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Tiffany Necklace Breaks Records at Sotheby’s

Dec 9, 2021 4:48 AM   By Rapaport News
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RAPAPORT... The Medusa necklace, one of the earliest pieces designed by Louis Comfort Tiffany, sold for more than 18 times its high estimate at a recent Sotheby’s auction.

The piece, designed in 1904, was last seen at auction 78 years ago. It fetched $3.7 million against an upper estimate of $200,000 following 10 minutes of heated bidding, Sotheby’s said Wednesday. The pendant set a world auction record for a piece by the designer. In total, the December 7 Magnificent Jewels sale achieved $57.1 million, the second-highest figure for a jewelry auction at Sotheby’s New York.

Blue diamonds also performed well, with a cut-cornered rectangular modified brilliant-cut, 6.11-carat, fancy-intense-blue diamond ring garnering $8 million, or $1.3 million per carat, well above its high estimate. A ring bearing a cushion-cut, 3.01-carat, fancy-vivid-blue diamond flanked by two heart-shaped diamonds sold for $3.9 million, or $1.3 million per carat, within expectations.

Other notable items include a group of jewels from an American private collector, which features one of the largest private collections of Bulgari pieces ever to come to market, Sotheby’s noted. Some 93% of those items found buyers, realizing $9 million, above their combined $8.2 million high estimate.

Meanwhile, a ring set with a pear-shaped, 62.65-carat, D-color, VVS2-clarity diamond bracketed by two pear-shaped diamonds weighing 2.04 carats and 2.01 carats fetched $2.9 million, in the middle of its presale valuation. A ring containing a cut-cornered rectangular step-cut, 1.03-carat, fancy-red diamond framed by shield-shaped diamonds hammered for $2 million, the upper end of its estimate.

Sotheby’s sold 84% of goods on offer, with 68% of those achieving prices above their high estimates and 13 pieces going for more than $1 million. Participants came from more than 45 countries. The company’s next auction is its online Fine Jewels sale, which closes on December 9.

Image: The Tiffany Medusa necklace. (Sotheby’s)
Tags: Bulgari, diamonds, Fine jewels, Jewelry, Louis Comfort Tiffany, Magnificent Jewels sale, new york, Rapaport News, Sotheby’s, Sotheby’s New York, Tiffany Medusa
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