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RAPAPORT... Heritage Auctions in New York reported intense bidding for a fancy light brownish-pink diamond and platinum ring that ultimately sold for $358,500 on May 2. In all, Heritage Auctions reported the fine jewelry sale garnered nearly $5 million.
''We saw some very good prices across the board, especially on diamonds,” said Jill Burgum, director of fine jewelry at Heritage Auctions. “It all points positively to signs of a recovering market; our previews were well-attended from coast to coast, multiple bidding wars ensued at the event and, as a result, we saw top prices achieved.”
Heritage Auctions achieved a $65,725 price for a natural Padparadscha sapphire, diamond and gold ring from the property of John R. Archer. Burgum said, ''Padparadscha sapphires, a pinkish-orange variety of corundum originally mined in Sri Lanka, are very rare and highly valued. The name derives from the Sinhalese word for lotus blossom. The rarest of all padparadschas, like the example in our auction, is the totally natural variety, with no sign of treatment.''
A dramatic jadeite, diamond and gold pendant, which carried a presale estimate of $7,000, sold for $50,788. A diamond and platinum ring from the property of Mary Grace Horlock sold for $179,250, while an emerald-cut diamond and platinum ring fetched $119,500 and a Moyer diamond, platinum, and gold ring sold for $131,450.
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