“This
once-in-a-lifetime opportunity will stimulate
passionate bidding from enthusiastic collectors around the world,” Christie’s
said in a press statement prior to their annual spring sale, referencing the
exceptional emerald and diamond necklace dubbed “Palmette.” The rare
collector’s item in question went on to set a new world auction record for a
selection of no oil Colombian emeralds. Created by Hong Kong–based designer,
Edmond Chin, for the House of Boghossian, it features 11 matching emeralds and
was acquired by an Asian private collector for $5,991,235*, significantly above
the high presale estimate.
“It is truly an
exceptional piece with that magnificent combination of perfect stones and
unique design,” said Vickie Sek, deputy chairman Asia, director of jewelry and
jadeite, Christie’s Asia, following the sale. “The rarity of no oil emeralds
makes them highly sought after almost regardless of market conditions,” she
added, emphasizing the necklace generated “intense interest” in the viewings
prior to the sale.
The May 2017 sale achieved $79,778,530
in total. Of the 278 lots offered, 70 percent were sold. This compares to
Christie’s autumn 2016 sale, which brought in a total of $79,172,226, and its
spring Hong Kong sale in May 2016, which achieved a total of $60,676,998.
The
top lot of the evening, an undisputed highlight of the sale, was a magnificent
3.98-carat fancy vivid blue diamond ring by Moussaief. The ring was bought by
Harry Winston for $8,879,821, just above the low presale estimate. “We set the
reserve very close to the low estimate, so the price achieved was well within
our expectations,” Sek said, a sentiment echoed by Tamara Moussaief, who was
present at the sale. “We chose Hong Kong because, in our opinion, Hong Kong is
the best avenue for Far East buyers,” she added.
Another blue diamond also featured in
the top-ten list sparked an intense bidding contest. A 3.37-carat
hexagonal-shaped fancy intense blue diamond ring by Etcetera was bought by a
member of the Asian trade for $2,793,159, more than four times above the low
presale estimate. A third blue gem featured in the top ten was a sapphire and
diamond bracelet, comprising seven blue
cushion-shaped Kashmir sapphires, alternated by white diamonds.
It was bought by an Asian private collector for $4,691,372.
Palmette
was not the only green beauty to shine at the sale. The second top lot of the
evening was a double-strand jadeite bead and diamond necklace composed of 118
jadeite beads. It was bought by an Asian private collector for $7,146,669, in
line with the low presale estimate. “After all, this is Asia and Jadeite will
always shine,” Sek said. The ninth top lot was a jadeite bangle, sold to an
Asian private collector for $2,328,922.
White diamonds were not to be outdone, and one in
particular attracted a lot of attention — The Jonker V by Harry Winston. The
25.27-carat D, VVS2 diamond caused a flurry of bidding that culminated in a
sale to an anonymous buyer for $5,269,089, approximately two and a half times
the low presale estimate. “The vendor of the property was in the salesroom and
ecstatically watched as the bids climbed from $1,500,000 to $4,500,00 to its
hammer price,” Sek said.
The spring sale had a special section dedicated to four
Hong Kong designers. “Hong Kong has been a top international jewelry hub for a
long time and we collaborate with local designers regularly,” Sek said, noting
that the collection generated a lot of publicity both locally and
internationally. “There was a lot of interest from our clients, both trade and
private, and every single piece was sold. So, it was a great success, as
expected.”
The four designers
featured were Edmond Chin, Adrian Cheng of Chow Tai Fook, Cindy Chao and
Michelle Ong, founder of the Carnet jewelry brand. Two of the ten lots offered
made it into the top ten—notably Palmette and the blue diamond ring by
Etcetera, both designed by Edmond Chin.
The sale attracted
a large crowd in-room and telephone bidding was very active. “Bidding was
competitive and sales were comparable with last season, Sek said, taking this
as an indicator of a healthy stable market. Christie’s strategy continues to be
to offer top quality at reasonable prices. “Even in less robust economic
conditions, mid-priced items may not perform as well, but rare, extraordinary
pieces will still be collected by connoisseurs,” Sek said, adding that the top
ten buyers list was yet again dominated by Asian private collectors.
Christie’s was pleased with the sale and in particular the
Iconic Hong Kong Jewelry Designers section. “These designers have already
achieved success in their own right, but this sale once again highlighted their
talents, projecting these designers to an even wider, international audience.
We very much enjoyed the experience and results and look forward to the opportunity
to organize these themed sales in the future,”
Sek concluded.
*All prices include buyer’s premium.Article from the Rapaport Magazine - July 2017. To subscribe click here.