In comparison with recent Hong Kong auctions, Christie’s Magnificent Jewels sale on November 27 was well-received by collectors and dealers. The auction achieved $60.3 million, selling 70% by lot.
The sale at the Hong Kong Convention & Expo Centre confirmed most of the trends of the past several years, with robust demand for high-quality fancy-colored diamonds, colorless diamonds, the “Big Three” colored gemstones (rubies, sapphires and emeralds), and signed jewels, particularly items by Cartier, Van Cleef & Arpels and Tiffany & Co. Of those, it was the colored gems — particularly sapphires — that shone most brightly at this auction.
“There is not much change in trends or taste this season,” said Vickie Sek, Christie’s chairman of jewelry for Asia. “Signed brand-name jewelry is always popular, and there was strong bidding on those items. White diamonds at the right prices sold well, as usual. Colored diamonds remain popular, as always.”
While statement diamonds are doing well, according to Philippe Atamian of antique jeweler Faerber Collection’s Hong Kong office, “there is almost no interest” in stones in the lower color range (M to X). He also pointed to the continued appeal of heritage jewelry brands such as Cartier and Van Cleef & Arpels.
In addition, he said, the sale confirmed another trend: Buyers in Asia have become more selective with their purchases.
“The time of selling through the auction houses in Hong Kong with a high reserve price for average-quality goods is gone,” he declared. “Whether it’s colored stones, diamonds, jade or jewelry, if the reserve price is too high, the piece will not sell.”
Sapphire successes
One of the most notable ways this sale deviated from recent Hong Kong auctions was the demand for Kashmir sapphires, Atamian continued. The top lot was the Peacock necklace, which boasted 21 high-quality, untreated Kashmir sapphires for a combined 109.08 carats. It fetched just under $15 million, setting a per-carat world auction record at $137,513. Other Kashmir sapphires that sold well included a 6.47-carat, untreated stone that fetched $719,000, or $154,500 per carat.
“I was comforted when I saw the nice Kashmir stones sell,” said Atamian. “Prices [have been] a little weak the past few months, but they came back stronger at this November sale.”
It wasn’t just Kashmir sapphires that received the attention of bidders. Specimens from Burma, Sri Lanka and other regions, in various colors, saw strong responses from buyers. For example, a 28.39-carat, unheated Burma sapphire fetched just over $1 million. In total, 17 sapphire jewels found homes.
Gems of another color
Emeralds, rubies and (this being a Hong Kong sale) jadeite also fared well. The number-two lot was an oval-shaped, 10.04-carat Burmese ruby that commanded $7.2 million. It was one of 14 ruby jewels that sold, including items by Cartier and Tiffany. Ten emerald jewels, including pieces by Van Cleef & Arpels, Tiffany and Cartier, found buyers. One, an emerald and diamond bracelet that Edmond Chin designed for Boghossian, fetched $3.2 million, while a Cartier-mounted ring featuring an octagonal, 14.72-carat emerald went for just over $1 million.
“Untreated emeralds and rubies are in great demand,” Sek said. “These precious gemstones remain most popular to collectors.”
In addition, a jadeite and sapphire necklace brought in $2.8 million. It was one of 29 jadeite jewels or objects of art that sold.
Even a pair of pearl earrings made it into the top 10 lots, achieving just over $1 million.
Marilyn Monroe and more
While this was one of the few Christie’s auctions at which fancy-colored diamonds were not the dominant gem, they remained very much in the mix. For example, a pair of earrings featuring pear brilliant-cut, fancy-pink diamonds weighing 5.21 and 5.01 carats netted $4.3 million.
One of the most anticipated lots of the sale was a pear modified brilliant-cut, 24.04-carat, fancy-yellow diamond named the Moon of Baroda. Hailing from the famed Golconda mines in India, it was the gem Marilyn Monroe wore when she sang “Diamonds Are a Girl’s Best Friend” in the movie Gentlemen Prefer Blondes. It went for more than $1.3 million, well above its $767,556 high estimate.
White diamonds remained strong as well. The top lot in this category was an unmounted round brilliant, 14.30-carat stone that fetched nearly $2 million. A ring with a rectangular-cut, 15.60-carat diamond sold for just over $1 million.
“Overall, the market is healthy,” Sek said. “Buyers are getting more sophisticated and concentrating on gemstones with very good quality. Once again, it proves colored diamonds and gemstones are the most sought after.”
Image: Christie's Ltd. 2018. Peacock necklace. Article from the Rapaport Magazine - February 2019. To subscribe click here.