A blazing yellow diamond took top price in Geneva in November, outselling every other lot and also setting a world record. The 110.03-carat fancy vivid yellow pear-shaped diamond, dubbed the Sun-Drop, was sold at Sotheby’s on November 15 for $12,361,558.* The newly mined stone from South Africa was displayed at London’s Natural History Museum prior to being offered in Geneva. The lot topped a spectacular sale that totaled $70,173,551 for the 410 lots sold, out of the 501 on offer.
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| Harry Winston earrings sold at Christie’s. |
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| Sun-Drop diamond sold at Sotheby’s. |
David Bennett, chairman of Sotheby’s jewelry department in Europe and the Middle East, saw the strong sale as a continuing success, following up on last May’s Geneva event. “The sell-through rate of almost 82 percent by lot was very strong,” he said. “Prices were very strong, with diamonds holding up well.” He pointed to the success of the spectacular pearl lot — a diamond and pearl Cartier necklace that was the sale’s fourth-highest seller — which he noted was “very rare and very fine. The market seems to be extremely resilient,” he added.
Even without a huge yellow diamond to offer, Christie’s sale the following day totaled $61,268,528 and was 89 percent sold by value, a solid success. The ongoing scarcity of white diamonds led to the phenomenon of seeing Laurence Graff buy back his own ring: the top lot, a 24.30-carat oval-shaped DIF diamond set in a ring. The lot was sold above the presale high estimate for $3,993,363. Jean-Marc Lunel, head of the jewelry department for Christie’s Geneva, commented on this remarkable turnaround: “The ring was consigned by a private client and the diamond was great in all aspects: shape, cut, color and clarity, with excellent polish and symmetry. At nearly $4 million, or $164,000 per carat, Graff had to pay a premium for his own signature as this ring is exactly what the market is looking for.”
A premium was also paid at Christie’s for a pair of pear-shaped D, VS2 Colombian emeralds weighing 23.66 and 23.55 carats, set as earrings. The pair was sold for $3,078,603, or $65,000 per carat, setting a record price for a pair of emerald earrings at auction.
Global Audience
At both houses, the global nature of the auction market showed in the international range of clients. Sotheby’s had bidders from 39 countries, with successful bids received from 35 nations. The drive for fine gems and jewels also attracted many new buyers: Fully 22 percent of the successful bidders were new to Sotheby’s jewelry sales. More than half the lots were sold above the high estimates, proof of strong bidding across the board. At Christie’s, clients from more than 30 countries were successful in the sale, including those from the U.S., United Kingdom (U.K.), Hong Kong, China, United Arab Emirates (UAE), Japan, Switzerland and France.
Sotheby’s Successes
Among Sotheby’s successes was the sale of a 38.88-carat elongated cushion-shaped diamond for $6,962,244, within the presale estimates. The elegant cut of the type IIa stone, along with its D color and flawless quality, completed its appeal. Bennett said, “It was a classic cushion, unusual in that size. It was wonderful material.”
The superlatives continued with a fancy vivid blue cut-cornered rectangular diamond, SI1, weighing 4.16 carats, which sold for $4,262,587 to an Asian private client. Once again, the estimate was exactly on target. Getting the estimates right was extremely important, Bennett added.
The global appetite for fine gems and jewels showed no favorites in this sale. A natural pearl and diamond necklace by Cartier, from the 1930s, was sold for three times the presale high estimate, earning $3,342,150. The dramatic neckpiece consisted of five graduated strands of pearls measuring from approximately 3.75 to 12.05 mm, anchored by two shield-shaped diamond plaques. The 352 pearls were graded as natural saltwater pearls.
A 12.01-carat hexagonal-shaped Muzo emerald set another world auction record price per carat for an emerald. The very fine stone was sold for $1,440,219, nearly three times the high estimate, or almost $120,000 per carat. Not only was the emerald identified as being of Colombian origin, it was also certified to have been cut from an emerald crystal extracted from the Tequendama shaft in Muzo. Proof of the cutting could be seen in a series of photos in the auction catalog.
Scarcity of goods pushed fancy color diamond prices, too. An unmounted cushion-shaped diamond weighing 29.57 carats, graded as fancy intense yellow, SI1, estimated to bring between $350,000 and $550,000, sold for $923,077 to a member of the international trade.
Two remarkable lots by JAR, the American in Paris, showed the strength of this singular jewelry designer. Each of his works is a unique piece of art. The morganite and diamond pendant, from 1984, soared over its presale estimate, selling for $372,426. An exquisite gold, diamond and rock crystal brooch, styled as a dragonfly with gossamer wings, brought $371,426.
In spite of the great strength of the sale, not every lot found a buyer. A 10.09-carat fancy intense blue diamond set in a ring with fancy light pink side stones, failed to sell. And although fine, signed period jewelry did well in general, the cover lot, the charming “Dove of Peace” brooch designed by René Boivin, set throughout with circular-cut and cabochon sapphires in modulated shades of blue, also did not find a buyer.
Christie’s Wide Appeal
Christie’s found success with lots that appealed to privates as well as the trade, both groups thirsty for fine goods. At least seven of the top ten lots went to the trade, including a pair of diamond earrings by Harry Winston. The pear shaped diamonds, one D, VVS weighing 15.72 carats, the other E, VVS2 weighing 15.57 carats, were sold to the British trade for $3,017,619. Lunel noted that the “trade bought 55 percent of the sale in value, which represents 45 percent of the sold lots.” This level of interest, he added, “indicates a shortage of goods on the market and auction is a great source for top gemstones and vintage jewelry.”
Among the lots that soared over the presale estimates was a cushion-shaped fancy yellow VS1 diamond weighing 79 carats, set in a ring. The lot was bought by the U.S. trade for $2,956,635, or $38,000 per carat. Leviev was the successful bidder for a pear-shaped D, VS1 diamond weighing 30.15 carats that fetched $2,895,651, or $96,000 per carat. A private client managed to snare an oval-shaped Burmese ruby weighing 8.11 carats, set with colored diamonds in a ring, for $2,285,81, or $282,000 per carat.
A dramatic 15-strand natural pearl necklace, forming an all-encompassing bib, was sold for $1,179,549, just over the low estimate. The 1,446 pearls were certified to be natural saltwater pearls.
Christie’s also offered 67 jewels from a European family within its own catalog. This group of very fine jewelry, including many pieces from top houses, represented a high level of quality, style and technique. A member of the U.S. trade purchased the ruby and diamond parure, mounted by Cartier, a bold group comprising a necklace, bracelet and earrings, for $1,675,971.
Together, these two Geneva sales realized more than $130 million, showing that this venue still commands an important place on the global auction scene.
*All prices include buyer’s premium.
Article from the Rapaport Magazine - December 2011. To subscribe click here.