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Christie's Jewelry, Jadeite, Watch Sales -38% in 1H

Jul 28, 2009 5:27 AM   By Avi Krawitz
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RAPAPORT... Christie’s jewelry, jadeite and watch sales fell 38 percent to $129.6 million (GBP 86.4 million) in the first half of 2009. “Diamond prices remained very much in line with those achieved at the same time last year,” the company said in a statement.

Christie’s total sales dropped 35 percent to $1.8 billion (GBP 1.2 billion) as a result of lower sales volumes across the market. Edward Dolman, company chief executive officer (CEO), explained that sustained price levels indicated that “art has continued to hold its value.” The jewelry, jadeite and watch category was the fourth-largest contributor to total sales, behind impressionist art, with sales down 17 percent to $620.7 million (GBP 413.8 million), post-war and contemporary art, whose sales decreased 69 percent to $192.3 million (GBP 128.2), and Asian art, which posted a sales decline of 53 percent to $166.9 million (GBP 111.3 million).

Christie’s jewelry sales during the period included the Geneva sale, which garnered $13.7 million (CHF 15.2 million) and sold 93 percent, both by lot and by value. Two jewelry sales took place in New York, which realized a total of $30.4 million. Highlights in New York included a perfect pear-shaped diamond of 30.02 carats, which went for $4 million. Christie’s added that colored diamonds continued to be in strong demand with a flawless blue pear-shaped stone of 6.29 carats selling for $3.5 million.

The Christie’s Hong Kong jewels sale closed with a value of $34.2 million (HKD 263 million), selling 90 percent by lot and 95 percent by value. The company stressed that the auction demonstrated “continued enthusiasm from Asian collectors for fine gems and jewels.” Christie’s Hong Kong also generated $7.5 million (HKD 58.1 million) at its watch sale. The Dubai jewels and watches sale realized $4 million (AED 14.8 million), and included a kite-shaped, 5.01-carat, D color internally flawless diamond pendant, which sold for $194,500 (AED 713,815).

Tags: Dubai, Flawless Diamond, Hong Kong, Jewelry
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