Live jewelry auctions in New York are easily keeping pace with multi-million-dollar watch auctions, and they remain the best venue for large diamonds, gemstones and signed pieces. Sotheby’s Magnificent Jewels sale in June totaled $30,033,900, and Christie’s hit the $44.4 million mark, for a combined haul of over $70 million between the two.
A 14.51 carat sugarloaf cabochon Kashmir sapphire ring that sold for $1.8 million at Sotheby’s
Fancy colored and large flawless diamonds, along with rare specimens of emerald, sapphire and ruby continue to rank in the top 10 lots at most auctions. In the Sotheby’s top 10, the seven highest-selling pieces sold for over $1 million, and the top two lots sold for over $3 million.
The auction was led by a $3.6 million piece of jewelry, a Van Cleef & Arpels necklace. The tassel-tie style long necklace was fully set with several cuts of perfectly matched diamonds in tapered sizes. It was made in 1929, and would be difficult to make or find anywhere today. The second-highest lot was a 53-carat internally flawless diamond, another rare find, especially given than diamond mining is not the prolific activity it once was. It sold for $3,480,000.
For final proof that rarity is the driving value factor at jewelry auctions, the next lots were Kashmir sapphires, the prized velvety blue gems that haven’t been mined in a century—including a 10.31-carat Kashmir sapphire and diamond ring that sold for $1,980,000, and a 14.51-carat sugarloaf cabochon sapphire ring that sold for $1.8 million. Natural pearls, also very rare, are fetching top dollar at auction as well. Among the top 10 at the Sotheby’s sale was a natural pearl, cultured pearl and diamond necklace selling for $552,000, along with exquisite pieces from Graff and Harry Winston.
Christie’s sold the the Eden Rose, a 10.2-carat fancy intense pink diamond for $13.3 million.
This 2.28-carat vivid blue heart shaped diamond ring, surrounded by yellow and white diamonds
Phillips, which has for several years been the leading auction house when it comes to watches, also started holding live jewelry auctions this year. It got off to a good start in June with a New York sale that totaled $2.8 million. Leading the auction was a 9.81-carat emerald and diamond ring, which doubled its estimate at $165,000. A pair of diamond ear clips sold for $165,100, and a Cartier gold and diamond necklace designed as an undulating fringe sold for $146,050. The sale also included pieces from Van Cleef & Arpels, Cartier, and Bulgari and Oscar Heyman.
Leading the Phillips auction was a 9.81-carat emerald and diamond ring, which doubled its estimate.
An important and rare Van Cleef & Arpels diamond “Tie” necklace smashed its estimate and blew past other impressive gems and jewels to become the top lot at Sotheby’s Magnificent Jewels auction, held Friday in New York.
The necklace, circa 1929, composed of graduated links set with variously cut diamonds with elongated tassels that partially rotate, sold for $3.6 million, triple its high estimate of $1.2 million, after a six-minute battle between seven bidders.
It was one of the few marquee items in the sale of 95 lots, a low number for a major New York auction. However, many of the items offered were highly collectible and wearable as shown by the overall results. For example, the sale achieved $30 million, near its $35 million high estimate, with 90% of lots sold and 62% of sold lots achieving prices above their high estimate. Sotheby’s said persons from 30 countries participated in the auction, placing more than 1,200 bids. In addition, seven out of the 10 most valuable jewels in the sale achieved more than $1 million. Art Deco jewels, Kashmir sapphires and white diamonds all performed well.
Quig Bruning, Sotheby’s Head of Jewels for Americas & EMEA, credits Sotheby’s new lower buying premium, set at 20%, for the strong overall results.
“We’re encouraged to see that two-thirds of jewels have sold above their high estimates since our lower buyer’s premium came into effect on May 20, confirming that a fairer fee structure is the definition of client-first, and not only encourages more buyers to participate at auction, but also reiterates that Sotheby’s is open to all.”
Seven days into the Winter Show antiques, art and design fair, there was still a steady flow of well-heeled collectors moving about the Park Avenue Armory on New York’s Upper East side. In its 70th year, the show, which ran from January 19 to 28, featured 76 exhibitors from seven countries including about nine exhibitors who specialize in collectible jewels. Several of the jewelry galleries and dealers have been longtime participants in the annual show, and nearly all were happy with business this year.
Each of the jewelry exhibitors holds a unique niche in antique and period jewels, and most say collectors were looking at a broad range of pieces that these dealers offered. As always, signed jewels were popular, but so were unsigned pieces. People were also looking for easily wearable and versatile pieces. Jewels and sketches by René Lalique were seen throughout the fair.
One of the exhibitors that had good results from pieces by the French jewelry artist was London-based Wartski, which focuses on Fabergé objects and historic European jewels, many with royal pedigree. The person behind the stand said attendees were looking for a variety of pieces from the firm’s vast collection of European and Russian jewels. Lalique was popular.
An Italian Renaissance Revival Bracelet. (Winter Show)
Benjamin Macklowe of Macklowe Gallery in New York also featured Lalique jewelry, displaying about a dozen items by the Art Nouveau jeweler at its booth this year.
“We sold across our product line. Bulgari, Cartier, Lalique and more,” he said. “Every time we sold something, regardless of the price, it was a great example of what it was.”
Macklowe’s firm handles Tiffany & Co. lamps and objects, furniture, and antique and period jewels. Among the highlights of its sales was a pair of Bulgari ruby cabochon earrings for $175,000.
A Bulgari Toi & Moi ring in platinum and yellow gold set with diamonds and a Burma ruby from Véronique Bamps. (Winter Show)
Veteran exhibitors reported feeling pleased with the outcome of the show.
This year’s installment drew “one of the best crowds” they’d ever seen, said Carrie Imberman and her brother Matthew Imberman, owners of Kentshire in New York, who have been working the Winter Show for 33 years. Like others, they say sales from the show continue after it’s over, based on the relationships they form.
Signed jewels were also popular. Among the company’s sales during the show was an Art Deco Boucheron diamond bracelet, a Hermès gold panel necklace and bombé diamond ring, and an Art Deco diamond bracelet by Cartier.
An Art Moderne gold and diamond bracelet in 18k and platinum by René Boivin. (Winter Show)
“We’ve had a good fair,” Matthew said. “We have jewels from different periods, designers and a variety of gem-set pieces. People are buying items that have a specific meaning to them.”
A La Vieille Russie has exhibited at the Winter Show almost since its inception. The company has expertise in Fabergé and other art objects of Russian origin, as well as European antique and vintage jewels. Peter Schaffer, one of the family members who lead the company, and specialist Adam Patrick were satisfied with the fair, saying they made some sales but just as importantly, they had the opportunity to meet new potential clients. For many, buying historic jewels isn’t an impulse purchase.
It’s the third time exhibiting at the Winter Show for Monaco-based dealer Véronique Bamps, who sells signed pieces from historic jewelry houses and designers. She plans to return, saying it attracts both well-cultured locals and an international crowd.
“I’ve spoken to people from a lot of countries and states,” she said. “[This show] attracts a very large crowd. And a lot of younger people who are buying pieces that they feel they could wear every day.”
Victorian ruby and diamond butterfly brooch, circa 1890. (ALVR)
For New York ladies, she added, the period is less significant. “The key is elegance when they buy jewelry,” she observed. “They fall in love, and they buy.”
Perhaps no one at the show was more pleased than Didier and Martine Haspeslagh, owners of Didier, a London-based firm that specializes in artist-designed jewels acquired on the secondary market. The couple sold several important pieces, including creations in the “five-figure” range by artists comprising Arnaldo Pomodoro, Franco Cannilla, Salvador Dali, Pablo Picasso and Sonia Delaunay, among others.
“We’ve had a very good show,” said Didier Haspeslagh. “We’ve had a number of new clients. This fair attracts people with taste, money and a need for artistic content.” People were most attracted to “big, spectacular pieces,” he continued.
18k yellow gold necklace with three abstract repoussé pendants with kinetic elements, and set with diamonds. Designed by Italian artist, Afro Basaldella, and made in the gold workshop of Mario Masenza, Rome. On offer by Didier. (Winter Show)
Like others, Simon Teakle, whose eponymous firm is located in Greenwich, Connecticut, said that jewels by the European heritage brands were popular at the show. “There’s always a demand for signed jewels,” he noted.
Simon Teakle pair of cameo and diamond earrings by Hemmerle. (Winter Show)
Another gallery owner who cited Art Deco jewels was James Boening, director of New York-based James Robinson, a New York-based gallery that spotlights vintage jewels, art objects, silver and flatware. He also sold items that can be worn in formal and casual surroundings. “Women are looking for jewels that are versatile,” he said. “Pieces that can be worn with jeans. Pieces that are more approachable.”
American black opal and diamond cluster ring mounted in platinum and 14k gold, circa 1910, from James Robinson. (Winter Show)
Still, not everyone experienced successful jewelry sales at the show. Tim Martin, owner of New York-based S.J. Shrubsole specializes in vintage jewels, silver and art objects. While the other two categories did well, jewelry sales were slow, he said.
Bonhams brought in $8.1 million at its Perfect Jewelry Box auction in New York as all 119 items found a buyer — in what the trade terms a “white-glove sale.”
The top piece was a 35-carat diamond ring by Leviev, which sold for $2.7 million at the March 8 event, beating its $2.5 million high estimate, the auction house said Wednesday.
“It was a privilege to present this collection, which had such a diverse mix of period jewels, rare gemstones and exceptional white diamonds,” said Caroline Morrissey, head of jewelry for Bonhams in New York. “Leading the sale were three type IIa, D-color diamonds, all over 10 carats, which is extremely rare. [The] results reflected the quality of the pieces offered.”
Here are the top five pieces:
This emerald-cut, 35-carat, D-color, VVS1-clarity diamond ring by Leviev is accented by round-brilliant cut diamonds weighing a total of 1.90 carats. The piece fetched $2.7 million, above its $2.5 million presale estimate.A ring bearing an oval-shaped, 22.10-carat, D-color, VVS2-clarity diamond center stone, flanked by bullet-shaped diamonds, brought in $1.6 million, exceeding its $1.5 million upper price tag.
This ring contains a square emerald-cut, 11.37-carat, D-color, VVS2-clarity diamond, bracketed by tapered baguette-cut diamonds. The center stone has the potential to be internally flawless, Bonhams noted. It sold for $800,475, far surpassing its $550,000 high estimate.
A ring set with a rectangular-cut, 24.80-carat Ceylon sapphire accented by round brilliant-cut diamonds garnered $327,975, over its $300,000 upper price.
An Art Deco gem-set, diamond and enamel tassel necklace, created by Mauboussin in France circa 1920, achieved $277,575 against a high estimate of $250,000.
A Bulgari diamond ring will be the top lot at next month’s Christie’s New York auction, with a presale estimate of $13 million to $18 million.
The cushion-cut, 8.08-carat, fancy-vivid-blue piece will go under the hammer at the Magnificent Jewels sale on December 5, the auction house said last week.
The stone is one of a number of colored diamonds on offer, including a heart-shaped, 15.56-carat, fancy-intense-pink diamond-pendant necklace estimated at $9.5 million to $12 million.
Christie’s will also offer a pair of earrings weighing a combined 77.71 carats from the 187.7-carat Diavik Foxfire, North America’s largest known gem-quality rough diamond. The earrings are valued at $1 million to $3 million, with the buyer getting something extra for the money: a trip to the Diavik diamond mine in Canada’s Northwest Territories, where Rio Tinto unearthed the stone in 2015.
Other notable lots include a 28.70-carat, D-color, VVS2-clarity, type IIa diamond ring from the estate of art collector Lee Vandervelde. Proceeds from the piece, estimated at $1.5 million to $2.5 million, will benefit the Los Angeles-based Children’s Hospital and Children’s Institute. An Old European-cut, 15.19-carat, D-color, internally flawless diamond ring will also go under the hammer with a presale estimate of $1.5 million to $1.8 million.
An 8.09-carat fancy-vivid-yellow diamond ring by Gillot & Co. will also be up for auction, as will signed pieces from Bulgari, Cartier, Harry Winston, Tiffany & Co., Van Cleef & Arpels, Suzanne Belperron and René Boivin.
The auction house will preview the jewels between November 30 and December 4, ahead of the sale.
Image: The 8.08-carat Bulgari blue diamond ring. (Christie’s)
