Robust bidding from afar
made for a solid performance
at Christie’s New York,
even as some top names
failed to find buyers.
By Anthony DeMarco
T
he first live Christie’s jewelry sale
in New York since the start of
the coronavirus pandemic took
place without an audience. Only
Christie’s employees were in the auction
house’s Rockefeller Center salesroom,
accepting bids by phone, online or through
advanced absentee offers. Despite the
restrictions, the July 29Magnificent
Jewels sale of 260 lots totaled $28.1
million, selling 87% by value and 83% by
lot. While colored diamonds and signed
pieces did well, one of the star lots — a
highly touted necklace by jewelry artist
Anna Hu —went unsold. Estimated at
$1 million to $1.5 million, it was the most
expensive signed jewel on offer at the sale.
AT A SAFE DISTANCE
Leading the auction were Christie’s
international head of jewelry Rahul
Kadakia and associate vice president
and specialist Caroline Ervin, whose
focus is e-commerce. Buyers from 34
countries registered to participate, and
the sale’s livestream retained much of the
excitement of an in-person event.
“It was a strong sale,” said Saul
Goldberg of New York-based diamond
jewelry houseWilliamGoldberg,
especially considering that the auction had
been delayed from its original spring date.
“It was pretty impressive that they still
sold a lot of product.”
Prospective buyers were able to view
the jewels in person by appointment,
maintaining social distancing.
“With the reopening of our galleries
for this sale, even by appointment, there
was a renewed energy,” said Daphne
Lingon, head of jewelry for Christie’s
Americas. “The timed appointments for
the preview exhibition worked extremely
well, as did the ‘hybrid’-style bidding with
an increased online presence as well as
amplified phone bidding.”
Goldberg, who attended the preview,
confirmed that the proper Covid-19
measures had been in place. “They cleaned
everything before and after viewing. The
tables were far apart, and they staggered
the appointments intelligently,” he said,
though he noted that the environment
hadn’t allowed for the usual interactions
among dealers and collectors. “Usually,
when you go to a viewing with dozens of
other people, there’s more banter. It was a
little more difficult to consult this time.”
STANDOUT GEMS
Colorless and fancy-colored diamonds
dominated the top lots of the sale, followed
by sapphires and emeralds. The number-
one lot was a diamond necklace with a
pear-shaped, 115.83-carat, F-color, VVS1-
clarity diamond pendant. It sold for $6.3
million, within estimates.
“That person bought a very good
diamond at a very good price,” Goldberg
said. He was equally impressed with a
pear modified brilliant-cut, 7.65-carat,
fancy-light-purplish-pink, VS2 diamond
that sold for well above its high estimate
at $819,000 after spirited bidding. “The
diamonds are priced to sell, and they are
selling them,” he declared. “I think they’re
creating a lot of interest for big stones.”
Among colored gems, one lot that
spurred intense interest consisted of four
rectangular Colombian emeralds ranging
from90 to 154 carats. The lot ended up
going for $519,000, more than triple its
high estimate of $150,000.
Signed pieces were an important part of
this sale, and several items saw competitive
bidding and exceeded estimates, Lingon
said. She cited a pair of gold Pendantif-
Pendant earrings by artist Man Ray, which
achieved $125,000 against a high estimate
of $15,000; a set of opal jewelry by Angela
Cummings for Tiffany &Co., whichmore
than doubled its $30,000 high estimate
at $68,750; a coral, onyx and diamond
bracelet by Bulgari that garnered $111,250
against a high estimate of $60,000; and
a ruby, emerald, sapphire and diamond
bracelet by Van Cleef &Arpels that went
for more than four times its estimate at
$162,500. In addition, all six pieces by
contemporary jewelry artist JAR sold at
prices ranging from $13,750 to $200,000,
although one fell below its low estimate.
“There were a couple of JAR pieces that
didn’t get as high a price as they usually
do. It was an opportunistic time to buy,”
Goldberg said. “There are things you can
find today at an auction that a year or two
ago were hard to find. JAR pieces seemed
very competitive.”
UNSOLD TREASURES
In all product categories, there were
items that failed to find buyers —most
notably the Anna Hu necklace, which was
withdrawn without comment. It featured a
126.80-carat carved jadeite pendant from
a client of Christie’s, which is believed to
be a vintage gem from the 1970s or ’80s,
a Christie’s spokesperson said prior to
the auction. The necklace, called the Sky
Tower, took inspiration fromNew York’s
newly completed 53West 53 skyscraper by
French architect Jean Nouvel.
Another unsold piece that had high
expectations was an Art Deco Bulgari
sautoir, circa 1930. It featured an oval
cabochon star sapphire on a detachable
pendant, as well as additional sapphires
and diamonds. Its estimate was $650,000
to $850,000. Important diamonds that
failed to sell included two fancy-intense
yellows — one a cut-cornered rectangular
mixed-cut, 33.65-carat stone estimated
at $525,000 to $625,000, and the other
a cut-cornered rectangular-cut, 11.06-
carat diamond estimated at $400,000
to $500,000. There was also a pair of
earrings featuring two pear brilliant-cut,
D, internally flawless diamonds of 5.99
and 5.70 carats and two round brilliant,
2.08 carat, D diamonds, with an estimate
of $450,000 to $650,000.
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B AC K ON T H E B LOC K
28
SEPTEMBER 2020
DIAMONDS.NET
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