emeralds and 133 carats of diamonds (estimate $2 million to $3 million) went unsold. In addition, a rare Paraíba tourmaline and diamond ring (estimate $1.1 million to $1.4 million), and a sapphire and diamond ring by Bulgari (estimate $1.3 million to $1.9 million) failed to find buyers.
Signed jewels from Cartier, Tiffany & Co. and Graff joined Van Cleef and Bulgari in the unsold column.
Only the top lot sold as expected: A rare 13.26-carat Maniraja “pigeon blood” ruby mounted on a ring stacked with diamonds, designed by famed Indian jeweler Bhagat, went for more than $10.4 million, within its estimate.
Meanwhile, colorless diamonds, which in recent years have lagged behind their rarer colorful siblings, accounted for three of the top 10 lots. A 31.98-carat, D-color, flawless unmounted diamond with excellent cut, polish and symmetry was the number-two lot, fetching more than $4.9 million, within estimates. Right behind it at number three was a pair of pear-shaped, unmounted diamonds weighing 12.36 and 12 carats respectively; these, too, fell within their estimate at more than $2.8 million. The number-eight lot consisted of two brilliant-cut diamonds respectively weighing 6.26 and 6.19 carats, which sold for $1.3 million, just above their high estimate.
Two fancy vivid yellow diamonds — not as rare and sought-after as blues and pinks — also managed to earn spots in the top 10. One was an emerald-cut, 20-carat stone that sold for more than $2 million, just above its low estimate, while the other weighed 21.22 carats and fetched more than $1.1 million. Both were mounted in 18-karat white gold rings.
Although the results of signed jewels overall were mixed, three pieces did stand out among the top 10 lots. An Art Deco-era “tutti frutti” bracelet by Cartier fetched more than $1.7 million, just below its high estimate, and a JAR ring featuring an oval, 8.49-carat natural Burmese ruby and diamonds sold for $1.7 million, just above its low estimate. The most surprising result, however, was an Art Deco jadeite bead and diamond necklace by Raymond Yard from 1957. It sold for more than $1.1 million — 23 times its estimate — making it the 10th-highest seller of the auction.
As always, jadeite is an important part of any Hong Kong sale. But even in this highly desirable category among Asian collectors, several jewels and objects of art went unsold. The two jewels that did make it into the top 10 were a bangle that fetched more than $2.1 million, within estimates; and a jadeite hoop and diamond pendant necklace that sold for more than $1.9 million, just above its low estimate.
A rundown of the Magnificent Jewels and Jadeite auction’s highest-selling items containing diamonds
1. 1857
Rare and impressive ruby and diamond ring, designed and mounted by BHAGAT An oval, 13.26-carat ruby flanked by two rose-cut diamonds, on a hoop set with faceted diamond beads and two ruby bead terminals. Mounted in platinum.
$10,452,800
2. 1854
Very fine unmounted diamond A brilliant-cut, 31.98-carat, D-color, flawless, type IIa diamond with excellent cut, polish and symmetry.
$4,980,800
3. 1863
Important pair of unmounted diamonds Two pear-shaped diamonds, respectively weighing 12.36 and 12 carats. Both are D-color, type IIa stones; the former is flawless and the latter internally flawless.
$2,854,400
4. 1698
Important fancy vivid yellow diamond ring An emerald-cut, 20.03-carat, fancy vivid yellow, internally flawless diamond mounted in 18-karat white gold.
$2,086,400
5. 1841
Very fine jadeite hoop and diamond pendant necklace A highly translucent jadeite hoop of intense emerald green color with a circular-cut diamond rondelle surmount, suspended from a black cord.
$1,978,880
6. 1860
Rare Art Deco “tutti frutti” gem and diamond bracelet by Cartier An articulated-branch design with approximately 3 carats of circular- and single-cut diamonds, decorated with cabochon and carved ruby, sapphire and emerald leaves and fruits, mounted in white gold and platinum; circa 1928.
$1,779,200
7. 1750
Exquisite ruby and diamond ring, JAR An oval ruby weighing 8.49 carats with a single-cut diamond gallery and hoop, mounted in platinum, signed JAR Paris, with French assay and maker’s marks.
$1,702,400
8. 1686
Fine pair of unmounted diamonds Two diamonds weighing 6.26 and 6.19 carats respectively; both are D-color, flawless, type IIa stones with excellent cut, polish and symmetry.
$1,318,400
9. 1687
Impressive fancy vivid yellow diamond and diamond ring A cut-cornered square modified brilliant-cut, 21.22-carat, fancy vivid yellow, internally flawless diamond in 18-karat white gold with an intertwined gallery and shoulders set with diamonds.
$1,164,800
10. 1840
Woolworth-Yard jadeite bead and diamond necklace A double-strand necklace of 109 graduated, highly translucent jadeite beads, featuring an oriental-motif clasp with circular-cut, marquise- and baguette-shaped diamonds in platinum and white gold; signed Yard.
$1,164,800
Image (clockwise): 1857, Rare and impressive ruby and diamond ring, deisgned and mounted by BHAGAT; 1860, Rare Art Deco "tutti frutti" gem and diamond bracelet by Cartier; 1863, Important pair of unmounted diamonds; 1698, Important fancy vivid yellow diamond ring; 1854, Very fine unmounted diamond.Article from the Rapaport Magazine - November 2017. To subscribe click here.