RAPAPORT...It’s just that kind of a market,” remarked Lisa Hubbard, chairman jewelry, North and South America, Sotheby’s, as another lot sold for triple its high estimate. That comment sums up the entire fall auction season globally, as gems and jewelry sold for record-breaking prices around the world. And the trend continued as the season wrapped up in New York with two December sales of Magnificent Jewels.
Sotheby’s reached a record high for an auction in New York when its December sale totaled $49,827,926. There were 365 lots offered and the sale was 93 percent sold by value and 89.6 percent sold by lot against a high presale estimate of $37.4 million. The December 2006 sale pulled in $25,824,080, while April 2007 garnered $22,440,200. The previous highest total for a Sotheby’s Magnificent Jewels sale was $33,486,641, a record set in October 1994.
One week later, Christie’s auction followed, turning its December Important Jewelry sale into a sale of Magnificent Jewels with the addition of a few stones that were either exceptionally rare, large or both. The sale tallied up $24,278,925 against a presale estimate of $15 million. There were 316 lots offered and the sale was 90 percent sold by lot and 95 percent sold by value. This sale came a mere eight weeks after the October Magnificent Jewels sale, which brought in $47,773,275; April 2007 realized $39,094,080 while October 2006 rang up sales of $49,032,080.
SOTHEBY’S
As has become its signature in New York, the sale at Sotheby’s showcased beautiful, wearable jewelry. And this particular salehighlighted the Cartier Single Strand Natural Pearl and Diamond Necklace from the Collection of Kelly and Calvin Klein, and previously owned by the Duchess of Windsor. There was lots of interest for this strand, finally coming down to a dramatic bidding battle between two competing parties on the phone — one in China, the other in Europe. The Chinese bidder agonized over every $10,000 increment while the European collector waited patiently and finally walked away with the pearls for $3,625,000*, winning out over the bidder in China, who vacillated for a few seconds too long, deciding to up the ante just after the hammer came down. The same European collector also bought the natural pearl and diamond pendant that went with the strand for $505,000.
There were eight lots that went for more than $1 million at this sale, with the top three lots soaring past $3 million. “Eighty percent of the pieces in this sale went over their high estimate,” said Hubbard.
While the pearls garnered much attention, the top lot of the evening was a pair of Harry Winston diamond pendant earrings that sold for $3,961,000 to a buyer who asked not to be identified. Also breezing past the $3 million mark was a 323.16-carat, D, VVS2 pear-shaped diamond ring, which sold to a dealer for $3,289,000.
CHRISTIE’SSelling large stones is the provenance of Christie’s in New York, where once again the focus was on some very hot rocks. In a round of quick and decisive bidding, a pear-shaped, 53.71-carat D flawless diamond took top honors at this sale, bringing in a healthy $5,753,000, which breaks down to $107,000 a carat.
“There was a time when $100,000 per carat was really a staggering figure, reserved only for super-important gems. Today, 10-carat-and-over D flawless diamonds have started consistently achieving this figure,” commented Rahul Kadakia, head of jewelry department, Christie’s.
Estimated at $5 million, the stone was pleasingly plump with a joyful rainbow of scintillation. Dubbed Dubai Magnificence, it was purchased by Dubai-based dealer Amer Radwan, of Radwan Diamond and Jewellery Corporation. Radwan is the same dealer who, in 2005, bought the Rose of Dubai, a 25.02-carat fancy pink internally flawless diamond for $6 million.
Rubies seem to be on a roll right now and the second top lot of the sale was a cushion-cut, 12.43-carat ruby, which sold for $2,001,000 to an Asian private against an estimate of $800,000 to $1,200,000. An 8.06-carat ruby and diamond ring was put into the sale for $12,000 to $15,000 and sold for $153,000. “This was the perfect sleeper stone. It was a very special ruby; full of life, perfect crystallization and near flawless, which is quite impossible for a colored gem,” explained Kadakia.
There was a nice assortment of colored diamonds at Christie’s, where two gray blues — the kind of stones no one would have looked at twice a few years ago due to the gray modifier — brought strong prices. One, a round 3.09-carat fancy gray-blue VS2 diamond, pulled in $679,400, or $220,000 per carat, and was snapped up by Chatila. The other was a rectangular-cut 2.65-carat fancy grayish blue, VS1 diamond that sold for $337,000, or $127,000 per carat, to a European dealer. A much-touted 3.86-carat oval fancy intense pink, VS1 diamond sold for $1,497,00, or $388,000 per carat, to a European dealer. Bidding was swift on these stones with no hesitation on the part of the buyers.
Yet, when it came to yellow diamonds, the market was soft, and these stones were among the few passes at both auctions. “Currently, there seems to be a greater demand for white stones in the market and important colorless stones are becoming increasingly difficult to find. Yellows have not had the same interest and there seems to be a lot more of those stones around. I think they are undervalued right now and will go on to make stronger prices very soon,” noted Kadakia.
With top prices achieved at every fall auction globally and bidders ready for action, the question now is, will this multimillion dollar buying frenzy continue into the spring 2008 auction season?
*All prices include Buyer’s Premium.
Article from the Rapaport Magazine - January 2008. To subscribe click here.