Sotheby’s is well-known for diamonds; some of the world’s most impressive stones have traveled with pomp and press calls through its famous auction rooms. Yet there is another side to its jewelry business that operates more quietly, and this one doesn’t involve being outbid.
Sotheby’s Diamonds — a series of plush stores where clients can browse or order both loose diamonds and finished jewels at any time of year — opened in 2005 at the auctioneer’s Hong Kong office, with locations following in New York and London. While the first two are secreted away within Sotheby’s buildings, the London branch opened last year as a storefront on Bond Street.
A large part of the appeal is that if a client wishes to own any of the pieces, it’s a simple negotiation between salesperson and buyer, rather than a heated contest with the rest of the world.
Patti Wong is the founder and chair of this new model for selling diamonds at a centuries-old business. A Sotheby’s veteran who started her career there in 1991, she jokes that it’s “still my first job.” Wong has worked her way up through the ranks, becoming head of the private client services department and then chairwoman of Sotheby’s Asia. Along the way, she has developed a not-so-little black book of high-spending clients.
“If anybody could sell it, Patti could,” declares Alessandro Borruso, deputy director of Sotheby’s Diamonds Europe, referring to a round brilliant, 102.34-carat, D-flawless stone that sold swiftly in February. One of the highlights of the Bond Street location, it is the only known round brilliant to exceed 100 carats.
The crème de la crème
Sotheby’s Diamonds focuses on the highest end of the market. Prices start at $95,000 and can scale upward indefinitely, with many important stones on offer — such as a dazzling 50.09-carat, D-flawless briolette that’s currently for sale at the London store.
“We supply very hard-to-find stones and colored diamonds,” affirms Wong. “Not everything we sell is 100 carats, but it’s quality. Colored diamonds remain very strong. We’ve had some great blues, pinks, reds and yellows.”
Despite the exclusivity of its offering, the retail division’s target market is not just the jewelry collector, but the Sotheby’s collector. “Cross-selling between departments [at Sotheby’s] is immense; clients rarely just purchase from one department,” says Wong, who relocated to Hong Kong two years ago as Asia emerged as the strongest of the Sotheby’s Diamonds markets. “Clients are very open-minded: They buy Chinese paintings, ceramics, jewelry, watches.”
Indeed, Borruso tells a tale of one client who descended the stairs of Sotheby’s in London, disappointed after missing out on a piece of art, and stopped by the boutique on his way out. He left much-cheered with a pair of earrings in hand.
Contemporary designs
Outside the 102.34-carat round brilliant announcement, Sotheby’s Diamonds has kept self-promotion to a minimum, preferring to grow organically.
“Initially, because of the quality we deal with, we did not want to be over-ambitious, so we catered to people we know through word of mouth,” says Wong. “You don’t see us advertising a lot, as we already have very good clients.”
Those clients have two options when shopping with Sotheby’s Diamonds. They can buy a loose stone and have it set in a design of their choosing, as well as receiving naming rights to the diamond if it’s of significant value. Alternatively, they can choose from a collection of ready-to-wear jewels. The latter selection is more contemporary than you might expect, with reverse-set diamonds spiking out of the Thistle collection, and a whole line dedicated to steel settings rather than gold or platinum ones. Rubber also makes an appearance, as do unusual stones like maw sit sit, a green gem from northern Burma.
“When you want to have contemporary designs, you should not be afraid to use different materials and stones to enhance the diamond,” says Wong.
At the moment, all the jewelry at Sotheby’s Diamonds is created in-house, but in the next year, we can expect to see publicized collaborations with well-known designers. “Everyone loves a collab,” Wong laughs, showing again that she truly gets her crowd — those arty, informed, worldly collectors of the Sotheby’s catalogue mailing list, who thrill in chasing the best of the best. And this skillful saleswoman is only too happy to assist.
Image: Sotheby’s DiamondsArticle from the Rapaport Magazine - July 2018. To subscribe click here.