If there’s one thing the Christie’s and Sotheby’s Magnificent Jewels sales proved, it’s that you don’t necessarily need a marquee item to have a successful auction. Both sales performed well by providing a range of high-quality fancy-colored diamonds, white diamonds, colored gems, and signed and vintage jewels. Blue diamonds were the top lots at both sales, and private collections and signed pieces were significant contributors to overall results.
Christie’s: Connoisseurs and collectors
The Christie’s April 16 sale of 284 lots was the larger of the two, achieving more than $30.3 million. It sold 88% by value and 86% by lot, with diamonds accounting for nine of the top 10 items, and six of those items fetching more than $1 million.
“The sale performed in line with our mid-season sales and had exceptional sell-through rates,” said Daphne Lingon, Christie’s head of jewelry for the Americas. “As seen in recent years, the top lots of the sale were commanded by colored diamonds and exceptional white diamonds. This sale, however, featured extraordinary signed jewelry, making it more of a connoisseur and collector sale.”
As expected, a two-stone ring featuring fancy-vivid-blue diamonds of 3.06 and 2.61 carats was the top seller, falling within estimates at just over $6.7 million, or nearly $1.9 million per carat. Other highlights among colored diamonds included an oval-cut, 6.11-carat fancy pink on a ring that went for approximately $1.4 million ($228,314 per carat), and two fancy-intense yellows: a 37.65-carat diamond ring that fetched just over $1 million ($27,000 per carat), surpassing its $800,000 high estimate, and a 35.06-carat diamond pendant that hit the top end of its estimate at $705,000 ($20,100 per carat).
Most fancy-colored diamonds at auction are either from private individuals or dealers, and in most cases, they “are a bit problematic,” according to colored-diamond manufacturer Eden Rachminov, chairman of the Fancy Color Research Foundation (FCRF). These diamonds “need to go through a substantial recutting procedure in order to adapt them to the current market-quality cutting standards,” he said. He cited the two vivid-blue diamonds in the twin-stone ring as an example, noting that it “explains the low price they were sold at.”
Even though Christie’s described that lot as having “twin diamonds,” the FCRF’s pre-auction analysis said it was “reasonable to assume that the two stones were originally polished separately as single stones a few decades ago and were matched at a later time.”
In the white-diamond category, three D-color stones of more than 15 carats made it into the top 10 lots. One was a marquise-cut, 16.69-carat, potentially internally flawless, type IIa diamond on a ring from the collection of Elizabeth Stafford, one of several private collections in the sale. It sold within estimates at nearly $1.5 million, or just over $87,000 per carat.
Signed jewels and vintage gems performed particularly well, Lingon noted. One of the breakout sales was a Zip necklace by Van Cleef & Arpels, presented as “property from a distinguished American collection.” The retro gold, ruby and diamond jewel sold for $483,000, more than double its $200,000 high estimate. In addition, an enamel and gold Art Deco charm bracelet by Cartier depicting Snow White and the Seven Dwarves fetched $118,750, smashing its $20,000 high estimate.
“We saw a remarkably strong appetite for vintage designs,” Lingon said. “The strong results for signed pieces showcase the sophisticated collecting of our clients and their appreciation of landmark designs from renowned jewelry houses.”
Signed jewels with statement colored gemstones were particularly welcome among buyers, Lingon added. For example, a Bulgari ring with a cushion mixed-cut, 16.88-carat, untreated Madagascan sapphire sold for $375,000, while a pair of Raymond Yard Art Deco earrings with untreated rubies amid diamonds netted $106,250. Both lots exceeded their estimates by a large margin.
Some jewels didn’t need a boost from a famous jewelry house. One such piece was a gold and diamond ring with an octagonal step-cut, 48.33-carat spinel at its center, which achieved $187,500 —
well beyond the $30,000 it was expected to bring in.
Sotheby’s: Big Three, big names
Signed jewels from multiple periods and styles dominated Sotheby’s April 17 sale, including pieces from private collections.
“That really is where the strength of the market exists,” commented Gary Schuler, chairman of Sotheby’s jewelry division, Americas. “Signed, unique jewels still excel.”
The auction, which totaled approximately $17.7 million and found buyers for 73% of its 151 lots, also reflected strong interest in white diamonds and the “Big Three” colored gemstones (sapphires, emeralds and rubies). Emeralds alone made up nearly 20% of the sale.
The top lot, however, went to a
colored diamond: a cut-cornered
square modified brilliant-cut, 3.24-carat, fancy-intense blue with VVS1 clarity. The type IIb stone sold for $2.3 million ($709,877 per carat), below its $2.5 million low estimate. In its pre-auction analysis, the FCRF said the gem had “a significant gray undertone. Looking at the facet alignment and from its low depth percentage, we can assume the stone was recut from a round brilliant diamond before it was repolished into a radiant cut.”
Among the top lots in the diamond category were a couple of jewels from Connecticut retail jeweler Betteridge. A pair of round diamonds weighing 20.27 carats each, with F color and VS2 clarity, sold for $1.7 million ($41,934 per carat), while a ring with a 30.40-carat, H, VS2 round diamond fetched $1.2 million ($38,158 per carat).
Emeralds proved popular at the sale. Of the 28 emerald jewels on offer, 19 sold. The top lot in this group was a pair of ear clips by Harry Winston featuring two detachable pear-shaped emeralds weighing 12.71 and 10.29 carats, along with pear-shaped diamonds. The lot sold for $764,000, within estimates. Also within estimates was a Bulgari diamond ring with an emerald-cut, 4.34-carat emerald as its center stone, which went for $350,000.
Sapphires may have performed even better than emeralds, as 16 of the 19 pieces up for auction sold. Highlights included several pieces that significantly exceeded their high estimates: a diamond ring with an unheated, 11.94-carat Burmese sapphire, which fetched $275,000; a pair of French-made diamond ear clips with two Madagascan sapphires weighing 12.51 and 11.34 carats, which sold for $212,500; and a diamond ring by Oscar Heyman & Brothers with a cushion-cut, 22.46-carat sapphire, which attained $175,000.
However, all of the Big Three featured in one of the big sellers among colored gems: a colorful, flexible openworked foliate band with carved sapphires, rubies and emeralds, which more than doubled its high estimate at $740,000.
“Emeralds performed very well. They brought in the right prices,” Schuler commented, adding that “one of the strongest parts of our sale was that beautiful [11.94-carat] Burma sapphire.”
Among signed jewels, a Bulgari diamond Serpenti necklace that was 41 inches long attracted a lot of attention, eventually selling for $920,000, within estimates.
“It’s exceptionally large and has more than 200 carats of diamonds,” said Schuler. “It’s beautifully articulated and fully executed on all sides. It was remarkable how that piece resonated with people.”
Another piece that attracted attention was an Art Deco brooch in the pendeloque style by Cartier with coral, emeralds and seed pearls. It fetched $824,000, more than double its $350,000 high estimate. And an elaborate sautoir and earring suite by Tiffany & Co. with enamel and diamonds saw competition from five buyers before selling to an online bidder for $500,000, well above the estimated price of $300,000.
Schuler was pleased with the attention white diamonds received.
“The good news, to me, is that there is still a white-diamond market, and there was a lot of participation,” he said. “We did pretty darn well with white diamonds, with interest from private individuals and the trade.”
Image: Christie's
Article from the Rapaport Magazine - June 2019. To subscribe click here.