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Jewels for Hope Auction Nets $38M in Geneva

JAR Collection Achieves Record Price

May 15, 2012 6:41 AM   By Jeff Miller
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RAPAPORT... The auction of ''Jewels For Hope: The Collection of Mrs. Lily Safra'' realized a sales total of $37,924,551 and was 100 percent sold by lot, according to Christie's Geneva results. Proceeds from the sale will benefit The Lily Safra Foundation, which plans to distribute the funds to 32 charitable causes.

Rahul Kadakia, the head of Christie's Geneva and New York jewelry departments, said, “After having achieved a world record total for a jewelry charity auction, Mrs. Safra received a standing ovation as she walked into the saleroom at the end of the sale to thank every buyer and bidder who contributed to this evening’s great success. Christie's is proud to have been part of such a major philanthropic event.”jewelry auction geneva

The top lot of the sale was a 32.08-carat, cushion-shaped Burmese ruby and diamond ring, by Chaumet, that sold for $6,742,440 against a presale estimate of $3 million to $5 million. Christie's noted that the ring set a new world's record for a ruby sold at auction. The second top lot was purchased by Leviev and included a pair  of pear-shaped, type IIa diamonds --19.43-carat and 19.16-carat-- that sold for $5,321,160. Rounding out the top three lots, Chatila purchased a 34.05-carat, D, potentially IF, rectangular-cut diamond for $5,121,576.

The extraordinary group of 18 jewels by JAR, the largest ever seen on the market from a single-owner collection, garnered $11,473,920. One of the pieces, a ruby camellia brooch by JAR, circa 2003, sold for $4,323,240 and was the fourth top lot of this Christie's Geneva sale.

Safra said, “From the bottom of my heart, I want to thank everyone who participated in this evening’s success. I am overjoyed, knowing that so many people in need around the world will benefit. Like the jewels sold tonight, these extraordinary organizations make the world a more beautiful place, and it is a great privilege to be able to support them. I am also delighted to announce that due to the success of the auction, 12 additional organizations will each receive $1 million in support of their work.”

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Tags: auction, Christie's, geneva, hope, JAR, Jeff Miller, jewels, results
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