True Blue

December 1, 2014
By Amber Michelle

A 9.75-carat fancy vivid blue diamond pendant from the collection of Mrs. Paul “Bunny” Mellon sold for $32,645,000 at Sotheby’s.

Europe and the rest of the world have royalty, nobility and other titled icons who have left a legacy of jewelry, but in the U.S., those who gain stature are celebrities or the barons of industry who built America. When any of their estates come on the market, they are sure to draw attention. Such is the case with the sale of Jewels & Objects of Vertu from the collection of Mrs. Paul “Bunny” Mellon, a leading philanthropist and horticulturalist, which sold at Sotheby’s New York on November 20, 2014. Stand Out The main event of the evening sale was the 9.75-carat VVS2 fancy vivid blue, pear-shaped diamond pendant that sold for $32,645,000* or $3,348,205 per carat, setting a new world auction record total price for any blue diamond and a new world auction record per-carat price for any diamond. The stone had a presale estimate of $10 million to $15 million. When the bidding started, the full salesroom buzzed slightly — and more spectators viewed the show from the boxes overlooking the salesroom — as clients placed their bids on the phone. Rivalry among seven bidders was calm but brisk and the field was eventually narrowed down to two private bidders in a duel that lasted for about 20 minutes. A round of applause broke out in the room when the bidding ended and all were left to wonder who purchased the stone. Later the same night, a personal phone call from Lisa Hubbard, chairman, The Americas, International Jewelry Sotheby’s, revealed that a private buyer in Hong Kong had prevailed and named the new acquisition The Zoe Diamond. This particular blue diamond is notable for the purity of the blue with no modifying colors and its high clarity. Many blue diamonds contain graining or other imperfections that develop as the crystals form. “From the moment I saw the blue diamond when it was presented to me by Mrs. Mellon’s staff, I said, ‘We will have a world record.’ It is the most important blue diamond I have ever seen in my life and the world proved me right,” Gary Schuler, senior vice president and director of jewelry, Sotheby’s New York, stated immediately following the sale.

A ruby and diamond apple tree by Verdura.

The Other Jewels Also notable was a fancy blue 9.15-carat VS1 diamond pendant, also pear-shaped, which sold quickly for $2,965,000, double its high estimate of $1,500,000. The evening session of the sale totaled $42,100,000 for 42 lots, of which 41 sold. Of those lots sold, 93 percent went for over their high estimates. A Cartier diamond rivière necklace with 29 old European-cut diamonds totaling 111 carats, embellished with a deep yellow 4.20-carat diamond clasp, sold for $2,797,000. The rest of the jewelry was mostly signed pieces from Tiffany & Co., Cartier and Van Cleef & Arpels. Of particular note was a collection of pieces from Verdura. Paul Mellon was an admirer of Verdura, whose jewelry reflected artistic merit over flash. He collaborated with the designer on a number of pieces for his wife. Many of the pieces had themes of naturalism, which reflected Mrs. Mellon’s interest in horticulture. One of the most personal of the pieces was a ruby and diamond apple tree, shown above, that was created in honor of one of Mrs. Mellon’s favorite trees. The jewelry sold quickly and easily with multiple bidders interested — confirming once again the importance of provenance. “A single-owner sale is wonderful, it has its own momentum,” commented Hubbard following the sale. “She had everything. Like so many of her generation, she had wonderful and playful jewels. The timing for the blue diamond was everything. It stood the world of gem collectors on its head. The price is a testament to how great a diamond it is.” About Mrs. Mellon Proceeds from the sale of Mrs. Mellon’s property benefit the Gerard B. Lambert Foundation. It was founded by Mrs. Mellon to honor her father, Gerard B. Lambert, who started the firm Warner-Lambert that was the initial marketer of Listerine, invented by her grandfather. The foundation supports the Oak Spring Garden Library, where her treasured books on horticulture are housed, and is endowed to continue on the Mellon’s Upperville estate in Virginia to support horticultural and educational endeavors. Mrs. Mellon, who died at the age of 103 in March 2014, was a noted philanthropist, but was equally recognized for her expertise in horticulture. Born in Princeton in 1910, she was always interested in gardening and began creating window boxes with miniature topiaries and flowers when she was just five years old. At the ripened age of 12, she bought her first book on horticulture, which grew into her lifelong passion. She married Paul Mellon, one of the heirs to the Mellon Bank fortune. He devoted his life to philanthropy and was a prominent businessman and owner/breeder of thoroughbred racehorses. Mrs. Mellon became one of the twentieth-century’s most respected horticulturists. Among her many accomplishments was her design of the Rose Garden at the White House in Washington, D.C. She was also awarded numerous medals and honors for her horticulture work. * All prices include buyer’s premium.