Christie’s NY Auction Hits High Note

RAPAPORT… Christie’s New York pulled off quite a coup with its sale of Magnificent Jewels during the second week of October. “The sale total of $49,032,080* was the largest jewelry sale week total in America in the past 15 years,” said Rahul Kadakia, head of jewelry for Christie’s Americas. This magnificent sum continues an upswing in auction totals that began last year for Christie’s, when the auction house racked up $35,652,800 for its October 2005 sale, and then continued its ascent in April 2006 with a sale total of $39,071,320.

“We focused on every single jewel and targeted it to the right customer,” said Kadakia. “Naturally, the selection for sale and correct pricing also had a big role to play in the success of the auction.”

The top lot of the auction was a 51.08-carat rectangular, D,VVS1 diamond ring. Estimated at $2.5 million, it sold for $3,152,000, or $61,700 per carat. While diamonds fared well at the sale, drawing top dollar, it was the jewelry that was truly the star of this auction.

A STELLAR START

The highlight of the auction was the sale of Magnificent Jewels from the Collection of Ellen Barkin, which pulled in $20,369,200 against a presale estimate of $10 million to $15 million and was 100 percent sold. This total makes it the highest single-owner jewelry sale of the past 15 years in the U.S. and gains it a spot in the top four ever worldwide. The actress, who made headlines when she married billionaire Ronald Perelman six years ago and then again this past year when he divorced her, was selling all the jewelry given to her by Perelman during their marriage. The provenance of the jewels certainly helped to garner a tremendous amount of presale publicity that would not have come about otherwise. It paid off in buyers who bid aggressively throughout the evening. It took nearly three hours for the 103 lots to be sold.

Carol Brodie, who has spent her career in the jewelry industry brand building — in part by styling celebrities for red-carpet events — applauded Christie’s for the publicity on this particular auction. “This sale had great integrated marketing. It was great PR and marketing and a well-culled collection. It all starts with the product and how it is packaged. This was the ultimate win-win. It had all the elements of the red carpet, it was jaw dropping and entertaining,” remarked the chief luxury officer for the Robb Report and other titles at CurtCo Media.

Regardless of the publicity, the jewelry spoke for itself. The collection was comprised of high-quality, beautifully designed jewelry by famous name makers, as well as diamonds and period pieces. The collection also included 17 jewels by Paris-based JAR, whose pieces are highly coveted.

Those in the know speak of JAR in hushed tones of reverence and awe and the power of those three little letters is not to be taken lightly. Suzy Menkes, fashion editor for the International Herald Tribune, described him as the “sorcerer of stones.” He has also been called the Fabergé of our times. Due to his propensity to stay out of the limelight, he is often described as eccentric or reclusive, but it is this very combination of an unexpected personality with great talent that gives JAR a mystique unparalleled by any other contemporary jewelry designer. Born in New York as Joel Arthur Rosenthal, he relocated to Paris in the 1970s and reinvented himself as JAR in 1977, when he opened his by-appointment-only boutique on Place Vendôme. He only produces about 80 or so pieces each year for his clientele, which include such notables as Elizabeth Taylor and Barbara Walters, as well as other recognizable celebrities and socialites. “JAR uses very special stones and his designs are great; combined with his antimarketing and being very private, JAR commands a price,” explained Francois Curiel, international director of jewelry for Christie’s.

And JAR did not disappoint. His creations were hotly sought after during the sale. A pair of topaz earrings with diamond and ruby accents estimated at $60,000 to $80,000 sold for $710,400 and a 22.76-carat, D,VVS1 oval diamond in a JAR “thread” setting garnered $1.808,000. Curiel attributed the high price on that ring to the JAR setting, adding that once a stone has been “JARized,” it brings an added value to the piece.

“I was overwhelmed by some of the prices being offered. I couldn’t even lift my paddle,” said Brodie, who had hoped to acquire a jewel for herself. “It was a rich person’s auction. Only real collectors and passionate buyers could be considered purchasers. The average jewelry aficionados could just gape.”

Brodie was not the only one who found the sale exciting. According to Henri Barguirdjian, president and chief executive officer (CEO) of Graff USA, there was“irrational exuberance” at this sale.

THE MAIN EVENT

While the Ellen Barkin collection was a great kickoff to the sale, the action continued the next day as a single-owner collection of Art Nouveau jewels and a compilation of Van Cleef & Arpels jewels went on the block as part of a daylong Magnificent Jewels sale. Both collections brought solid prices and reinforced the notion that people are willing to spend the money to get something of quality or rarity — a concept that moved beyond the traditional names of auction best sellers.

“We noticed a growing confidence among private collectors in wanting to acquire jewels by contemporary designers, which is a shift from the more traditional purchasing history for just gemstones and vintage jewels,” said Kadakia. “This is a great development for the jewelry world, since there is only so much period jewelry around and collectors who have realized this have started appreciating jewels as art.”

Barguirdjian felt that the sale reflects the market today. “There is very, very strong demand for quality goods,” he said. “People are educating themselves and the more information and knowledge that they have, the more that they can see what is fine, and fine gets a high price. And why not? We see what happens in the art market. Jewelry is just as rare if not rarer than art.”

While members of the trade did some buying, they frequently found themselves outbid by private collectors keen to acquire that special piece. While the room started off with a strong showing, the crowd dwindled as the day wore on and the action was a ping-pong volley between bidders on the phone. Buying as always comes from all areas of the globe, but American privates were out in full force.

Gary Dimenstein, of Dimenstein and Son, summed up the days’ activities succinctly: “They put together a fantastic sale.”

*All prices include buyer’s premiums.