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While buyers were cautious
at the latest Magnificent
Jewels auctions, their
tastes were much the same
as before the pandemic.
By Anthony DeMarco
I
n early July, Christie’s and Sotheby’s
held their first Hong Kong jewelry
auctions since the novel coronavirus
pandemic disrupted business and
life throughout the world. It was an
important time in the high-stakes
world of collectible jewelry, and all eyes
were on Hong Kong as several other
auction houses also had jewelry sales.
Social distancing measures and travel
restrictions drastically reduced the
number of people able to attend the
previews and sales in person. To adjust,
auction houses turned to a variety
of digital means, including virtual
showrooms and live streaming, to present
their products to clients. In addition,
Christie’s and Sotheby’s put a lot of effort
into curating the sales, according to
representatives: Choosing to err on the
side of caution, they offered only about
a third of the lots they usually have at a
Hong Kong sale.
Buyers were also cautious, reported
Ioannis Alexandris of jeweler Gemolithos.
“The motivation to buy is not there. But
there is money around, and if they like
something, they’ll go for it.”
Despite the unusual circumstances,
both houses’ Magnificent Jewels auctions
had sell-through rates of at least 80%.
The sales didn’t set any records, but both
sawmany jewels and gems go for within or
above estimates.
Other than being more cautious,
collectors and dealers were looking for
the same things as before the health
crisis: Fancy-colored diamonds remained
popular, as did signed pieces by the most
famous high-jewelry houses. Overall,
buyers were still looking for the top
specimens at the best value, but there
wasn’t a lot of risk-taking.
CHRISTIE’S: YELLOWDIAMONDS
AND HARRYWINSTON
Because of the pandemic, Christie’s
moved its Magnificent Jewels sale from
May to July, with previews and the live
auction both taking place at its offices
in Hong Kong’s Alexandra House
instead of the much larger Convention
and Exhibition Centre, said Vickie Sek,
chairman of jewelry for Christie’s Asia
Pacific. “We still had good traffic and
attendance,” she reported.
The July 9 auction of 150 lots achieved
$39.8 million, with 82% selling by lot
and 92% by value. Participants hailed
from 14 countries and five continents and
placed bids from the sale room, by phone
and online.
“Most colored diamonds, gemstones
and jadeite jewelry received very high
interest,” Sek said. “The market is still
confident and resilient. There will always
be strong demand for top-quality and rare
one-of-a-kind jewels and gemstones.”
This was most evident in the top lot: a
12.11-carat, fancy-intense-blue, internally
flawless diamond that garnered $15.9
million, well above its high estimate.
The marquise-shaped, brilliant-cut gem
sold in a long, drawn-out bidding process
that gradually narrowed the field to two
phone bidders.
Nine other colored diamonds found
buyers. Half of themwere yellow— a
positive sign, since this color has not been
seeing as much interest as blue and pink.
The best example was a gold ring with a
cushion brilliant-cut, 7.03-carat, fancy-
vivid-yellow diamond of VS2 clarity, which
fetched $496,000, within estimates.
Other fancy-colored diamond
highlights included a marquise brilliant-
cut, 2.08-carat, fancy-intense blue on
a platinum ring that bested its high
estimate at nearly $1.5 million, and an
oval modified brilliant-cut, 8.04-carat,
fancy-brownish-orangy-pink, internally
flawless diamond that went for $604,504,
also topping its high estimate.
“I was happy to see that some of
the yellow diamonds sold very well,”
commented Alexandris. “Colored
diamonds are still strong, especially
when it comes to bigger sizes and when
it comes to vivid and intense colors. The
blues and pinks are extremely strong
still, coronavirus or not. You see this in
the prices.”
Colorless diamonds also performed
well, led by a cut-cornered rectangular
step-cut, 17.95-carat, D, internally
flawless diamond that sold for nearly $1.6
million, within estimates. In addition, a
necklace with a pear-shaped brilliant-cut,
12.29-carat diamond pendant of E color
and VVS1 clarity fetched $716,479.
As for colored gemstones, Sek was
pleased with the performance of a
cushion-shaped, 14.70-carat, unheated
Kashmir sapphire on a gold ring with
diamonds. It sold for over $1.3 million,
nearly double its high estimate.
Jadeite is always an important part
of a Hong Kong sale, and the best
performer in this category was a pair
of jadeite hoop earrings with sugarloaf
rubies, circular-cut diamonds and gold.
It netted almost $1.3 million, well above
its $750,000 high estimate.
Sek affirmed that trends had pretty
much stayed the same as before the
pandemic. “Good-quality items with the
right prices are always sought after by
collectors and users.”
If there was a weakness in this sale,
it was signed pieces — though Harry
Winston was an exception. Six lots from
the iconic New York jeweler sold, one of
them among the top 10 lots: a platinum
ring featuring a pear-shaped, 10.59-
carat diamond with tapered baguette-
cut diamonds on the sides. It went for
$872,094, above its high estimate.
Another high-earning Harry Winston
piece was a cushion-shaped emerald
weighing 9.55 carats on a platinum ring
with triangular-cut diamonds, which fell
within estimates at $511,500.
HOPE IN HONG KONG
A U C T I O N
R E P O R T
22
SEPTEMBER 2020
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