Record Results for Magnificent Jewels at Sotheby's New York - 18 April 2012
Yesterday’s sale of Magnificent Jewels at Sotheby’s New York totaled an impressive $43,192,152, soaring past the auction’s $31.1 million high estimate and selling 88.2% by lot. This marks the highest-ever total for a spring sale of jewelry at Sotheby’s New York, topping last April’s then-record result of $39.4 million. The auction saw remarkable prices for beautiful estate jewels, white and colored diamonds, precious gems and natural pearls, with seven pieces bringing more than $1 million.
“The salesroom yesterday was electric, and exuberant bidding led to another record total for our jewelry sales in New York,” commented Lisa Hubbard, Chairman, North & South America, Sotheby’s International Jewelry Division. “The sophistication and depth of the market cannot be overstated, with participation from international collectors, the jewelry trade, and new buyers drawn in by a sale that offered wonderful pieces for every taste. This was especially evident in the outstanding performance of the important estate collections on offer, which brought $14 million in total and doubled their cumulative high estimate. This is the real strength of auctions: bringing jewels to the light of day after decades spent in private collections, with fresh-to-the-market examples of signed pieces and fabulous stones that represent truly compelling buying opportunities.”
Gary Schuler, Head of Sotheby’s Jewelry department in New York, continued: “Both white and colored diamonds brought strong prices yesterday, led by a Fancy Blue Diamond Ring, Tiffany & Co. that sold for an incredible total price of $2,434,500, reaching far above its high estimate of $500,000. The 23 carat Fancy Vivid Yellow Diamond Ring, distinguished by its graceful cushion outline and its fantastic color, was sold for $1,874,500. Sapphires and emeralds highlighted the results for colored stones: in addition to the beautiful Kashmir Sapphire and Diamond Ring mounted by Cartier that achieved $1,142,500, two Gold and Cabochon Emerald Rings, circa 1900, both from the same family collection, brought $632,500 and $692,500 respectively, well in excess of their $225,000 high estimates. And throughout the day, natural pearls surpassed pre-sale expectations to command exceptional prices, especially for the Cartier necklace formerly in the collection of Mrs. Georges Lurcy that sold for $1,314,500, nearly four times its high estimate.”
Mr. Schuler continued: “We were especially pleased with the performance of the estate jewels on offer yesterday, led by the wonderful collection from the estate of Eunice Joyce Gardiner that featured both period jewels and contemporary David Webb pieces. All 47 lots found buyers, demonstrating that collectors remain eager for jewels with great design and great provenance. We now look forward to our sale of Magnificent Jewels and Noble Jewels in Geneva this May, including the personal collection of one of the greatest jewelry designers of the 20th century, Suzanne Belperron, and the historic Beau Sancy Diamond, which we anticipate will be an exciting event for the worldwide market.”
