Christie’s first New York jewelry sale since the global coronavirus pandemic provided a mix of spirited bidding for signed jewels, important pieces that failed find a buyer and even some intrigue as a high-profile contemporary jewel was withdrawn before its sale. There were highs and lows in this two-part auction that lasted more than six hours at Christie’s Rockefeller Center headquarters.
The top lot of Christie’s Magnificent Jewels sale, as expected, was a 115.8-carat pear-shaped, F color, VVS1 diamond suspended as a pendant on a diamond necklace. It sold for $6.29 million, within estimates, but getting there wasn’t easy. After the opening bid by phone of $4 million, Rahul Kadakia, Christie’s international head of Jewelry, prodded three phone bidders to increase their offers, accepting bids in $50,000 increments.
The diamond was the last item in the July 29 auction of 260 lots. The sale totaled $28.1 million with 87% sold by value and 83% sold by lot with buyers from 34 countries registered.
The number two lot was a 7.16-carat internally flawless, fancy intense, blue pear modified brilliant-cut diamond on a platinum ring that sold for $3.85 million, within estimates, again after a long drawn out bidding process. It was the last item during the first three-hour session.
The number three lot was a colorless diamond: a 25.22-carat, D-color, VVS2 pear-shaped brilliant-cut gem on a platinum ring that sold for just over $2 million, within estimates.
The number four lot of the sale was a 15.20-carat heart-shaped modified brilliant-cut diamond set on a platinum and diamond ring. It fetched $915,000.
The number five lot was a 7.65-carat VS2, fancy light purplish pink pear modified brilliant-cut diamond on a platinum and 18k rose gold ring that was the subject of spirited bidding before selling for $819,000, well above its high estimate.
The moment of intrigue happened when a highly anticipated lot was withdrawn from the sale without explanation. The piece was the one-of-a-kind “Sky Tower” necklace by contemporary high jewelry artist, Anna Hu. It featured a 126.80-carat carved jadeite pendant shaped like a propitious shield from the ancient Chinese Royal Army that protects its wearer. The pendant was detachable and could be worn as a brooch. The jadeite was from a client of Christie’s described as an “Important Private Collector.” It is believed to be a vintage piece from the 1970s or 1980s. The necklace was inspired by the design of the newly completed 53 West 53 skyscraper by distinguished French architect Jean Nouvel. Its estimate was $1 million – $1.5 million, which made it the most expensive signed jewel in the sale.
One lot that received some of the most intense bidding consisted of four rectangular-shaped Colombian emeralds ranging from 90 to 154 carats. The price opened at $75,000 and quickly reached $300,000. The lot ended up selling for $519,000, smashing its high estimate of $150,000.
Signed pieces were an important part this auction and several lots experienced competitive bidding and exceeded estimates. This included:
* Gold “Pendantif-Pendant” earrings, by Man Ray that achieved $125,000 against its high estimate of $15,000;
* A set of opal jewels in shades of blue and green by Angela Cummings for Tiffany & Co. from the collection of Gloria Manney that sold for $68,750 against its high estimate of $30,000;
* A coral, onyx and diamond bracelet by Bulgari that achieved $111,250 against its high estimate of $60,000;
* A ruby, emerald, sapphire and diamond bracelet, by Van Cleef & Arpels that sold for $162,500, double its high estimate; and
* All six jewels by contemporary high jewelry artist, JAR, were sold at prices ranging from $13,750 to $200,000.
Several important lots from all categories failed to sell. Among them was an Art Deco platinum and white gold sautoir by Bulgari featuring an oval cabochon star sapphire on a detachable pendant; 28 oval cabochon sapphires; and circular, baguette, triangular and bullet-shaped diamonds, circa 1930. Its estimate was $650,000 – $850,000. It was the third time the jewel was offered by Christie’s. This time the third time wasn’t a charm as bidding opened at $450,000 and stalled soon after at $500,000.
Other items that failed to find buyers include the following:
* A 33.65-carat fancy intense yellow cut-cornered rectangular mixed-cut diamond with an estimate of $525,000 – $625,000;
* Earrings featuring two pear-shaped, brilliant-cut, D-color, internally flawless diamonds of 5.99 carats and 5.70 carats, and two D color round brilliant cut diamonds of 2.08 carats with an estimate of $450,000 $650,000;
* An 11.06-carat fancy vivid yellow cut-cornered rectangular-cut diamond with an estimate of $400,000 – $500,000;
.* Colombian emerald and diamond asymmetrical earrings with an estimate of $300,000 – $500,000;
* Colombian Emerald and diamond earrings with an estimate of $280,000 – $350,000; and
* a 6.77-carat fancy light brownish pink diamond on a platinum and 18k rose gold ring with half moon-shaped diamonds with an estimate of $200,000 – $300,000.
From FORBES