Stylish jewelry will always sell and that was proven once again at Sotheby’s New York Magnificent Jewels sale, held on December 9, 2009. Despite a torrential downpour, bidders came to the auction en masse, both in the room and on the phone, to compete for jewelry that often soared well above its presale estimates. Bidders were from around the world, with American buyers out in full force. Asian bidders were particularly active in the high end of the sale.
The 276-lot sale garnered $30,582,751 and was sold 88.4 percent by lot and 91.9 percent by value against a $20 million to $26 million presale estimate. Approximately 79 percent of the lots sold for prices above their high estimates. This sales total compares to $11,098,638 for 369 lots in April 2009 and $20,348,376 for 430 lots in December 2008. The highest total ever achieved for a Sotheby’s various-owners Magnificent Jewels sale was $49.8 million in December 2007. Prior to that, the highest tally for a various-owners Magnificent Jewels sale was $33.1 million, achieved in October 1995.
The jewelry was chic and highly wearable, which made it very attractive to private buyers. “This was a small, very selective and very beautiful sale,” says Lisa Hubbard, Sotheby’s chairman of international jewelry for North and South America. “There is the diamond aspect and there are jewels that span the twentieth century that are unique and distinctive and as desirable today as when they were made, only now they are rarer.”
Six of the top ten lots were diamonds, with four of those lots topping the $1 million mark. The top lot, bought by an Asian private, was a 30.48-carat, D flawless, type IIa oval diamond that sold for $4,114,500*, or $134,990 per carat, against an estimate of $3.3 million to $3.8 million. There was not much competition for this stone and the buyer snapped it up quickly in what was an otherwise fiercely competitive sale.
Hubbard noted that at the time the larger diamonds were put into the sale, they were estimated at the 5-carat list price, with no premium for size. Diamond prices were strong at this sale and the bigger stones continued a trend of going to Asian buyers. “Asian buyers are becoming increasingly important,” observes Hubbard. “They are now making their impact felt globally. They will buy wherever great stones are.”
Much of the diamond buying came from privates, who outbid the trade all across the board, from the large, important stones to the more everyday diamonds ranging in size from 4 carats to 10 carats.
Chic JewelsWhile diamonds were certainly an important part of the sale, they were not the driving force. In this case, the jewelry was the star, showcasing the best of the best — something that was not lost on privates or the trade who competed vigorously for the goods.
Of particular note was a ring with an 11.05-carat yellow diamond and emeralds by Louis Comfort Tiffany, circa 1915 to 1920. The quality of craftsmanship, the detail, the style, the stones and, of course, the signature made this ring a truly special piece of jewelry history. It was rumored that dealers were looking at the ring to recut the diamond to get a better color. Bidding was very active for this ring, which was estimated at $200,000 to $300,000. It finally sold to an anonymous private for $818,500.
On a more contemporary note, jewels by Michele della Valle were also highly prized. The Italian designer had a few pieces in the auction, all of which sold, including a Paraiba tourmaline ring that was in for $55,000 to $65,000 and sold for $128,500.
Lucia Moreira SallesSotheby’s also scored the collection of Brazilian model Lucia Moreira Salles. During the 1960s, Salles was the exclusive model for the House of Chanel and later became a muse for Valentino. In 1986, she married Walther Moreira Salles, Brazilian banker and ambassador to the U.S. The couple spent most of the next 20 years living between Rio de Janerio and New York City, devoting their time to collecting and philanthropic pursuits.
Salles had a very fine collection of fashion-forward jewelry that exemplified some of the best jewelry houses, quality and, most importantly, style. The collection drew in many new buyers who were attracted to the sale by the eclectic style and wearability of the jewels. “The Salles collection appealed to people. It was jewelry she really bought and wore. It was her style,” explains Hubbard. “It was not always great stones, but it was always great style.”
The collection included jewelry — some custom-made for Salles — from Fred Leighton, Cartier, JAR, Van Cleef & Arpels and Verdura. She was a woman who wore her jewelry and wore it well and the sale catalog featured photographs of her wearing the jewels. “This collection had really great things,” said New York-based dealer Fred Leighton after the sale, “wearable things that had not been seen on the market.”
While it may be that consumers, who no longer trust paper money, are looking to buy jewelry as a tangible asset that has real value, in the final analysis, this sale was all about pretty jewelry for a consumer with a sophisticated taste level.
“When you buy the best, you have the best,” concluded Leighton. “It pays to stretch and have the best. When you take the time to look at the goods and buy the best, it pays. This sale showed that by the many pieces that went way over their estimates.”
*All prices, except the presale estimates, include buyer’s premium.
Article from the Rapaport Magazine - January 2010. To subscribe click here.