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Stars of Colombia
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In the ongoing economic drama playing out globally, the
competition for art remains at an all-time high. Witness the November 29, 2011,
sale of jewels and jadeite at Christie’s Hong Kong. Although just 78 percent of
the 310 lots on offer found buyers, the sale brought in an impressive $82.7
million. The extraordinary strength of the sale is reflected in the top ten
list. Every one of the headliner lots sold for more than $2 million, for a
total of $40.4 million, slightly less than half the sale total. The sale was 79
percent sold by value.
Leading off the list were two diamonds, sold as separate
lots, but matched in every respect. The two D flawless, type IIa brilliant cut
diamonds weighed 35.77 carats and 35.61 carats. The 35.77-carat stone fetched
$8,275,350*, while the 35.61-carat diamond followed close behind at $8,131,654.
Both fell within the presale estimates of $7 million to $9 million for each
diamond. Because there was presale interest from at least one client in just
one gem, the stones were offered separately.
Three clients competed for the 35.77-carater but when it was
sold, the two unsuccessful bidders stayed on the sidelines for the next lot
since they had wanted the pair, according to Vickie Sek, head of Christie’s
Asia jewelry department. In the end, the two stones wound up with the same
private client. The diamonds were inscribed as Forevermark goods, newly marked
by De Beers with serial numbers, giving the buyer the assurance they were
tracked from the moment they were mined until they were in the hands of the
buyer.
Caution Sets In
In spite of the stunning success of these two diamonds,
other diamond lots failed to find buyers, including a pendant necklace by Nirav
Modi featuring a 10.02-carat pear-shaped diamond. “The main reason is a slight
softening of the market,” explained Sek. Shaky stock markets put a brake on
consumer buying at auction. “In addition,” Sek said, “diamond prices have
already reached a peak so it is understandable that clients are more
conservative and careful about their purchases.”
Having said that, prices were strong for many lots,
including a pair of emeralds set as ear pendants that set a world record for a
jewel of this type. Known as the Stars of Colombia, they were set with a pair
of cushion-shaped Colombian emeralds weighing 25.38 carats and 23.12 carats and
sold for $4,036,318 to an Asian private client. The price soared over the
presale estimate of $2 million to $3 million. “This is the biggest pair with
top quality we ever had in Asia,” noted Sek. “The cutting, proportion and the
quality are invincible. There was lots of interest in it and the bidding was
intense and blazing. They are really rare.”
As usual in a Hong Kong sale, Asian private customers
dominated. The range of countries was wide, according to Sek. “They come from
all over the globe, but mainly Asia — Hong Kong, Mainland China, Taiwan,
Singapore, Indonesia, Malaysia and Thailand. We do have trade clients from
Europe and America bidding in our sale, but when there is an Asian private
competing, the Asian private client usually wins the bid.”
While prices were strong, estimates were just as strong, and
most of the top lots sold within the presale estimates, including the two
top-priced brilliant cut diamonds. Also hitting its estimate was a 26.42-carat
cushion-shaped Kashmir sapphire brooch. The exceptional stone was set within a
two-tiered European cut diamond surround and sold for $3,820,774. The estimate
was $3.2 million to $4.9 million. Sek said she arrives at her estimates through
a reading of the market and a desire to price goods attractively. “If I can get
the seller to agree to better prices, then all the better. Private buyers are
always attracted to estimates that they think are bargains.”
Bidding Battles
However, the bottom line is always helped when two or more
determined bidders go after the same lot in an auctioneer’s dream sequence.
“During the auction, they always get carried away,” Sek added, giving several
examples of just such activity during this sale. The Stars of Colombia earrings
brought out the bidders, as did two pearl lots. A necklace set with 16
button-shaped gray and brown natural pearls, spaced by diamond beads, ignited a
bidding battle that sent the price to $3,102,294; the presale estimate was $1.6
million to $2.3 million. The other lot was a pair of earrings featuring two
long natural pearl drops that could be detached from the pear-shaped and
marquise diamond clusters made by Van Cleef & Arpels. Estimated to bring
$600,000 to $800,000, they were sold for $1,116,235.
A remarkable lavender jadeite bead necklace saw fierce
competition. Comprising 67 vivid lavender jadeite beads, it was sold for
$775,951; the presale estimate was $200,000 to $320,000. A Burmese ruby and
diamond necklace, set with 24 graduated oval-shaped rubies ranging in weight
from 1.27 carats to 6.06 carats, each set as a cluster within a marquise and
pear-shaped diamond surround, was sold for $3,748,926. The estimate was $2
million to $3.2 million.
The bidders also came out in force for a remarkable, unique
and very beautiful brooch by Etcetera. The piece, designed as a blossoming
flower, featured a large conch pearl pistil within a conch pearl shell,
accented by a variety of differently cut pink, yellow, brown and white
diamonds. The exquisite brooch was sold for $513,004; the estimate was $300,000
to $450,000.
Fancy color diamonds found favor among the bidders as well.
A cushion-shaped fancy vivid yellow diamond, VS1, weighing 43.36 carats, set as
a ring, was sold for $2,642,467, or $61,000 per carat. A modified
rectangular-shaped fancy intense blue IF diamond weighing 3.17 carats, set as a
ring with half-moon diamonds, was sold for $2,383,814, or $752,000 per carat.
A group of lots by Harry Winston made an impressive showing
toward the end of the sale. A stunning rectangular-shaped emerald weighing
68.90 carats, set within a cluster surround of marquise, pear and brilliant cut
diamonds, by Harry Winston, was sold for $2,240,118, within estimates of $2
million to $3 million. The Colombian emerald in the brooch/pendant was
certified by American Gemological Laboratories (AGL), which indicated faint
clarity enhancement. A rectangular DIF diamond weighing an auspicious 8.88
carats was sold for $1,268,847. The estimate was $900,000 to $1,200,000.
Another diamond, this one oval shaped and weighing 11.60 carats, D, VVS1,
fetched $992,495; the estimate was $800,000 to $1.2 million. A pair of
magnificent diamond ear pendants, each set with a huge pear-shaped diamond —
14.38 carats and 12.75 carats — detachable from marquise and pear-shaped
diamond clusters, was estimated to bring $1 million to $1.5 million. The pair
was sold for $1,961,790.
The ever-growing importance of the Hong Kong sales reflects
the growing economic might of this region. Although jewelry is a global market,
the Hong Kong sales continue to find enough eager and well-heeled clients with
sophisticated tastes to absorb nearly everything offered at auction.
*All prices include buyer’s premium.
Article from the Rapaport Magazine - January 2012. To subscribe click here.