Sotheby's Jewels Sale Tops $16M

Sotheby’s New York completed its sale of important jewels, which achieved a total of $16,383,856 and was 79.3 percent sold by lot. The top lot was a 5.08-carat, VVS2 brilliant-cut fancy light pink diamond that sold for more than twice its high presale estimate at $1.4 million or $280,807 per carat.

A 3.09-carat, VS1 pear-shape fancy intense orangy-pink diamond pendant (pictured) fetched $770,500 or $249,353 per carat and a 13.22-carat Kashmire sapphire and diamond ring sold for $578,500; both lots of which sold well above presale estimates.

Gary Schuler, the head of Sotheby’s jewelry department in New York, said,  “We saw particularly strong prices for unique color diamonds, led by the fancy light pink diamond that soared to $1,426,500 above a high estimate of $700,000.

''While many of our top 10 prices came from American trade buyers, both signed jewels and stones under 10 carats brought spirited bidding from collectors worldwide,'' he said. ''Jewels from the estate of Kitty Carlisle Hart, which we were delighted to offer, doubled their overall low estimate and were led by her beautiful art deco diamond sautoir that achieved $146,500. And in a continuation of a trend we have observed in recent years, natural pearls remain a strong segment of today’s market.”

Strong demand for signed jewels at Sotheby’s

Two jewelry auctions held at Sotheby’s here on Dec. 7 achieved a combined total of $30.4 million.

“As has been the case throughout our recent auctions, sales saw persistent demand and strong results for unique and signed jewels,” Lisa Hubbard, co-chairman of Sotheby’s international jewelry department, said.

The auction of “Magnificent Jewels” realized a total of $28.5 million, with 67 percent of the sale sold by lot and 46 percent sold by value. The auction was led by top prices for white diamonds, natural pearls, sapphires and emeralds.

The top lot of the auction was a 23.62-carat oval diamond ring (below) of VS1 clarity, which sold for $1.9 million, or $79,361 per carat, to an Asian private collector.

A 1924 Cartier platinum and diamond sautoir necklace (below) with a lavaliere pendant sold for $1.7 million to an Asian private collector.

A Kashmir sapphire and 16.40-carat diamond ring sold for $1.6 million, or $97,226 per carat.

“Though we are disappointed to have not found buyers for our top two stones amongst the rarified group of collectors at the highest end of our market, the results for the remainder of the sale demonstrate a continued demand for pieces of quality and unique character,” Hubbard said.

Auction “The Elegant John Traina-A Portrait in Style” realized a total of $1.9 million, more than triple its pre-sale high estimate of $570,000, with 100 percent of the sale sold by lot and value. A collection of the late author’s accessories and watches were offered at the auction, including pieces by Cartier, Van Cleef & Arpels and Harry Winston.

The top lot of this sale was a circa 1920 Cartier platinum, cabochon sapphire and diamond dress set, which sold for $182,500 after a pre-sale high estimate of $15,000.

A Harry Winston platinum, 18-karat white gold, sapphire and diamond dress set sold for $164,500 after a pre-sale high estimate of $20,000.

A Harry Winston 18-karat gold, sapphire and emerald dress set realized $134,500 after a pre-sale high estimate of $30,000.

-National Jeweler

Sotheby’s NY Auction Surprising

With Christmas just around the corner, it seems like the ideal time to hold an auction, but this year’s December Magnificent Jewels sale at Sotheby’s hit some road bumps. The sale garnered $30,404,818 against a presale estimate of $50 million and was sold 66.5 percent by lot and 45.5 percent by value. However, that is not as discouraging as it appears.

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

Sotheby’s NY Jewelry Sale Includes Two Remarkable Diamonds

Sotheby’s New York will auction ''The Light of Golconda'' and a rare fancy intense pink diamond ring among other highlights at its upcoming sale of Magnificent Jewels on December 7. The Golconda diamond ring, with an estimate of $7 million, is a 33.03-carat, D, IF, type IIa old mine cushion-shaped diamond. The pink diamond ring is a cut-cornered square modified brilliant-cut diamond, of 22.17 carats, VS2 clarity, type IIa and an estimate in the region of $13 million. The entire sale is valued at $50 million and will travel to Geneva, Los Angeles and Hong Kong, before returning to Sotheby’s York Avenue galleries for public exhibition beginning December 3.

''This December’s Magnificent Jewels sale will cap off an exceptional year for jewelry at Sotheby’s New York,'' said Lisa Hubbard, the chairman of North & South America at Sotheby’s International jewelry division. ''Each of our jewelry auctions this year has brought our strongest-ever result in its respective month, and we look forward to offering some amazing collecting opportunities in December – from the once-in-a-lifetime Light of Golconda diamond to an extensive selection of Art Deco designs, signed jewels and colored gemstones.''

The superior qualities of The Light of Golconda diamond evoke the legendary Golconda mines of India, famous for producing diamonds with distinctive chemical and physical properties that give them an exceptional transparency. The shape and antique cutting style of the old mine cushion diamond indicate that it was fashioned by hand likely in the 17th or 18th century, which is unique in a market dominated by stones cut with technological precision in the 20th century. This exceptional stone is reminiscent of some of the most iconic Golconda diamonds that have ever appeared at auction, such as the Arcots, the Indore Pears and the Idol’s Eye.

Only two-dozen diamonds of pure pink color, weighing over 10 carats, have ever appeared at auction, placing this offer in company of other noteworthy stones including The Graff Pink, which became the most expensive diamond sold at $46.2 million at Sotheby’s Geneva in 2010. Pink diamonds of significant size have historically been held in many state and royal collections, including those of England, France, Iran, Holland and Turkey.

Sotheby's will feature many one-of-a-kind Art Deco designs from Cartier including two fabulous bracelets: An aquamarine and diamond bracelet by Cartier London, circa 1930, and a diamond, emerald, enamel and onyx bracelet by Mauboussin France, circa 1925.

Gary Schuler, the director of jewelry for Sotheby's New York, said, ''Every season we hope to offer a compelling selection of really rare, connoisseur-caliber stones, and the December sale will not disappoint. Collectors of very fine colored stones will find a gem Kashmir sapphire that comes from a family collection, and one of the most brilliant untreated Burma rubies I’ve ever seen. While we do have two spectacular diamonds that will likely garner significant attention, the range of top quality white diamond rings in very wearable sizes is one of the strongest aspects of our upcoming sale.''

One such piece, is a sapphire and diamond ring, set with a cushion-shaped Kashmir sapphire weighing 16.40 carats, which comes from a distinguished family collection and estimated at $1 million to $1.5 million. Kashmir sapphires are treasured for their intense blue color, accompanied by a soft, velvety luster. The color holds up under both natural and artificial light. Also leading the group is a magnificent platinum and diamond ring, set with an oval diamond weighing 23.62 carats, G, VS1, with excellent polish and symmetry and estimated at $1.2 million to $1.6 million.

''The Burma Rose'' is a magnificent ruby and diamond ring, centering an oval Burmese ruby weighing 10.37 carats and estimated at $1.5 million and $3 million. Sotheby's determined that the scarcity of gem-quality rubies of this significant size is responsible for their coveted status among collectors. The Burma Rose is exceptionally brilliant, with a beautiful rose-red hue, an attractive shape, and elegant proportions. According to its Gübelin report, the stone has no indications of heating, and it comes from the Mogok Valley – the main source of gem-quality rubies in Upper Burma.

Sotheby’s will offer a number of classic gold jewelry designs by Van Cleef & Arpels and jewels from the personal property of opera stars Lily Pons and Risë Stevens and actress Norma Shearer. The Magnificent Jewels sale will be preceded by a single-owner sale of men’s accessories collected by the late John Traina. ''The Elegant John Traina – A Portrait in Style'' sale will feature jeweled dress sets and cufflinks, cigarette cases and objets d’art from the personal collection of the shipping executive, vintner, noted collector, author and a mainstay of San Francisco society, legendary for his great style and warm personality.

-Rapaport

SOTHEBY’S HONG KONG AUTUMN SALE ACHIEVED OVER $411 MILLION (US)

Patti Wong, Chairman of Sotheby’s Asia, said: “Following on from our strong Hong Kong sale series this past Spring, Sotheby’s international network has been extraordinarily successful in sourcing some remarkable collections across a range of categories from around the world – from Europe comes the second part of one of the world’s great private collections of Imperial porcelain, Fine Chinese Paintings and 20

th Chinese Oils from English, European and American collections built up over different periods during the past 50 years, Contemporary Asian Art from the Collection of Belgian Baron Guy Ullens, and wine from a truly extraordinary cellar in America. Over the past six days in the now truly international marketplace of Hong Kong, collectors from all over Asia, in particular Greater China, and from around the world, some established collectors and some new to our business, have competed with one another and wi th Western collectors for this group of choice works, achieving these stellar results.” Kevin Ching, Chief Executive Officer of Sotheby’s Asia, said: “Sotheby’s Hong Kong has completed one of the most successful sales this Autumn from 1 to 6 October, selling over 3,000 lots for a stunning total of over HK$3.2 billion / US$411 million (est. HK$2.7 billion / US$350 million). We have seen Record Various-Owner Sales of Contemporary Asian Art, 20th Century Chinese Art, Fine Chinese Paintings, Magnificent Jewels and Jadeite, Important Watches, and the Second Highest Total For A Various-Owner Sale Of

Southeast Asian Paintings. In addition, records were set for Ming Porcelain, the Highest Price Per Carat for a Fancy Vivid Blue Diamond and a Fancy Vivid Orange Diamond, as well as for the key 20th Century artist Zao Wou-ki. The very successful results achieved this season bring Sotheby’s Hong Kong’s 2011 Sotheby’s Hong Kong’s 2011 AAuction AAuction TTotal TTota l to to an impressive sum of to to an impressive sum of H HK$7.49 billion / US$960 million HHK$7.49 billion / US$960 million, 40% increase from the 2010 Auction Total (HK$5.34 billion / US$685 million).

* Estimates do not include buyer’s premium

-Diamond News

Sotheby’s Achieves Record Price For Fancy Vivid Blue Diamond

Sotheby's Hong Kong received a record price for a fancy vivid blue diamond sold at auction this week as its Magnificent Jewels and Jadeite sale. The auction closed with a total of $65.4 million (HKD 510.2 million) and was 78.6 percent sold by lot and 65.6 percent sold by value.

The top lot was a 6.01-carat, fancy vivid blue diamond ring, which sold to an unnamed buyer for $10.1 million (HKD 79.06 million), or $1.68 million per carat, which was within the pre-sale estimate.

A 30.31-carat, D, internally flawless diamond ring sold to an Asian private for $5.5 million (HKD 43.2 million), or $182,811 per carat, and a 4.19-carat, VVS1, orange diamond ring went to another Asian private for $2.96 million (HKD 23.06 million), or $705,587 per carat). Sotheby’s reported that this was a record price achieved for a fancy vivid orange diamond.

''Buyers for the top 10 lots came from five different countries, showing the international participation in this important market,'' noted Quek Chin-Yeow, the deputy chairman and head of jewelry of Sotheby’s Asia. He added that 13 lots sold for more than $1.2 million.

-Rapaport