Colored diamonds in rare shapes beat estimates at the Sotheby’s Geneva Magnificent Jewels and Noble Jewels: Part II sale on June 23 — the auction house’s first live sale since the onset of the coronavirus pandemic. However, a number of exceptional jewels failed to find buyers, underlining that the market is still hard hit by Covid-19.
The top lot was a marquise-shaped, 7-carat, fancy-intense-pink diamond ring, which was going under the hammer for the first time after spending three decades in a private collection. It sold for approximately $3 million, within estimates. Next up was a ring with a pear-shaped, 5.29-carat, fancy-grey-blue diamond that went for nearly $2.2 million, well beyond its $1.2 million high estimate.
“We saw some strong prices for colored diamonds,” reported auctioneer David Bennett. “The fancy-intense-pink is a beautiful stone, and the fancy-grey-blue was very deserving.”
In total, though, the Sotheby’s auction garnered CHF 12.4 million (about $13.1 million), far below what the Geneva sales were achieving before Covid-19 — a sign that many buyers were absent due to the pandemic situation.
Coronavirus consequences
At the height of the lockdown in late April, Sotheby’s shocked the auction world with the sale of a 1930s Cartier tutti frutti bracelet for $1.3 million, the highest price a jewel had ever achieved online. The June sale, however, saw a higher proportion of lots going unsold than in auctions predating the coronavirus. Among them was a 3.01-carat, fancy-vivid-blue diamond ring carrying a high estimate of $6.3 million, which Sotheby’s withdrew from the sale at the request of its consigner.
More than a dozen local dealers attended the live event, which took place at the auction house’s Geneva offices rather than the usual setting of the Mandarin Oriental hotel (Part I of the sale was online). Before the pandemic, there would have been a few hundred bidders attending in person, many coming from overseas.
“The auction was a great reflection of the inability of people to travel from country to country,” commented Bruno Scarselli of New York-based Scarselli Diamonds.
In keeping with strict social distancing measures, Sotheby’s representatives wore masks and made hand gel available to visitors. Bidders had the opportunity to view lots beforehand at the Sotheby’s office, which also had social distancing rules in place.
“We took all the recommended measures in the sale room to ensure social distancing was possible, and there were many bidders taking part by phone and online,” Bennett told
Rapaport Magazine.
Rare colors and shapes
Certain shapes that were unusual among colored diamonds held sway at the June sale. Scarselli, who specializes in selling natural colored diamonds, described the market as “mixed.”
“We are about to see a rush out of the gates for a special type of diamond,” he predicted. “The marquise intense-pink sold, compared to other pinks such as a 4-carat, fancy-pink pear [that didn’t sell]. Seeing a marquise in such a color and saturation is quite rare.”
The grey-blue diamond performed well for similar reasons, added Scarselli, pointing to its uncommon intensity of color. “It is easier to derive color from a radiant or a cushion, but it is pretty tough to contain the right amount of color in a pear shape that is cut according to ancient rules of manufacturing,” he said.
Sapphires and pearls
Exceptional sapphires and natural pearls exceeded their estimates at the sale. Among them was a cushion-shaped, 105.89-carat, blue Sri Lankan sapphire in a ring that went for $1.8 million — more than double its high estimate.
Geneva-based dealer Elke Berr, who attended the sale, attributed the stone’s success to its size, color and clarity. “I would give it 9.5 out of 10,” she said.
A pair of natural pearl and diamond earrings also doubled their high estimate, underlining collectors’ robust demand for increasingly rare natural pearls.
“As is always the way with auctions, on the night, you never know where people’s taste and enthusiasm will translate into bidding,” Bennett said. “We’ve seen unprecedented results online over the past four months, and while things have yet to return to normal, the appetite for high jewelry is undiluted. People have embraced the chance to see and enjoy jewels again
in person.”
Article from the Rapaport Magazine - August 2020. To subscribe click here.