RAPAPORT…
Christmas in May might be an apt description of the colorful sale that lit up Christie’s in Hong Kong. While the top price was captured by a record-setting white diamond, it was the red, green and blue gemstones that created much of the excitement in this remarkable event. Rarely does an expert such as Vickie Sek, director of the jewelry and jadeite department for Christie’s Asia, have an opportunity to offer such a wide spectrum of precious colored gems in one sale. The result: A total of $89,403,200 from the sale of 236 lots, just 80 percent of the 295 lots on offer.
The spectacular results reflect the quality of the gems and jewels. Not one of the major lots carried with it any royal provenance or historic prestige. The material spoke for itself and it fairly shouted its quality.
The headliner of the event, the lot with the highest estimate, did not disappoint. Dubbed “The Imperial Cushions” for their cut, the pair of D, potentially IF diamonds, weighing 23.49 and 23.11 carats, was sold to an anonymous bidder for $9,295,690*, just under the presale high estimate. The colorless Golconda type IIa diamonds justified the extraordinary array of certificates, statements, history and poetry that accompanied their photograph in the catalog.
In spite of the litany of documents linking the stones to the most illustrious diamonds, the catalog noted that these diamonds have no specific provenance, other than their own exquisite beauty. In other words, they stand on their own merits and that proved to be more than enough to bring out the buyers and would-be buyers. Sek described the bidding for the top lots as “intense,” adding, “The Imperial Cushions were fought for by two private collectors who were both determined to win the pair. After four or five participants, it finally came down to two strong bidders.”
While the cushions were snatching the headlines, and the big bids, another buyer picked up a round DIF Golconda type IIa diamond weighing 11.25 carats for $2,315,570. While it came in well under the high estimate, this stone still made $205,000 per carat, a world-record price per carat for a Golconda diamond.
Big Buzz
The excitement and enthusiasm that culminated in the sale of the cushion-shaped diamonds was felt throughout the sale, Sek noted. “There was a great atmosphere in the room; the telephone lines were busy throughout. Buyers were mainly private collectors all over Asia, but there was also major international trade participating… . For the top pieces, the mood was electric, there was a buzz that was almost tangible.”
There was plenty to buzz about, in particular a 13.39-carat marquise-cut fancy blue VVS2 diamond. The beautifully shaped stone soared over its presale estimate of $3.5 million to $4.5 million, fetching $7,568,650. The buyer, Lev Leviev, has publicly revealed his auction room successes this season, allowing press reports to acknowledge his purchases. Although Leviev’s firm has been an active — and sometimes successful — bidder at past auctions, according to Sek, it is only this year that it began to publicize its purchases, putting it in direct competition for both goods and glory with Graff Diamonds, which has frequently acknowledged its winning bids.
No one was feeling blue after the sale of a pair of Kashmir sapphire and diamond ear pendants. The cushion-shaped stones, weighing 14.84 and 13.47 carats, set horizontally in a pair of ear pendants, were sold to a private client for $4,114,570, well above the presale high estimate. One didn’t need the Gübelin certificates to see that the stones were “richly saturated and homogenous in color.” The competition for the Kashmir sapphires was intense — matching their color.
The scarcity of fine Burmese rubies is the benchmark for rarity in the gem world. Imagine, then, a 48-stone, 64.95-carat necklace comprising 23 graduated cushion and oval-shaped rubies, weighing a total of 43.74 carats, forming the background for an oval ruby weighing 10.02 carats. The remarkable collection of matching Burma rubies were all certified to be of natural color, with no evidence of heating, and were well saturated in color. The necklace was a bargain at $2,387,530, slightly under the presale high estimate.
Also rare and pure white was a three-strand natural pearl and diamond necklace. The elegantly styled collar was set with 143 natural white pearls in 18-karat gold, suspending a large, well-shaped pearl drop. Once again, bidding for the remarkable and singular lot was intense. Estimated to fetch $1.2 million to $1.8 million, it sold to an anonymous buyer for $2,459,490.
Top Ten
The sale was remarkable for the strength of the top ten lots; every one was sold for more than $2 million. The appeal of the auction offerings — the finest-quality diamonds, colored gemstones, jadeite and pearls — was matched by the willingness of the Asian buyers to pay the prices needed to purchase these gems and jewels. The sums earned in Hong Kong for Western-style jewelry is explained by Sek: “Our clients are very sophisticated in their tastes. They are always looking for high-quality gemstones and jewelry. Our buyers are serious gem collectors looking to add that extra sparkle to their collection. They definitely seek out advice as to what is the best to buy.”
At the same time, these collectors continue to appreciate traditional jadeite and the auctions will always carry these two different types of jewelry — if the best-quality pieces can be sourced. Sek explained, “Jadite jewelry will always form an important component of our jewelry auctions in Hong Kong. They feature alongside the Western-style jewelry as our clients enjoy both types of jewelry.” However, she adds, “High-quality jadeite is becoming more and more rare. Because there are so few and limited high-quality pieces on the market, we can only offer what is available.” When she can find it, she will always include it in the Hong Kong sales.
As always, D flawless or DIF diamonds were eagerly sought after. Among the items sold was a round D flawless stone weighing 18.88 carats. Eight is a lucky number to Chinese buyers and this diamond sold for $3,970,650, or $210,000 per carat. A pair of heart-shaped DIF diamonds weighing 13.03 and 12.86 carats sold just over the low estimate for $3,394,970. And, rounding out the top ten lots, a cushion-shaped DIF diamond weighing 13.15 carats was sold for $2,171,650, or $165,000 per carat.
This strong sale ended the spring season for jewelry in Asia. Without doubt, Sek is correct when she says, “The Asian market continues to grow and position itself as a major center in the international world of auctions.” The only challenge will be to find colored gems and jadeite to satisfy that ever-growing, ever more demanding market.
* All prices include buyer’s premium.
