A Boghossian double rivière necklace of emeralds and diamonds was the top lot at the Christie’s Magnificent Jewels auction in Hong Kong, fetching $7 million in a sale that left a number of observers underwhelmed by the results. The November 29, 2020, auction of 230 lots fetched $51.5 million, with a sell-through rate of 76% by lot and 79% by value. Of the items on offer, 52% sold above their high estimates.
Low for Boghossian
The Boghossian necklace featured 28 unheated, unoiled emeralds from the storied Muzo mine in Colombia, ranging from 0.41 to 1.48 carats. It also had 22 diamonds of 0.70 to 4.22 carats, D- to F-color and VVS1- to SI1-clarity. Jewelry artist Edmond Chin designed the piece for the Swiss maison.
Vickie Sek, jewelry department chairman for Christie’s Asia Pacific, expressed satisfaction with the piece’s achieved price, which broke Boghossian’s previous record for a selection of no-oil Colombian emeralds. The former record belonged to its emerald and diamond Palmette necklace, which sold for nearly HKD 46.5 million ($6 million) in May 2017, Sek noted.
However, others were surprised that even including the buyer’s premium, the top lot’s sum barely touched the low end of its $7 million to $10 million estimate.
“I thought the price for the Boghossian necklace was very low,” remarked Ioannis Alexandris of Gemolithos, which specializes in vintage jewels and rare gems. He seemed to be at a loss as to why this result had occurred.
Covid-19 may have been responsible, posited Miro Ng, founder and president of the Centre for Gemmological Research in Hong Kong. “With the surge in demand for Muzo untreated, high-end emeralds over the past years, especially in China, a higher hammer price should have been expected,” Ng said, noting that the Palmette necklace — also designed by Chin — had exceeded its high estimate by nearly 40%. “Similar to the Sotheby’s auction [in October 2020], this might be attributed to the slower recovery of jewelry sales under the pandemic.”
Today’s hits
Contemporary jewels like the Boghossian necklace seem to have greater importance in recent jewelry auctions.
The Hong Kong sale included two pieces by present-day jewelry artist Wallace Chan. The first was the titanium, diamond and sapphire Phoenix ring, which fetched double its high estimate at $306,400. The other piece, the Breeze Whispers butterfly brooch in topaz, multi-colored diamonds and titanium, sold for $96,755, within estimates. An auction note on the latter said the colored diamonds hadn’t been tested for natural color, which may have affected the price.
“Contemporary jewels with simple, discreet and elegant designs are always sought after by Asian collectors,” stated Sek. “Having said that, when we source jewelry for auctions, in addition to the era or style of the designs, we always put the quality of the gemstones in priority, as after all, the main stone or stones will define the piece’s value.”
Alexandris has seen this as well. “If the quality is there, the stones are well selected, and the signature is desired, I think it’s guaranteed that it will sell high.”
Crazy for colored diamonds
Fancy-colored diamonds performed nicely. The number-two lot of the sale was a pair of platinum earrings featuring two marquise brilliant-cut, 3.29-carat, fancy-intense-blue, internally flawless diamonds that went for more than $6 million, exceeding estimates. A gold ring with a heart modified brilliant-cut, 2.25-carat, fancy-intense-blue diamond netted just over $1 million.
“Blue-diamond jewels were a focus of the auction,” Ng reported. “Bidders still prefer fancy-intense-blue earrings due to their sharper appearance over fancy-deep-blue diamonds, which geologically are much rarer.”
Alexandris has noticed growth in the market for fancy-yellow diamonds. For example, a ring featuring a modified rectangular brilliant-cut, 18.08-carat, fancy-vivid-yellow diamond sold for $1.4 million, well above estimates.
“Yellows are usually not so strong, but for 2020, we’ve seen that yellows are coming back and that if it is really a wow gem, it does well,” he stated.
One of Sek’s favorites from this sale was a square-shaped, 1.04-carat, fancy-deep-purplish-pink, VS2 diamond that fetched $806,300, more than three times its high estimate.
Cartier in fine form
Among signed jewels, Alexandris took note of a Cartier brooch from 1940 with sapphires, diamonds and emeralds in a flower motif. The jewel, which once belonged to French socialite Daisy Fellowes, brought in $636,976, more than eight times its high estimate. “It’s an amazing piece for the quality and for the date,” he commented.
However, there was a platinum Cartier Art Deco jabot pin that he felt was undervalued by buyers. The elegant pin, which featured old- and single-cut diamonds and onyx carvings, sold for $80,630. “I was expecting this pin to bring in more, because it was really beautiful,” he said.
In all, there were 18 pieces by Cartier that sold. The only other high-jewelry house that came close was Tiffany & Co. with 15 pieces.
Article from the Rapaport Magazine - January 2021. To subscribe click here.