Two of the lots in the sale accounted for $20 million of the presale total and both of those lots — the Light of Golconda and the 22.17-carat intense pink diamond —failed to find buyers. With that in mind the total is lower than what Sotheby’s would like to see and certainly not near recent highs that have been achieved at auction, but not as dismal as a first glance.
The top lot of the day was a 23.62-carat, GVS1 oval shaped diamond ring, which sold to an Asian private collector for $1,874,500. It was followed by the storied 1924 Cartier diamond sautoir (pictured) that was the property of a prominent American family active in publishing and politics. The piece also sold to an Asian private collector for $1,650,500.
Diamond sales were erratic, but the prices were solid for the stones that did sell. The bright spot of the day was the Elegant John Traina single owner sale. A prominent San Francisco businessman, who was once married to author Danielle Steel, Traina was known for his sense of style and refined taste. The 92-lot collection was 100 percent sold and accounted for $1,921,755 of the sale total. It was one of the most extensive collections of men’s jewelry to come to auction and it was filled with well-designed pieces with fine quality gems. Bidding was very competitive and pushed prices up.
The sale was not a typical one, with a large number of passes and unexpected items selling strongly. It does appear that the market remains strong, but highly selective.
For full coverage of the Sotheby’s New York auction, see the upcoming January 2012 issue.
-Rapaport
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