A Bejeweled History

December 1, 2016
By Phyllis Schiller

Mike Todd diamond tiara from the Elizabeth Taylor collection. All photos courtesy Christie’s unless otherwise noted.

James Christie

Digital image courtesy of the Getty’s Open Content Program.

For more than 2,000 years, objects of value have been bought and sold at auction. And for the past 250 years, Christie’s has been at the forefront, presenting a curated selection of works of art, adornment, collectibles and more to tempt connoisseurs and collectors. The auction house holds sales in major cities around the globe as well as online. In 2015, Christie’s international jewelry sales totaled more than $615 million and the figure for just the first half of 2016 is more than $359 million. From humble beginnings selling everyday objects, the firm quickly rose to prominence, moving on to more aesthetic offerings. Hand in hand with impressive artwork, an array of fine jewelry has been part of the auction house’s DNA from the start. In the Beginning James Christie (1730-1803) was born in Perth, Scotland. In 1750, he arrived in London, finding work with an auctioneer, Mr. Annesely of Covent Garden, from whom he learned the ins and outs of the auction trade. Ready to strike off on his own after ten years, Christie hired rooms in and around London, as was the custom then, to hold sales as an independent auctioneer. The earliest known of these sales was in the summer of 1760. Ultimately settling into permanent rooms in Pall Mall, Christie held his first auction there as the eponymous auction house, Christie’s, on December 5, 1766. As the firm began to find its footing, establishing its reputation as a successful auction house, it took on important artwork collections, including the sale in 1778 of Sir Robert Walpole’s collection to Catherine the Great of Russia. The timing was auspicious. Due to the French Revolution (1789-1799), many significant works of art were circulating in London, helping to grow the London auction market in the latter half of the eighteenth century. Christie developed friendships with many of the leading artists, such as his neighbor, painter Thomas Gainsborough, and his auction house became a gathering place for artists and other influential arbiters of the day. Christie’s son, also named James (1773-1831), took over the business after the death of his father in 1803, and his son, George Henry, succeeded him in 1831. George Henry immediately partnered with William Manson and the company became known as Christie & Manson. In 1859, a third partner was brought in, Thomas H. Woods, with the resulting change in the firm’s name to Christie, Manson & Woods. In 1889, the great-grandson of founder James Christie retired as the last member of the family to work at the auction house, although the Christie name remained. In 1998, Artémis S.A., founded by François Pinault, acquired Christie’s International Plc.

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Jewelry Sales Through the Centuries Although Christie’s built a strong reputation for its sale of art, jewelry was an equally vital portion of the company’s business. The first jewel ever sold at Christie’s was a ruby and diamond buckle, on the third day of the December 5 inaugural sale in 1766. It brought in the equivalent of $1,500 today. The first dedicated sale of jewelry was held on February 18, 1772. Just as with its art sales, from the beginning, Christie’s was able to offer prestigious collections of jewelry. The auction of la Comtesse du Barry’s jewelry, held in 1795, was the first major jewelry collection sold at Christie’s. It featured 65 lots, with each lot including several individual items, mainly unmounted diamonds and pearls. The sale total was the equivalent of approximately $1,223,000 today. The main purchasers of the du Barry collection were London jewelers. The largest buyer was Nathaniel Jefferys of Dover Street, the court jeweler, who purchased some 733 individual items in 47 lots, the most expensive being an “oval white brilliant” diamond. Other London jewelers purchased substantial quantities of diamonds and pearls, while a Mr. Parker of Princes Street acquired, as described in the auction catalog, “a cameo head in onyx set with diamonds, a head of Louis XV, a Bacchanalian antique, and three more rings.” Royal Connections From early on, jewelry from the British royal family has gone under the gavel at Christie’s. The first jewelry auction with that pedigree was held in 1773, and took place after the death of the Princess of Wales, mother of George III. On May 24, 1817, according to catalog notes, Christie’s offered “the original diamond ring of Mary, Queen of Scots, upon which are engraved the arms of England, Scotland and Ireland.” Two years later, on May 17, 1819, in Christie’s Great Rooms at Pall Mall, the sale of jewels of Queen Charlotte, the wife of King George III, began with small precious objects in gold and silver filigree. In terms of twentieth-first century British royalty, a standout collection auctioned by Christie’s London in June 2006 featured jewelry and other property belonging to Her Royal Highness the Princess Margaret. Star attractions of the collection, which sold for a total of $17,659,731, included the Poltimore Tiara, worn by the Princess on her wedding day. It sold for $1,704,576* against a high estimate of $368,000. An Art Deco sapphire and diamond brooch, circa 1925, given as a confirmation gift by Queen Mary, soared over the high presale estimate of $3,680 to $121,440. A diamond rose brooch by Cartier, circa 1938, estimated at $27,600 to $36,800, sold for $282,624. Royal collections that have gone on the block at Christie’s aren’t limited to the British royal family. At Christie’s London in June 1872, a 123-lot sale of jewels showcased jewelry of the Empress Eugénie of France, wife of Napoleon III, who was forced to flee to England after France’s defeat in the Franco-Prussian War. Among the varied jeweled pieces, which included brooches, earrings, necklaces and tiaras, were a selection of emerald jewelry and the Eugénie Diamond, a 51-carat oval-shaped brilliant. In November 1995, at Christie’s Geneva, the 250-piece jewelry collection of Princess Salimah Aga Khan, following her divorce from His Highness Karim Aga Khan IV, was 100 percent sold for a grand total of $27,682,601. Famous maker names included Cartier and Van Cleef & Arpels. A spectacular diamond necklace with two detachable diamond pendants — one, a 13.78-carat fancy deep blue heart-shaped diamond, the Begum Blue, the other, a colorless diamond pendant — sold for $7,790,000. Fast forward 21 years to May 2016 and it’s now the jewelry of the second wife of the Aga Khan, H.S.H. Gabriela Princess zu Leiningen, who is selling her jewels at Christie’s Geneva following the end of her marriage. Most of the 46 lots featured bore the names of famed jewelers, including Schlumberger, Cartier, Van Cleef & Arpels and Tiffany & Co. A ruby and diamond novelty brooch by Cartier had the added provenance of having been originally owned by her former husband’s father, Shah Aga Kahn III. Estimated at $10,178 to $15,267, it sold for $274,517. Other notable gems included the 36-carat D color Pohl diamond, circa 1934, in a ring by Cartier, which went for $4,397,374 against an estimate of $3,867,747 to $5,598,054. A Cartier emerald and diamond necklace with a Colombian emerald of almost 40 carats, estimated at $2,544,570 to $3,562,398, sold for $2,882,938. A Van Cleef & Arpels mystery set ruby and diamond flower brooch went for $482,701, well over the high estimate of $254,457, as did mystery set ruby and diamond poppy earrings from the same maker, which sold for $519,439 against an estimate of $101,782 to $152,674. The Rich and Famous The gems and jewels of society’s elite, royalty of another sort, also show up at auction on a regular basis, especially during the end of the twentieth century and early decades of the twenty-first century. The Magnificent Jewels of Florence J. Gould, a socialite and avid art collector, were offered in April 1984 in New York. The sale realized $8 million, which was the highest total ever achieved at auction for a single collection of jewelry at the time. One of the top three lots was a rectangular-cut diamond of 31.34 carats, graded type IIa and potentially internally flawless. Named the Victory diamond, for the Allied victory during World War II, its origin was a rough of over 770 carats discovered in the 1940s from the Woyie River in eastern Sierra Leone. The stone was purchased for $880,000 by a buyer from Saudi Arabia. It was later resold at Christie’s in December 2015 for $4,309,000 or $137,492 per carat. In 2004, jewelry of the avid collector and social doyenne Doris Duke went on sale at Christie’s New York, bringing in a total of $11,964,000. Along with inherited jewelry, there were pieces she herself chose that incorporated the Eastern gems and motifs that she favored. Showcased in the mix were Cartier pieces, including a garland-style diamond necklace from the Belle Époque period, purchased in 1908 for her mother by her father, who supplied the diamonds. There were Mughal-inspired bracelets and matching clip with emeralds, pearls and diamonds and an Art Deco-styled clasp. Also featuring emeralds, a two-strand necklace had stones that probably originated from the famed Muzo mines. David Webb’s artistry is represented in a ruby and pearl necklace. Other famous makers include Van Cleef & Arpels, Bulgari, Paul Flato, Suzanne Belperron and Charlton & Co. The jewelry collection belonging to reclusive copper heiress Huguette Clark, who died in 2011 at the age of 104, sold in April 2012 at Christie’s New York for $20.8 million against a presale estimate of $9 million, making it the second most valuable private sale in the U.S. over the past decade. Featured in the sale was the 9-carat cushion-cut Clark Pink, which garnered $15,762,500, becoming the most valuable pink diamond ever sold at auction in the U.S. at the time. With the proceeds earmarked for charity, the May 2012 sale of Mrs. Lily Safra’s jewels at Christie’s Geneva was aptly named Jewels for Hope. It included exceptional diamonds and color gemstones as well as period pieces. Eighteen unique jewels by JAR, including the ruby Camellia brooch shown left, represented the largest collection of the jeweler’s work at auction. The Hope Ruby, a 32.08-carat cushion-shaped Burmese stone set in a ring by Chaumet, set a world record for a ruby sold at auction at the time, going for $6,742,440. The auction’s total of $37,924,551 allowed for donations not only to the 20 charitable institutions originally designated but also 12 additional ones. Setting records in Christie’s Hong Kong in June 2015, the auction of “Property from the Family of K’ung Hsiang-Hsi” sent presale estimates tumbling. Three new world records were set at the time, for a ruby necklace, for a single jadeite cabochon and price per carat for a sapphire. The collection of the prominent Chinese financier and politician of the early- twentieth century achieved a total sale of more than seven times its low presale estimate, fetching $14,600,000. Star Power Yet another powerful provenance at auction is the star-wattage of a high-profile celebrity name. Two recent auctions at Christie’s New York proved just how much extra excitement Hollywood leading ladies could bring when their jewlery went on sale. Following her divorce from billionaire businessman Ron Perelman, actress Ellen Barkin put up more than 100 pieces of jewelry her ex had gifted her. The collection, offered up in Christie’s New York in October 2006, caused a stir. Adding to the buzz, the collection had a cameo role in the film “Sex & The City: The Movie” when, as part of the plot, one of the leads bids on a ring inspired by the collection. The movie ring took its cue from a JAR Gardenia ring, one of 17 JAR creations Barkin was selling. The ring pulled in a cool $486,400, triple the high estimate of $150,000. Another JAR ring, featuring a 22.76-carat oval-cut diamond, sold for $1,808,000. In total, the collection achieved $20,369,200. When it comes to a celebrity collection, however, there is nothing that can come close to sharing the spotlight of the legendary auction of the Elizabeth Taylor collection in December of 2011. The record-breaking combined total of the auction, which ran from December 3 through 17, in New York and online, was $156,756,575. Every one of 1,778 lots sold, with 26 items selling for over $1 million. The proceeds went to the Elizabeth Taylor Trust. Fashion, decorative arts and film memorabilia were on offer. But the true stars of the auction was the stellar jewelry Taylor had amassed, which broke numerous auction records, starting with the jewelry total of $137,235,575, a new world auction record for a single-owner sale. It more than doubled the previous title holder, the Duchess of Windsor auction, which had garnered $50,281,887 at Sotheby’s Geneva in 1987. The top lots included: La Peregrina, a natural pearl, diamond, ruby and cultured pearl necklace, Cartier,  $11,842,500, world auction record for a pearl jewel; The Elizabeth Taylor Diamond,  33.19-carat D, VS1 rectangular cut,  $8,818,500 or $265,697 per carat, world auction record for a colorless diamond per carat; Taj Mahal Diamond,  $8,818,500, world auction record for an Indian jewel; 23.46-carat emerald and diamond pendant brooch, Bulgari,  $6,578,500 or $280,000 per carat, world auction record for an emerald jewel and for an emerald per carat; emerald and diamond necklace, Bulgari,  $6,130,500; sapphire and diamond sautoir, Bulgari, $5,906,500; 8.24-carat ruby and diamond ring, Van Cleef & Arpels, $4,226,500 or $512,925 per carat, world auction record for a ruby per carat; The Mike Todd Diamond Tiara, $4,226,500; emerald and diamond bracelet, Bulgari, $4,002,500; ruby and diamond necklace, Cartier, $3,778,500; natural pearl and diamond ear pendants, Bulgari,  $1,986,500, world auction record for a pair of natural pearl ear pendants. “The Elizabeth Taylor sale was a magical moment in auction history,” sums up Rahul Kadakia, international head of Christie’s jewelry. “We made $137 million in 80 lots in the first evening of the sale. The collection was great and the owner was so iconic that it was embraced by buyers, collectors and fans around the world. It was unbelievable. People waited in queue for an hour in December, and it was cold, to see the collection every place that we went. We’ve had some great pieces in sales, the Oppenheimer Blue, the orange, the Archduke, but this was the singular most important sale in auction history to date.”