The refined world of the jewelry auction calls to mind glittering Cartier panthers, gobstopper Harry Winston rings and Elsa Peretti-era Tiffany & Co., all selling for colossal sums. In years gone by, on the rare occasions when modern jewelry appeared on lot lists, it would be an existing work — a masterpiece by JAR, perhaps, or a jeweled butterfly by Wallace Chan, usually as part of a private collection. More recently, however, auction houses have become a retail channel for contemporary designers selling new work, and they’re reaching a whole new audience in the process.
Unlike the more volatile art market, the global jewelry-auction market has a reputation for being relatively stable. It’s also rising, set to reach an $5.44 billion by 2030. Hard luxuries are traditionally seen as solid investments, and in recent years, houses have worked to entice new generations into the saleroom — albeit virtually — through online auctions. And although big-ticket brands are fail-safe, it’s in houses’ interests to offer a range of styles and designers.
“We are constantly exploring what luxury means; it’s about expanding the boundaries of what we offer our clients,” says Paul Redmayne, senior vice president for luxury sales at Sotheby’s. “Our contemporary jewelry sales have resulted from a desire to bring our expertise and finds to a wider market, and client demand for more novelty. Interestingly, this ask has often come from…contemporary art and design buyers.”
Collectors getting creative
A broader spread of names began appearing at the big houses just after the pandemic, with the Sotheby’s Brilliant & Black sales in New York and London in 2021 and 2022, and the Art as Jewelry as Art auction in New York, spearheading a shift toward a more diverse offering. On the other side of the Atlantic, Christie’s Paris was teaming up with jewelry gallery Second Petale and curator Arina Pouzoullic on the Jewellery Talents of Today sales, which brought designers as diverse as Sarah Ho, Gaelle Khouri, and Dries Criel to the auction house’s salons near the Champs-Elysées.
“It’s a unique opportunity,” says Pouzoullic, who came up with the concept for the sales and approached Christie’s herself. “The audience wants to see new things, and brands are exposed to a high-quality collecting clientele.”
Collectors increasingly see jewelry as a part of the art market worth investing in, confirms Vanessa Curry, founder of art advisory business Fine Art Source, which works with US, UK and Asian markets. “There was a realization some years ago that art collectors have an interest in other luxury assets, like jewelry or cars. Interest in jewelry has been supported by a relatively stable secondary market for major names and a growing market for younger designers.”
She cites Dallas-based collector Deedie Rose, who “proudly hangs her contemporary jewelry among her wall-hung artworks and has worked alongside famous collectors Cindy and Howard Rachofsky.” Rose aims “to show younger collectors that any type of art can be fun,” inspiring them to create “a life aesthetic — rather than a cold investment-oriented portfolio” — that brings jewelry’s emotional value into play, says Curry.
Redmayne foresees further growth and is keen to give “emerging talents a global audience of sophisticated buyers. A number of us on the jewels team have a genuine love for this corner of the market, and I think our clients are responding to the way we work within this category.”
In 2023, innovative London-based designer Fernando Jorge created an exclusive collection for the marquee Modern & Contemporary Art sale at Sotheby’s. Alongside the 16-piece Tinko line, another 70 pieces from Jorge’s main collections were available for purchase online, showing the breadth of his work to a range of potential buyers.
Fresh markets
For Fei Liu, an art jeweler who began selling through Christie’s Hong Kong and has since sold at Doyle’s New York and other locales, the auctions and selling exhibitions represent an opportunity to break into a new market.
“I began selling like this in 2016, to introduce my creations to dedicated jewelry collectors,” he says. “Partnering with auction houses allowed me to establish credibility among astute buyers seeking unique, investment-worthy pieces that stand apart from conventional offerings.”
He saves his one-of-a-kind pieces for the auction houses — like the Poppies in Love brooch, a sculptural, abstract interpretation of two entwined poppies featuring rubies, tsavorites, diamonds and moonstones. In his experience, especially since the pandemic, retailers have been cautious, erring on the side of more conservative designs. “Auction clients, however, often bring a different level of taste, seeking pieces that are particularly rare and exclusive,” he says.
Although designer Stephen Webster has been cautious about working with auction houses in the past, he sold the spectacular Magnipheasant collar with Fuli gemstones at auction in Hong Kong earlier this year.
“We have often thought about placing pieces at auction, but the track record for items without widely recognized provenance or classic intrinsic value is not something that can be relied on,” he says. “Both sides knew it was a risk, but we also saw that the piece would feature well in the catalog and hoped that the striking design and unique material should be enough to compel the right buyer. We are pleased to say it worked.”
Without reserve
Besides offering a new market, auction houses provide high levels of service and transparency so buyers can be confident that they’re purchasing not just a much-loved treasure, but a piece that holds investment value.
Designer Lola Oladunjoye of Lola Fenhirst, an alumnus of the Brilliant & Black exhibition, recently held a Sotheby’s trunk show in Martha’s Vineyard, where she found a more discerning client with more financial freedom.
“Collaborating with curator Melanie Grant and the Sotheby’s contemporary-jewelry team has been a propeller for my business, and being aligned with a house known for art sales is a compelling brand adjacency,” she shares. “I recently had a solo exhibition at the new Sotheby’s space in Dubai, which in turn led to opportunities in the States. Art is borderless.”
Done right, contemporary jewelry designers and auction houses can be a match made in heaven for both parties. Besides the revenue potential that such a union provides, this is one retail trend that has the power to shape jewelry history.
“Let’s not forget that Cartier and Van Cleef & Arpels were once the contemporary jewelers of their day,” Redmayne points out. “The designers we see now are potentially the grandes maisons of tomorrow.”
Main image: A promotional shot for the Sotheby’s Brilliant & Black sale, featuring Melanie Eddy’s Drop Loquat earclips in 18-karat gold, citrine and diamonds, and the Auvere Mega Apex ring. (Sotheby’s)
