The 2018 New York jewelry auction season ended with big numbers and high sell-through rates for Christie’s and Sotheby’s. White and colored diamonds were among the high points, as were emeralds and Kashmir sapphires. In addition, signed jewels from a number of periods, particularly pieces by Cartier and Van Cleef & Arpels, performed exceptionally well. If the jewels were attached to a private collection, the value increased significantly.
Both auction houses had “exceptional-quality goods on display, and the final totals showed it,” said Max Faerber, director of antique jeweler Faerber Collection’s New York office. “Prices on average were strong, but the trend was that the active bidders were more focused on a few pieces, leading to record prices, with the rest of the pack reaching their expected levels [within range of] their estimates.”
As for particular stones, he continued, “top-quality emeralds were once more the darling of the bidding crowd, but Kashmir sapphires performed particularly well also. Burma sapphires were not left behind. White diamonds were a force in terms of total money bid. Prices showed renewed interest and faith in the polished-diamond market.”
Carol Federer, jewelry director of Macklowe Gallery in New York, pointed to the strong performance of colored diamonds as well. “The vitality, excitement and interest in natural colored diamonds have been increasing over the last few years,” she said. “At those two December auctions, these diamonds went well above the estimate.”
Sotheby’s: Classy collections
The Magnificent Jewels sale at Sotheby’s New York, which took place on December 4, had one huge disappointment: Its top lot, a 10.62-carat, fancy-vivid-blue diamond with an estimate of $20 million to $30 million, failed to sell. Despite this setback, the auction turned out to be quite successful, with a total exceeding $46.4 million and a sell-through of nearly 89.4% — a record for a New York auction.
Diamonds, meanwhile, accounted for the top two lots and several other big tickets. “The white-diamond market is the genesis of the jewelry market. It’s where the money is,” said Sotheby’s jewelry specialist Quig Bruning. “With that said, there may have been fewer buyers than a few years ago. The demand is a little softer, as people are competing for charming stones — emerald and cushion cuts — beyond standard round diamonds.”
The Sotheby’s sale featured three high-profile private collections that all sold out. The first was an array of jewels owned by Barbara Sinatra, the fourth wife of music legend Frank Sinatra, which totaled $4.7 million. The top lot in this group was a ring featuring an emerald-cut, 20.60-carat diamond that sold for nearly $1.7 million, besting its $1.5 million high estimate. The second collection belonged to Happy Rockefeller, the wife of businessman and politician Nelson Rockefeller. This sale brought in $901,250, with 77% of the lots selling above their high estimates. One of the top lots was a sapphire and emerald bracelet that went for $262,500. The third selection of jewelry was from an “important American collector” and featured a variety of signed pieces, including a ruby, sapphire and diamond Plumes necklace by Schlumberger for Tiffany & Co. that netted $262,500, more than double its $120,000 high estimate.
“We had a chock-a-block full of signed pieces from great private collections, and that is absolutely what the market is looking for,” Bruning said.
Faerber was impressed that three Van Cleef & Arpels mystery-set ruby and diamond jewels from the Barbara Sinatra collection (a bracelet, butterfly brooch and earrings) all sold for well beyond their high estimates.
Those three jewels were from the 1980s, which may signal that pieces from the 1970s through the 1990s are becoming more desirable among collectors, according to Bruning. “I do think this sale may be a harbinger that there is going to be increased demand for more modern pieces,” he said.
Among colored gems, Colombian emeralds, Kashmir and Burmese sapphires, and Burmese rubies were all in demand.
Faerber took particular note of a 19.55-carat Burmese sapphire that garnered nearly $1.1 million, beating its $800,000 high estimate. An elaborate colored diamond ring with an 8.11-carat Burmese ruby was the number-three lot of the sale, fetching $2.7 million.
The one fancy-colored diamond highlight was a 6.46-carat, fancy-orangy-pink diamond on a ring that fetched $1.3 million, far exceeding its $800,000 high presale estimate.
Bruning was most surprised to see the number of private collectors from around the world who successfully bid for pieces. Eight of the top 10 lots went to private collectors.
“One part of it is, there’s a huge demand for signed goods on a global level,” he said. “The other big reason is that we’ve put a lot of our focus on reaching top global collectors as much as we can. That is really confidence-inspiring for us.”
Christie’s: City of diamonds
Fancy-colored and white diamonds sparkled at the Christie’s New York Magnificent Jewels sale on December 5, accounting for the top nine lots. The auction fetched $69.2 million in total, with 83% selling by lot and 95% by value.
Colored diamonds in particular did well. The top lot was a cushion modified brilliant-cut, 8.08-carat, fancy-vivid-blue diamond in a ring by Bulgari, which went for more than $18.3 million (over $2.2 million per carat). This was followed by a heart modified brilliant-cut, 15.56-carat, fancy-intense-pink diamond that sold for $9.5 million. The number-three lot was a rectangular-cut, 28.70-carat diamond that brought in $2 million.
“It is a robust market for rare colored diamonds, as we can see from the price realized for the 8.08-carat fancy-vivid-blue and the 15.56-carat fancy-intense-pink,” commented Angelina Chen, senior jewelry specialist at Christie’s. “White diamonds that are well-cut and beautifully proportioned also maintained their prices.”
Of the diamond-bearing pieces, two signed jewels were the subject of especially intense bidding and high prices.
The first was a Tube bracelet by Suzanne Belperron, circa 1948. Featuring old and single-cut diamonds in platinum and 18-karat grey gold, it sold for $852,000 after six minutes of competitive bidding, smashing its $300,000 high estimate. The piece had an interesting back story as well. Since Belperron never signed her jewels, it took a great deal of research by Christie’s to get documentation on the bracelet. Finally, Daphne Lingon, Christie’s head of jewelry in the Americas, discovered it in a 1948 Vogue magazine advertisement.
The second item was a Cartier Art Deco aquamarine and diamond tiara necklace that sold for $828,500, more than eight times its high estimate of $100,000. It was one of 29 Cartier pieces at the auction.
“The aquamarine tiara by Cartier was among the most hotly contested jewels in the sale,” Faerber said.
An elaborate Beribboned Heart bangle bracelet by René Boivin with gold, diamonds and blue enamel also caught the attention of buyers because of the quality of the craftsmanship and a record of ownership that included artist Andy Warhol and socialite Millicent Rogers. It fetched $125,000.
“This sale saw a warm response to important design pieces that were outliers during their time,” Chen said. “The Boivin bangle stands out for its bold design and provenance, and of course, there’s the extremely important Belperron bracelet.”
In the colored-gemstone segment, Kashmir sapphires led the way. The top seller in that category was a 6.28-carat stone on a ring that fetched $936,500, nearly three times its $350,000 high estimate. “The demand for Kashmir sapphires is still high, and we put a group together that represented a range of possibilities in terms of price and size,” Chen said.
The overall results show that buyers know the jewelry market and are willing to do what it takes to obtain the best gems and jewels, she added. “Collectors are very discerning. They want the original versions, and they will pay for the rare.”
Image: Christie's Ltd. 2018 - diamond Tube bracelet by Suzanne Belperron c. 1948, that sold at Christie's for $852,500.Article from the Rapaport Magazine - February 2019. To subscribe click here.