The U.S. market remains strong after Christie’s New York Magnificent Jewels sale achieved $41.2 million yesterday, meeting its estimate in excess of $40 million. With 77% sold by lot and by value, the auction saw 238 of its 310 lots find new owners.
Although the 80.73-carat cushion-shaped diamond (est. $4 – 5 million) was withdrawn, eight lots surpassed the million dollar mark. The highest earner was a 5.29-carat Fancy Intense purplish pink diamond that sold for $5,765,000, or $1,090,000 per carat. The stunning pink stone was purchased by a buyer in the U.S. trade. The catalogue cover lot, a four-strand natural colored pearl necklace, fetched $5,093,000, setting a world auction record price for a natural colored pearl necklace. An Asian private had the record-setting winning bid.
Additional stone highlights from the sale include:
- A 25.49-carat pear-shaped D color potentially IF diamond pendant, by Graff sold for $3,413,000, or $134,000 per carat.
- A circular-cut 5.04-carat Fancy gray-blue diamond sold for $2,285,000, or $453,000 per carat.
- A 9.40-carat Burmese ruby sold for $2,165,000, or $230,000 per carat.
- An important diamond necklace, by Graff, featuring three rows of 72 graduated square or rectangular-cut diamonds and 75 circular-cut diamonds sold for $1,385,000.
The demand for JAR remains as strong as ever as the two pairs of earrings by the designer in the sale fetch astronomical prices. The first pair, set with multi-colored sapphires and diamonds and with a modest estimate of $30,000 to $50,000, sold for $353,000 – more than 7 times its high estimate.
The second pair featuring an 8.50-carat diamond and a 11.24-carat emerald achieved more than double its high estimate with $845,000 as the winning bid.
Other jewelry highlights from the sale include:
- An Art Deco natural pearl and diamond necklace, by Cartier (est. $150,000-250,000) sold for $737,000.
- A superb emerald, ruby and diamond necklace, by Bulgari (est. $300,000-400,000) sold for $485,000.
- The Millicent Rogers Heart brooch, by Paul Flato (est. $350,000-500,000) sold for $425,000.
While the sale did achieve its target, a few of the major highlights in addition to the 80.73-carat diamond did not sell, including:
- A pair of diamond ear pendants, by Harry Winston, suspending 10.06 and 10.02-carat drops (est. $1.5-2 million)
- A 22.09-carat circular-cut H VVS1 Type IIa diamond ring (est. $1.3-1.5 million)
- A 11.88-carat Kashmir sapphire and diamond ring (est. $1.2-1.8 million)