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RAPAPORT... Tiancheng International's spring auction of jewelry and jadeite in Hong Kong totaled $39,607,456 (HKD 308,938,160) and was 70.6 percent sold by lot. Two individual lots tied for the highest prices achieved during the sale, with an important natural jadeite and diamond ring along with a magnificent natural jadeite and diamond pendant "Laughing Buddha" both selling for $2,798,718. Other top lots included a natural jadeite and diamond demi-parure that sold for $2,723,077, a jadeite and mother-of-pearl and diamond ring that sold for $1,815,385 and a 15.07-carat, Burmese unheated ruby and diamond ring that sold for $1,664,103.  Stewart Young, the director of Tiancheng International’s jewelry department, said, “We are very pleased to see such an enthusiastically received sale today, with bidders joining from China, Hong Kong, Taiwan, Japan, Thailand and even as far as Europe. The heated bidding tells of the market’s strong demand for the high-end jewelry, testifying to the success of Tiancheng International’s focus on such a niche. “In recent years, the abundance of top-quality gemstones is evidently dwindling, while global warming also does critical damages on natural jewels such as the natural pearl. In the times when exquisite jewelry becomes hard to come by, we are particularly glad to still be able to garner the finest collection in our auction. Seeing the thriving auction market, some consignors opt for the ‘no-reserve’ strategy, leading to a win-win result for both buyers and sellers. Take our pair of jadeite ‘Ruyi’ and diamond pendent earrings, for instance, the lot attracted an intense round of 36 bids before selling for $33,282 against a presale estimate of $10,000 to $15,000, exceeding three times its estimate. Such an encouraging result proves the popularity of the ‘no reserve’ section,” Young said.
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