In early July, Christie’s and Sotheby’s held their first Hong Kong jewelry auctions since the novel coronavirus pandemic disrupted business and life throughout the world. It was an important time in the high-stakes world of collectible jewelry, and all eyes were on Hong Kong as several other auction houses also had jewelry sales.
Social distancing measures and travel restrictions drastically reduced the number of people able to attend the previews and sales in person. To adjust, auction houses turned to a variety of digital means, including virtual showrooms and live streaming, to present their products to clients. In addition, Christie’s and Sotheby’s put a lot of effort into curating the sales, according to representatives: Choosing to err on the side of caution, they offered only about a third of the lots they usually have at a Hong Kong sale.
Buyers were also cautious, reported Ioannis Alexandris of jeweler Gemolithos. “The motivation to buy is not there. But there is money around, and if they like something, they’ll go for it.”
Despite the unusual circumstances, both houses’ Magnificent Jewels auctions had sell-through rates of at least 80%. The sales didn’t set any records, but both saw many jewels and gems go for within or above estimates.
Other than being more cautious, collectors and dealers were looking for the same things as before the health crisis: Fancy-colored diamonds remained popular, as did signed pieces by the most famous high-jewelry houses. Overall, buyers were still looking for the top specimens at the best value, but there wasn’t a lot of risk-taking.
Christie’s: Yellow diamonds
and Harry Winston
Because of the pandemic, Christie’s moved its Magnificent Jewels sale from May to July, with previews and the live auction both taking place at its offices in Hong Kong’s Alexandra House instead of the much larger Convention and Exhibition Centre, said Vickie Sek, chairman of jewelry for Christie’s Asia Pacific. “We still had good traffic and attendance,” she reported.
The July 9 auction of 150 lots achieved $39.8 million, with 82% selling by lot and 92% by value. Participants hailed from 14 countries and five continents and placed bids from the sale room, by phone and online.
“Most colored diamonds, gemstones and jadeite jewelry received very high interest,” Sek said. “The market is still confident and resilient. There will always be strong demand for top-quality and rare one-of-a-kind jewels and gemstones.”
This was most evident in the top lot: a 12.11-carat, fancy-intense-blue, internally flawless diamond that garnered $15.9 million, well above its high estimate.
The marquise-shaped, brilliant-cut gem sold in a long, drawn-out bidding process that gradually narrowed the field to two phone bidders.
Nine other colored diamonds found buyers. Half of them were yellow — a positive sign, since this color has not been seeing as much interest as blue and pink. The best example was a gold ring with a cushion brilliant-cut, 7.03-carat, fancy-vivid-yellow diamond of VS2 clarity, which fetched $496,000, within estimates.
Other fancy-colored diamond highlights included a marquise brilliant-cut, 2.08-carat, fancy-intense blue on a platinum ring that bested its high estimate at nearly $1.5 million, and an oval modified brilliant-cut, 8.04-carat, fancy-brownish-orangy-pink, internally flawless diamond that went for $604,504, also topping its high estimate.
“I was happy to see that some of the yellow diamonds sold very well,” commented Alexandris. “Colored diamonds are still strong, especially when it comes to bigger sizes and when it comes to vivid and intense colors. The blues and pinks are extremely strong still, coronavirus or not. You see this in the prices.”
Colorless diamonds also performed well, led by a cut-cornered rectangular step-cut, 17.95-carat, D, internally flawless diamond that sold for nearly $1.6 million, within estimates. In addition, a necklace with a pear-shaped brilliant-cut, 12.29-carat diamond pendant of E color and VVS1 clarity fetched $716,479.
As for colored gemstones, Sek was pleased with the performance of a cushion-shaped, 14.70-carat, unheated Kashmir sapphire on a gold ring with diamonds. It sold for over $1.3 million, nearly double its high estimate.
Jadeite is always an important part
of a Hong Kong sale, and the best performer in this category was a pair of jadeite hoop earrings with sugarloaf rubies, circular-cut diamonds and gold.
It netted almost $1.3 million, well above its $750,000 high estimate.
Sek affirmed that trends had pretty much stayed the same as before the pandemic. “Good-quality items with the right prices are always sought after by collectors and users.”
If there was a weakness in this sale, it was signed pieces — though Harry Winston was an exception. Six lots from the iconic New York jeweler sold, one of them among the top 10 lots: a platinum ring featuring a pear-shaped, 10.59-carat diamond with tapered baguette-cut diamonds on the sides. It went for $872,094, above its high estimate. Another high-earning Harry Winston piece was a cushion-shaped emerald weighing 9.55 carats on a platinum ring with triangular-cut diamonds, which fell within estimates at $511,500.
Sotheby’s: Heart shapes and
high-quality jadeite
Fancy-colored diamonds, jadeite, signed jewels and period pieces made a strong showing in the Sotheby’s Magnificent Jewels sale on July 10, which totaled more than $56.4 million. Its 202 lots had a sell-through rate of 80%, and jadeite jewelry alone had a sell-through of 83%, said Wenhao Yu, deputy chairman of jewelry for Sotheby’s Asia.
“The jadeite jewelry selections, especially those with ‘imperial green’ standard, sold very well,” Yu said. “Antique pieces with good provenance saw increased interest from Asia. Large or rare colored diamonds performed steadily. All designer items and iconic signed pieces are well sought-after.”
Colorless diamonds had mixed results at best, particularly among the top lots, though diamond jewels from historic high-jewelry houses fared well. Of the top 10 lots, numbers one and three were heart-shaped colored diamonds that sold separately but were promoted together as if they were a pair. The first was a 5.04-carat, fancy-vivid blue with VS2 clarity, which achieved more than $10.5 million. Its partner was a 4.49-carat, fancy-vivid-pink, internally flawless diamond that went for more than $8.1 million.
Coming in at number two was an imperial jade necklace with 37 jadeite beads originating from the same rough. The total weight of the jade in the piece was 700 carats. Presented without a public estimate, it was the last lot in the sale and was the subject of spirited bidding. It ultimately sold for more than $10.4 million.
“It fetched a high price because it was of really fine quality,” Alexandris commented.
Despite the focus on the top three lots, the jewel that received the most attention was a bracelet that once belonged to Britain’s Princess Margaret, sister of Queen Elizabeth II. It achieved $210,000, more than triple its high estimate. A product of British crown jeweler Garrard, the bracelet was a gift for the princess’s 21st birthday.
“That piece was unbelievable,” Alexandris said. “It was in the original box and in perfect condition. Everything was there, and it was one of the super rare pieces that you just admire. It really was a one-of-a-kind piece.”
Another lot that caught Yu’s and Alexandris’s attention was a grouping of antique jewels from a private collection: a filigree brooch in the shape of a pansy with an old European-cut diamond; a circular brooch with a central floral motif, also featuring an old European-cut diamond; a brooch of neo-Renaissance design with an old mine-cut diamond and pearls; a filigree pendant with seed pearls; and another filigree pendant with a detachable cross. The pearls had four certificates from Mikimoto, and the lot sold for $25,804, five times its high estimate.
“As always, the lots with great provenance and those coming in good quality and conditions do best, which translates into fierce bidding wars for items such as Princess Margaret’s 21st-birthday bracelet, the imperial green jadeite necklace, the group of antique jewelry, and of course, the two heart-shaped colored diamonds,” Yu said.
Day-to-day jewels from iconic auction houses are achieving high amounts, Alexandris observed. In the Sotheby’s sale, he cited a Van Cleef & Arpels Magic Alhambra necklace with carnelian and tiger’s eye on an 18-karat yellow gold chain, which sold for double its high estimate at $17,740.
“After the coronavirus, a good name is always stable,” he said. “Lines like the Alhambra necklaces and bracelets are still very much in vogue. They are achieving prices higher than the estimates, sometimes double. In some cases, they’re not even vintage. This means you have a trend that is still stable. People are buying when it’s something from a good name and good quality and it’s something they can wear every day.”
Image: Christie'sArticle from the Rapaport Magazine - September 2020. To subscribe click here.