The first live Christie’s jewelry sale in New York since the start of the coronavirus pandemic took place without an audience. Only Christie’s employees were in the auction house’s Rockefeller Center salesroom, accepting bids by phone, online or through advanced absentee offers. Despite the restrictions, the July 29 Magnificent Jewels sale of 260 lots totaled $28.1 million, selling 87% by value and 83% by lot. While colored diamonds and signed pieces did well, one of the star lots — a highly touted necklace by jewelry artist Anna Hu — went unsold. Estimated at $1 million to $1.5 million, it was the most expensive signed jewel on offer at the sale.
At a safe distance
Leading the auction were Christie’s international head of jewelry Rahul Kadakia and associate vice president and specialist Caroline Ervin, whose focus is e-commerce. Buyers from 34 countries registered to participate, and the sale’s livestream retained much of the excitement of an in-person event.
“It was a strong sale,” said Saul Goldberg of New York-based diamond jewelry house William Goldberg, especially considering that the auction had been delayed from its original spring date. “It was pretty impressive that they still sold a lot of product.”
Prospective buyers were able to view the jewels in person by appointment, maintaining social distancing.
“With the reopening of our galleries for this sale, even by appointment, there was a renewed energy,” said Daphne Lingon, head of jewelry for Christie’s Americas. “The timed appointments for the preview exhibition worked extremely well, as did the ‘hybrid’-style bidding with an increased online presence as well as amplified phone bidding.”
Goldberg, who attended the preview, confirmed that the proper Covid-19 measures had been in place. “They cleaned everything before and after viewing. The tables were far apart, and they staggered the appointments intelligently,” he said, though he noted that the environment hadn’t allowed for the usual interactions among dealers and collectors. “Usually, when you go to a viewing with dozens of other people, there’s more banter. It was a little more difficult to consult this time.”
Standout gems
Colorless and fancy-colored diamonds dominated the top lots of the sale, followed by sapphires and emeralds. The number-one lot was a diamond necklace with a pear-shaped, 115.83-carat, F-color, VVS1-clarity diamond pendant. It sold for $6.3 million, within estimates.
“That person bought a very good diamond at a very good price,” Goldberg said. He was equally impressed with a pear modified brilliant-cut, 7.65-carat, fancy-light-purplish-pink, VS2 diamond that sold for well above its high estimate at $819,000 after spirited bidding. “The diamonds are priced to sell, and they are selling them,” he declared. “I think they’re creating a lot of interest for big stones.”
Among colored gems, one lot that spurred intense interest consisted of four rectangular Colombian emeralds ranging from 90 to 154 carats. The lot ended up going for $519,000, more than triple its high estimate of $150,000.
Signed pieces were an important part of this sale, and several items saw competitive bidding and exceeded estimates, Lingon said. She cited a pair of gold Pendantif-Pendant earrings by artist Man Ray, which achieved $125,000 against a high estimate of $15,000; a set of opal jewelry by Angela Cummings for Tiffany & Co., which more than doubled its $30,000 high estimate at $68,750; a coral, onyx and diamond bracelet by Bulgari that garnered $111,250 against a high estimate of $60,000; and a ruby, emerald, sapphire and diamond bracelet by Van Cleef & Arpels that went for more than four times its estimate at $162,500. In addition, all six pieces by contemporary jewelry artist JAR sold at prices ranging from $13,750 to $200,000, although one fell below its low estimate.
“There were a couple of JAR pieces that didn’t get as high a price as they usually do. It was an opportunistic time to buy,” Goldberg said. “There are things you can find today at an auction that a year or two ago were hard to find. JAR pieces seemed very competitive.”
Unsold treasures
In all product categories, there were items that failed to find buyers — most notably the Anna Hu necklace, which was withdrawn without comment. It featured a 126.80-carat carved jadeite pendant from a client of Christie’s, which is believed to be a vintage gem from the 1970s or ’80s, a Christie’s spokesperson said prior to the auction. The necklace, called the Sky Tower, took inspiration from New York’s newly completed 53 West 53 skyscraper by French architect Jean Nouvel.
Another unsold piece that had high expectations was an Art Deco Bulgari sautoir, circa 1930. It featured an oval cabochon star sapphire on a detachable pendant, as well as additional sapphires and diamonds. Its estimate was $650,000 to $850,000. Important diamonds that failed to sell included two fancy-intense yellows — one a cut-cornered rectangular mixed-cut, 33.65-carat stone estimated at $525,000 to $625,000, and the other a cut-cornered rectangular-cut, 11.06-carat diamond estimated at $400,000 to $500,000. There was also a pair of earrings featuring two pear brilliant-cut, D, internally flawless diamonds of 5.99 and 5.70 carats and two round brilliant, 2.08 carat, D diamonds, with an estimate of $450,000 to $650,000.
Images: Christie'sArticle from the Rapaport Magazine - September 2020. To subscribe click here.