Phillips Jewelry Auction Disappoints as Top Items Fail to Sell

The most recent New York jewelry sale at Phillips fell short of expectations as three fancy-color diamonds set to lead the auction didn’t find buyers.  

A square emerald-cut, 45.07-carat, fancy-vivid-yellow, VS1-clarity diamond ring, which was estimated to bring in between $2.8 million and $3.5 million, was withdrawn prior to the start of the auction, a Phillips spokesperson told Rapaport News Wednesday. A cushion modified brilliant-cut, 4.01-carat, fancy-intense-green diamond with a high price of $350,000 went unsold, as did a pear brilliant-cut, 3.07-carat, light-blue, VS2-clarity diamond ring by Cartier estimated at up to $300,000. 

In total, the June 12 New York Jewels auction garnered $2.9 million, with 78% of items selling. Jewels from top design houses, including Van Cleef & Arpels, Cartier, and Bulgari, all performed well.  

The top seller was a ring with a pear-shaped Colombian emerald cabochon center stone weighing 9.81 carats, accented by diamonds. That piece brought in $165,100, surpassing its $120,000 high estimate. Meanwhile a pair of ear clips with marquise-, pear- and oval-shaped diamonds set as clusters, suspending detachable diamond pendants, realized $165,100, falling short of its $180,000 lower price. 

Other pieces of note included a Van Cleef & Arpels necklace with diamonds in graduated floral motifs, which exceeded its $140,000 high estimate to sell for $152,400. Another necklace, created in 1953 by Cartier, designed as a gold wave set with brilliant-cut diamonds, smashed its presale estimate. The jewel fetched $146,050, more than double its $60,000 upper price tag.

Image: The yellow diamond that did not sell. (Phillips)