Private Collections

January 1, 2016
By Amber Michelle

Van Cleef & Arpels diamond necklace that belonged to Queen Nazli of Egypt sold at Sotheby’s for $4,282,000. Photo courtesy Sotheby’s.

Both Christie’s and Sotheby’s had the largest auctions seen in New York in the past few years — each over 500 lots. The December 2015 sales at both Christie’s and Sotheby’s were of significant size because each house just happened to get a few private collections consigned to them. And they were the type of collections that buyers covet…jewelry that represents the best of a particular era or designer and sometimes owned by someone with a recognizable name. It was those collections that made the sales. The same buying pattern prevailed at both auction houses, with choosy buyers spending freely on the best of the best and passing on the rest, leaving a high number of unsold lots. Yet, both auction houses saw very respectable sales results. The U.S. trade and American privates were particularly active at these sales, scoring a large number of top lots at both auction houses. SOTHEBY’S Up first was Sotheby’s, where a three-session sale culminated in an evening of glamour that included models wearing some of the jewels. This December sale realized $52, 278,750. Out of the 503 lots offered, 373 sold and 130 lots were left on the table. The auction sold 74.2 percent by lot and 74.4 percent by value. The April 2015 sale tallied up $65,086,500, a record for a New York auction, and the December 2014 auction brought in $44,151,251. The top lot of the sale was a 25.87-carat cushion-cut sugarloaf cabochon Kashmir sapphire and diamond ring, which sold to an anonymous buyer for $5,122,000* or $197,990 per carat, setting an auction record price per carat for a sugarloaf cabochon Kashmir sapphire. The ring was consigned by the Ryan family, earlier generations of whom played a role in American financial history. Three brothers from the family attended the sale and commented afterwards on how pleased they were with the results, stating that the price was well estimated by the experts at Sotheby’s and that their sales expectations were met. Diamonds made a good showing as well. According to Lisa Hubbard, chairman, North and South America, Sotheby’s International Jewelry Division, the white diamond market may not be booming but neither is it in a state of collapse. “The diamond market is not dead. It is alive and kicking, it’s just very selective,” she said, pointing out that five of the top ten lots were diamonds. The second top lot of the evening was a 1939 Van Cleef & Arpels diamond necklace, shown above, belonging to Queen Nazli of Egypt. It sold for $4,282,000 to an anonymous buyer. Another sale highlight was the estate of Adele G. Bergreen, who along with her husband, owned an eponymous law firm that represented Italian businesses, including Bulgari. “The Bulgari collection went through the roof,” said Hubbard. “The collection was put together at the height of Bulgari and its creativity in the 1960s and 1970s. It was a history lesson in Bulgari design. Other iconic pieces from designers like Paloma Picasso, Cartier and Belperron sold well. The Nazli necklace was a strong price. Overall, it was a solid sale for diamonds and a great sale for jewelry.”

The 31.34-carat, D,VVS2, potentially flawless Victory Diamond sold for $4,309,000 at Christie’s. Photo courtesy Christie’s.

CHRISTIE’S The next day at Christie’s, the trend of selective buying continued in another marathon three-session sale. The December sale totaled $59,685,125. There were 519 lots offered, out of which 369 lots sold. The auction sold 71 percent by lot and 77 percent by value. The April 2015 sale garnered $41,951,125 and the December 2014 sale totaled $66,636,375. The top-selling lot in this sale was the 31.34-carat D, VVS2, potentially flawless Victory Diamond, shown right. It sold to an Asian private for $4,309,000 or $138,000 per carat. Close on the heels of that lot in second place was a 43.79-carat cushion-cut D, VS1 diamond ring that sold to an American private for $4,029,000. “White diamonds in large sizes — 25 carats and up — did surprisingly well. Despite what people say, there are still not that many in D or E colors, or that are historic or charming in some way,” said Rahul Kadakia, international head of Christie’s Jewelry. A 1.74-carat round, fancy intense blue, VVSI diamond created a bidding frenzy, jumping from $400,000 to $800,000 in one bid. The stone had a working diagram indicating that it could be potentially flawless. It ultimately sold for $1,925,000 or $1,100,000 per carat to a U.S.–based dealer. Its estimate was $700,000 to $1 million. This sale culminated late in the evening with the collection of Mrs. Carroll Petrie, a collector of haute couture, jewelry and fine and decorative art. Her pieces were from a number of designers, including Schlumberger, Tony Duquette and Van Cleef & Arpels. Many of the pieces were large and bold in design and in their use of color. Bidding was competitive during this part of the sale in contrast to the more subdued action earlier in the day. Of the 39 lots offered in the collection, 11 sold for over $1 million and four sold for over $3 million. The jewels in this collection were so special that one buyer was online in Monte Carlo bidding and buying vigorously at 3:30 in the morning his time. “What would usually sell sold at this sale,” said Kadakia. “It’s the regular goods, the middle market that found resistance.” Both Christie’s and Sotheby’s had strong sales for New York, where totals tend to be less than Geneva or Hong Kong. While there were a lot of passes at both houses, the prevailing rule held — that which is rare, unusual and the best quality always sells. Diamonds held steady and well-designed signed jewelry from private collections boosted the final results. *All prices include buyer’s premium.