RAPAPORT... One doesn’t usually associate fireworks with the Swiss but surely there were some sparklers going off when Sotheby’s concluded its Magnificent and Noble Jewels sale on May 17 in Geneva. The total of $40,462,953 for the 435-lot sale was a figure not seen in this venue since 2000. More significantly, the auction house seemed to have sensed the buyers’ appetite precisely, both with its major diamonds and period jewelry and with a deft hand at marketing the collection.
Almost one-fifth of the total came from the sale of the Donnersmarck diamonds, two huge fancy intense yellow diamonds that were offered as separate lots but which, happily, were bought by the same client. The 82.48-carat pear-shape brought the highest price of the sale, $4,666,271*; while the 102.54-carat cushion-shape weighed in at $3,246,102. The stones, from a “European princely family,” were set originally by Chaumet in 1878. They had provenance coming from every direction.
David Bennett, chairman of jewelry for Sotheby’s Europe and the Middle East, said, “There were a number of bidders for the Donnersmarck diamonds, from all over the world. What we had was absolutely right for this market. These were historic and very beautiful, untouched and original. It’s very rare to find these old stones. On the selling side, when you have goods like that, you are really fortunate.”
Before the sale even began, there was a sense of success in the air. Every important trade buyer was said to be in Geneva during this week, testament to the scarcity of important goods.
Sotheby’s, reading the tea leaves perfectly — and being fortunate enough to have consignments from a number of “Noble” families from across Europe — assembled 50 lots into a separate “Noble Jewels” catalog. This allowed the period pieces to compete on their own stage; only one of these lots failed to sell. Remarkably, five of the top ten lots went to the trade. “The trade was bidding as if they were privates,” said Lisa Hubbard, Sotheby’s head of jewelry for North and South America. The majority of the goods in this part of the sale sold well above the presale estimates. The crowned heads of Europe may have lost most of their seats of power but their jewels still continue to dazzle.
On the white diamond side, a 15.03-carat step-cut diamond, D color, VVS1, was sold for $1,138,753. This stone may be one reason the dealers were so willing to spend the big bucks. Bought by the trade, it was accompanied by a Gemological Institute of America (GIA) worksheet stating the diamond “may be potentially flawless after polishing.”
A cut-corner rectangular, step-cut diamond weighing 16.26 carats, set in a ring and signed M. Gerard, sold for $1,276,189 to the trade. The stone was D, VVS2 and also carried a worksheet stating it was “potentially flawless after repolishing.” These are the kind of stones, said Bennett, that are “attractive to the trade,” and indeed, this one, too, was bought by the international trade.
The rarity of fine rubies is an old story. In this sale, a cushion-shaped Burmese ruby weighing 11.64 carats, set into a ring surrounded by diamonds, was sold for $735,609. This was more than double the presale estimate as given in the catalog. By sale time that estimate had been raised, but it still didn’t reach the final selling price. The ring was one of the jewels from the estate of Elly and Jock Elliott. Sotheby’s next lot matched it beautifully: a ruby and diamond necklace, set with 37 oval rubies, from another estate. It sold for $520,554.
The sale began with a collection of suites that were destined for Middle East buyers. In style, in lavishness and especially in the repetition of design from necklace to earrings to ring to bracelet, they satisfy a desire for so-called “wedding jewelry.” With estimates ranging from a low of $8,300 to a high of $120,000, every lot was sold. Most brought prices within the low and high estimates. Buyers had their choice of colors: a ruby and diamond parure, a yellow sapphire and diamond parure, an emerald, cultured pearl and diamond parure and on and on. In all, 29 lots of such sets were offered from “A lady of title.” They revealed a consistent collecting taste whether the pieces were by Mouawad or Boucheron, or unsigned, which the majority were.
The cover lot of Sotheby’s Noble Jewels sale, a Belle Epoque aquamarine and diamond tiara, circa 1910, from the estate of Christian, Lady Hesketh, brought out the bidders in droves. It was sold for $90,314, a real bargain for collectors both of this beautiful period as well as for a piece of jeweled history.
CHRISTIE’S MAKES $25 MILLION
Christie’s also had a good Geneva sale, held on May 16, but without the fireworks or the huge total or, indeed, any important estates. The much smaller sale, just 287 lots, sold well and garnered $25,159,866.
Eric Valdieu, head of the jewelry department in Geneva, explained that “The exceptional prices achieved for the finest jewels reflect the current strength of the art market,” a reference to the art sales taking place at Christie’s during the same period that had soared to astonishing heights. Also referring to the art market, Rahul Kadakia, Christie’s jewelry department head of the Americas said, “The sales room was packed all day long. We had buying from Middle Eastern privates and trade, European privates and trade, and also the United States. The market is really active and not afraid to pay top, top prices for rare jewels and gemstones, which are now being collected in the same stream as fine art. A great example is the cover lot, an exceptional Art Deco Cartier diamond bracelet, estimated at $200,000, which sold for $646,666.
Top price went to a choker set with an elegant, elongated pear-shaped 20.28-carat, D internally flawless diamond that was bought by a Middle Eastern private for $1,440,000. It was followed closely behind in price by a radiant-cut, fancy intense, 63.22-carat, SI1 yellow diamond, which went for $1,346,666 to a European private.
Proving the rarity of interesting goods, a briolette-cut fancy orange-brown diamond weighing 100.60 carats, VS2, was sold for $1,020,000. This amazing price for a brown diamond made it the third-highest price in Christie’s sale.
A truly rare piece, a Cartier Mystery clock was sold for $199,200, well above the high estimate. The exquisite mother-of-pearl and onyx clock, with pavé-set diamond hands, centered around a transparent smoky quartz, the essence of the mystery.
Another rare piece, also from the Art Deco era, an aquamarine and diamond bangle by Cartier, was sold for $169,320, more than five times the high estimate.
Both houses have been showing the work of Michele Della Valle, an Italian designer living and working in Switzerland, who sells mainly through the auctions. His remarkable ruby and titanium rose brooch, stunning in the three-dimensionality of its design, was sold for $139,440 at Christie’s, double the low estimate. Although large in dimension, the brooch is light in weight, thanks to the titanium mount. More than 5,000 rubies, totaling almost 300 carats, were used in the design.
*All prices include buyer’s premium.
Article from the Rapaport Magazine - June 2007. To subscribe click here.