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Sotheby’s Takes $52M at New York Auction; Queen Nazli Necklace Draws More Than $4M

Dec 10, 2015 5:02 AM   By Rapaport News
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RAPAPORT... Sotheby’s achieved total sales of $52.2 million at its Magnificent Jewels auction in New York on December 9, bringing in almost $4.3 million for the highest-profile lot, a Van Cleef & Arpels diamond necklace worn by the late Queen Nazli of Egypt.

The bib-style piece was commissioned by the Queen for her daughter’s wedding in 1939. Sotheby’s had estimated its value at $3.6 million to $4.6 million, according to the auctioneer’s website. It features 217 carats of diamonds in a ‘sunburst’ motif: at the center is a 6-carat round diamond, with 118 larger round diamonds weighing approximately 134 carats, a further 27 carats of smaller round diamonds and 50 carats of baguette diamonds.

The highest selling price at the auction was for an “exceptional” platinum, sapphire and diamond ring which went for $5.1 million, beating its estimate of $3.5 million to $4.5 million. The piece features a cushion-cut sugarloaf cabochon sapphire weighing 25.87 carats at its center, with two bullet-cut diamonds weighing approximately 0.40 carats on each side.

A “magnificent” platinum and diamond ring sold for $4.1 million, having been estimated at $3.5 million to $4.5 million. The emerald-cut, 38.27-carat diamond is flanked by tapered baguette diamonds weighing approximately 1.25 carats.
Tags: Auctions, new york, Rapaport News, Sotheby’s
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