January 2012
Final Taylor tally: $156.8M worth of "magic"
Dec 23, 2011
New York--The most telling sale in the recent auction of icon Elizabeth Taylor's jewelry at Christie's here wasn't necessarily the 33.19-carat "Elizabeth Taylor Diamond" that garnered $8.8 million or the dazzling "Le Peregrina" that fetched a cool $11.8 million.
It was this: Lot 136, A suite of paper imitation jewelry, which, as the name indicates, consisted of nothing more than paper cutouts of a necklace, earrings and a pair of ear clips. Yet that didn't stop an ambitious buyer from plunking down $6,875 for the pieces.
"It's magic," Rahul Kadakia, head of jewelry for Christie's Americas, said in a post-auction interview with National Jeweler. "It's not paper in this case. (It was) paper when someone else owned it. But this was Elizabeth Taylor's."
ALot 136 fetched more than 20 times its highest estimate. Yet that was not out of the ordinary for this extraordinary sale, which totaled $156.8 million in the end. That includes the online-only auction, a first for Christie's, which ended Saturday after fetching $9.5 million.
Kadakia, one of two auctioneers at the helm of the sale, said some pieces drew 400 to 500 times their estimated price. The auction shattered 12 world records, including most valuable jewelry auction in history and most valuable private collection of jewels sold at auction.
Previously, the sale of the Jewels of the Duchess of Windsor, which garnered an impressive $50.3 million in 1987, held the latter record. But even the fabled duchess--a woman so enchanting a man abdicated the throne just to be with her--couldn't hold a candle to Taylor.
"She was truly a global icon," Kadakia said. "You could go to any corner of the world and say her name. Everyone knew her."
Pricing the pieces:
Christie's used a simple formula when pricing the jewelry in Taylor's collection. Figure out of the market value of the materials included in the pieces, the gemstones and the metals, and then allow the market to decide how much they are willing to pay to own a piece that once occupied real estate in Taylor's jewelry box.
"How can you put a price on Elizabeth Taylor's magic?" Kadakia asks. "Do I know the answer to that? No. Did we find out? Absolutely."
It's a fine formula to use, say those in the industry who have experience with estate and antique jewelry.
Lee Siegelson, president of Siegelson, a New York-based company that serves as a source of and authority on rare jewelry and gemstones, said he was surprised by the prices garnered by some of the pieces that might not have had such a high artistic or extrinsic value but, apparently, had extreme emotional value to certain bidders.
"When it happens continually across the board, it reminds me that when two people really want something and can't live without it, it's ... not about what it's worth. It's about how much they're really prepared to pay," he said.
That emotional factor is not something that can be calculated prior to the auction, especially when dealing with a celebrity on the level of Taylor, who is famous for her acting career--she won two Oscars--eight marriages and for being one of the first celebrities to speak out on AIDS.
People, Siegelson said, "wanted a piece of Liz. And her jewelry is definitely something she lived with."
Heading into the auction, Kadakia, who has been in the jewelry business a total of 20 years, including 15 at Christie's, said he had a "secret" number in his head, an inner estimate as to what the sale would realize: $100 million. That number was obliterated by the end of the first night, when the auction total added up to $116 million.
He said the frenzy to come was evident with the first lot of the evening, a gold and multi-gem charm bracelet. The high estimate on the piece was $25,000 and the hammer went down at $275,000, with the bracelet selling for a total of $326,500 including buyer's premium.
"That was the first lot," Kadakia said. "I thought (at the time), it's going to be a long night, but it's going to be a lot of fun."
Pieces sold that first night include the aforementioned La Peregrina and the Elizabeth Taylor Diamond. The evening sale also featured the lot that would turn out to incite the most frenzied bidding of the entire auction-- Lot 56, the "Taj Mahal Diamond," a heart-shaped diamond on a gold and ruby chain by Cartier.
Richard Burton gave Elizabeth Taylor the "Taj Mahal Diamond" when she turned 40 in 1972. Burton and Taylor were married twice, once from 1964 to 1974 and for less than a year between 1975 and 1976.
The auctioneer for that specific lot, Kadakia said he counted five competing buyers in the room who were up against another three "very active" bidders on the telephone. The diamond eventually sold for a total of $8.8 million after bidding started at $300,000.
It set a new world record for an Indian jewel sold at auction.
Sale of the century?
Given the gap between the $156.8 million Elizabeth Taylor jewelry sale total and the second highest-grossing private collection, the $50.3 million Duchess of Windsor sale that took place in 1987, it's not difficult to conceive that the Taylor auction was a once-in-a-lifetime event.
"I think it changes the market," said Beth Anne Bonanno, who now runs her own jewelry consulting firm and previously spent 10 years working with estate and antique jewelry at Siegelson. "I think it's going to be great for jewelry sales for a while. It boosts everybody's desire for jewelry."
She said it also creates an interesting proposition down the road for the purchasers who paid such high prices for the pieces, which are not likely to re-emerge on the market for some time.
Like so many pieces, this gold charm bracelet sold for well above its high estimate of $15,000, garnering $182,500. The draw of charm bracelets in any auction is that they mark milestones in the wearer's life, said Beth Anne Bonanno of Elizabeth Anne Bonanno Consulting.
"How are you going to realize that price again?" she asks. "A lot of those pieces might go in the vault for a long time."
After the auction, Bonanno said she had a discussion with an industry colleague about whether or not the market would see another sale like this one any time soon. While there are some private individuals that no doubt harbor impressive collections of jewelry, there's not likely to be another famous individual with a collection quite like that of Taylor.
"I can't think of anybody that would fit the bill," she said.
Michael O'Connor, jewelry style expert and celebrity stylist, said most celebrities these days borrow jewelry to wear, but may still be building their own collections. Still, he said, those collections won't come close to Taylor's.
"The issue is that Elizabeth Taylor built such a huge and famous collection, that she could wear the jewelry she owned time and time again and people would still be very interested in covering the piece," O'Connor said, "Some jewelry collections of today's celebrities are beautiful, but none of them are of the magnitude or have the dramatic appeal that Elizabeth Taylor's had."
What ends up happening with today's celebrities, O'Connor explained, is that they don't want to be seen in the same jewelry over and over, and because they have opportunities to borrow jewelry, they don't have to repeat pieces.
"But Elizabeth could repeatedly wear her pieces, and it would still get coverage because they were so amazingly over-the-top," he said.
O'Connor said Taylor always portrayed herself as a huge jewelry lover, and during her time it was common for men to gift large, impressive pieces of jewelry.
"As a result, her collection ended up being a major collection, and I think that hers is probably the last of what we're going to see of that caliber," he said.
Kadakia, who is only 37 years old, agrees that the Taylor sale was a once-in-a-lifetime event.
"This was the sale of the century and the sale of my lifetime, and I'm still here at Christie's for a while," he said.
November 2011
Exceptional diamonds for auction at
Sotheby's New York
"The Light of Golconda" possesses exceptional transparency due to its chemical makeup of virtually all carbon, and is estimated to realize in the region of $7 million at Sotheby's. |
New York--Sotheby's will be holding its sale of "Magnificent Jewels" here on Dec. 7, offering significant diamonds, gemstones and period signed jewels.
"This December's Magnificent Jewels sale will cap off an exceptional year for jewelry at Sotheby's New York," Lisa Hubbard, chairman of North and South America for Sotheby's international jewelry division, said. "Each of our jewelry auctions this year has brought our strongest-ever result in its respective month."
The highlight of the auction is "The Light of Golconda," an exceptionally rare Golconda diamond ring featuring an old mine, cushion-shaped stone weighing 33 carats, estimated to realize in the region of $7 million.
"Every great diamond has something special about it, but this one is a truly magical stone," Hubbard said. "It has everything: its translucence is breathtaking...and the antique cushion cut that spreads out along the hand makes the stone look different every time you see it."
Located in south central India in what is today the state of Hyderabad, the ancient Kingdom of Golconda produced some of the most desirable diamonds in the world. The Kingdom no longer exists, but diamonds from those mines as sought after to this day, as they are part of less than 2 percent of the world's gems that are the most chemically pure.
Another leader of the sale will be a rare fancy intense pink diamond ring (below) with a cut-cornered square modified brilliant-cut diamond weighing 22 carats. Only two dozen diamonds of pure pink color weighing more than 10 carats have ever appeared at auction, putting this pink diamond in the same company as The Graff Pink. The ring is estimated to realize in the region of $13 million.
A one-of-a-kind 1924 Cartier platinum and diamond sautoir necklace (below) with a lavalliere pendant from the Art Deco period will also be offered at the auction, estimated to realize $750,000-$1 million. The necklace was formerly owned by Elisabeth Mills Reid, a lifelong supporter of the Red Cross who was born in 1858 to one of the wealthiest families in America, and Helen Rogers Reid, Elisabeth's daughter-in-law and former chairman of the New York Tribune.
Jewelry featuring Kashmir diamonds and Burma rubies will also be offered at the auction, as well as designs from Van Cleef & Arpels, David Webb and George Headley.
October 2011
High Diamond Bids Expected for Christie's Auction
This Tiffany & Co. pear-shaped
fancy purplish-pink diamond ring
of more than 8 carats,
flanked on either side by a
triangular-cut diamond and mounted
in platinum is estimated to realize
$1.2-$1.8 million at Christie's
October sale of Magnificent Jewels.
New York-- Christie's New York will mark the start of the fall auction season with its sale of Magnificent Jewels on Oct. 18, 2011 an auction of more than 340 pieces of jewelry estimated to realize a total of $35 million.
"As we meet with collectors and dealers around the world in the run-up to this autumn season, it is clear that demand for rare and important jewelry remains as strong as ever," Rahul Kadakia, head of jewelry for Christie's Americas, said.
The top lot of the auction is the vivid yellow diamond (below), an un-mounted super-saturated fancy vivid pear-shaped diamond of nearly 33 carats. Estimated to realize $6-$8 million, the GIA ranks the stone among the rarest of gemstones in its class.
"Recent top prices for colored and colorless diamonds and gemstones have helped bring some spectacular jewels into the marketplace," Kadakia said.
Six large D-color diamonds will be offered at Christie's, with the largest being an oval-cut diamond ring (below) of nearly 26 carats by the jeweler Graff, mounted in platinum and estimated to realize $3.5-$5 million.
The sale also features a pear-shaped fancy vivid blue diamond ring of more than 3 carats, flanked by white pear-shaped diamonds, mounted in platinum and estimated to realize $2.5-$3 million.
A full-size version of Cartier's limited edition "Tutti Frutti" Art Deco bracelet, made up of diamonds and carved sapphires, rubies and emeralds, is estimated to realize $600,000-$800,000 at the auction. The sale will also include a 23-carat cushion-cut Columbian emerald ring and a 34-carat cushion-cut Burmese sapphire ring, among other lots.
September 2011
Dates Announced for Liz Taylor Collection Tour
New York--A collection of the late Elizabeth Taylor's jewelry, fashion, art and memorabilia will form a series of public exhibitions next month, touring numerous countries before culminating with four consecutive days of auctions at Christie's here.
The Collection of Elizabeth Taylor Exhibition Tour is as follows:
- Moscow: Sept. 15 - 16, GUM, Red Square 3
- London: Sept. 24 - 26, Christie's, 8 King St.., St. James
- Los Angeles: Oct. 13 - 16, venue to be determined
- Dubai: Oct. 23, Jumeirah Emirates Towers
- Geneva: Nov. 11 - 12, Four Seasons Hotel, 33 qquai des Bergues
- Paris: Nov. 16 - 17, Christie's, 9 avenue Matiignon
- Hong Kong: Nov. 24 - 27, Hong Kong Convention and Exhibition Center
- New York: Dec. 3 - 12, Christie's, 20 Rockefeller Plaza
The auction will take place Dec. 13 - 16.
"The global tour and exhibition of Taylor's collection at Christie's will be a window into the world of a true icon, a rare woman who was at once an international film and fashion star, loving mother, successful businesswoman and generous humanitarian," Marc Porter, chairman and president of Christie's Americas, said.
In keeping with Taylor's dedication to humanitarian causes, a portion of the proceeds generated by exhibition admissions, events and publications related to the sales will the donated to the Elizabeth Taylor AIDS Foundation (ETAF), which was founded in 1991 and provides funding to AIDS service organizations globally.
Taylor died in Los Angeles on March 23, at the age of 79, of congestive heart failure.
August 2011
World Record Prices Set at Geneva Auctions
Formerly in the collection of Princess Katharina Henckel von Donnersmarck, this emerald and diamond tiara fetched a record price at Sotheby's May 17, 2011 auction.
Geneva--An auction world-record price for a tiara was set when a rare emerald and diamond tiara realized more than $12 million at Sotheby's sale of magnificent and noble jewels here.
Previously estimated to garner between $5 million and $10 million, the tiara's sale also represents a world auction record of an emerald jewelry piece.
"The evening's results, across the board--in noble jewels, diamonds, colored gemstones, and pieces signed by the world's greatest jewelers--show the extraordinary appetite among connoisseurs for rarity, quality and provenance," David Bennett, chairman of Sotheby's jewelry department for Europe and the Middle East, said.
The Sotheby's sale realized a total of $89 million, with 90 percent sold by lot and 97 percent sold by value.
Included in the auction was the nearly $11 million sale of a 10-carat, rare fancy intense pink diamond ring (below) made for the third-highest price for a pink diamond at auction, as well as the ninth-highest price for a diamond at auction.
Christie's sale of magnificent jewels in Geneva on May 18, 2011 realized a total of more than $78 million, with 84 percent sold by lot. This auction also set world-record prices in various categories.
"The jewelry sale in Geneva was marked by strong bidding," Francois Curiel, president of Christie's Switzerland, said. "Forty-two years after our first sale in Switzerland, Geneva remains a vital, specialized auction center in today's global market."
"Quite exceptional prices were achieved at the May 18, 2011 auction in Geneva," Jean-Marc Lunel, head of the jewelry department at Christie's Geneva, said. "The market is particularly keen to buy quality diamonds in all sizes and colors, exemplified in the most successful Christie's jewelry sale ever held in Geneva."
Strong Bidding Marks Christie's NY Auction
July 2011
New York--Christie's June 14, 2011 auction of important jewels here realized $11.7 million, with 94 percent sold by lot and 98 percent sold by value.
"After a spectacular season of auctions in Geneva, Hong Kong and London, our June 14, 2011 sale in New York capped the first half of 2011 with worldwide jewelry sales of $231.5 million, our highest total ever for a spring season," Rahul Kadakia, head of jewelry at Christie's New York, said. "As expected, prices for exceptional diamonds continued to hold strong."
The top lot was an E-color, oval-cut diamond ring (below) weighing nearly 47 carats, flanked on either side by a pear-shaped diamond and mounted in platinum, selling for $4.2 million after a pre-sale estimate of $2.5 - $3.5 million.
A 10-carat pear-shaped diamond (below), D-color, mounted in platinum and flanked on either side by a pear-shaped diamond realized $1.3 million.
A pair of colored diamond ear pendants, each suspending a cut-cornered modified square-cut fancy yellow diamond and mounted in platinum and gold, was sold for $722,500.
A colored diamond ring set in platinum with a square emerald-cut fancy light yellow diamond, weighing approximately 19 carats, and flanked on either side by a triangular-cut diamond, brought $458,500.
Christie's will hold its next jewelry auction on Wednesday, July 20, 2011 in London.
June 2011
Bulgari Blue' Colored Diamond at Christie's October, 2010 Auction
The circa 1972 Bulgari Blue Diamond ring
was the highlight at "Jewels: The New York Sale,"
auction on October 20, 2010 at Christie's.
New York-A two-stone diamond ring designed by Bulgari in the 1970s and dubbed "The Bulgari Blue" was the highlight of Christie's "Jewels: The New York Sale" auction, held in October, 2010.
The Bulgari Blue features a 10.95-carat triangular-shaped fancy vivid blue diamond - which Christie's touts as the largest fancy vivid blue diamond of this cut ever offered at auction - alongside a 9.87-carat triangular-shaped coolorless diamond. It is projected to garner more than $12 million at auction, and is expected to be one of the top-selling auction diamonds of 2010.
According to a news release, a private European collector was selling the Bulgari Blue, which has been in his family for nearly 40 years. The collector bought the ring as a present for his wife in 1972 to celebrate the birth of their first baby boy. The collector worked with Bulgari salesman Carlo Tronconi, a favorite among the brand's high-end European clientele, at the store's flagship boutique on Via dei Condotti in Rome to acquire the ring and paid $1 million for it, a fortune at the time.
Rahul Kadakia, head of jewelry for Christie's Americas, said in the release that the sale of the Bulgari Blue was causing a stir among collectors worldwide.
"Fancy vivid blue diamonds of this size are among the most sought-after of colored diamonds and remain extremely difficult to find, given the scarcity of natural colored rough," he said. "This ring's exceptional quality, rarity and size combined with the coveted imprimatur of the house of Bulgari made this sale a truly special event in the world of jewelry and one that certainly made auction history."
Other highlights of the October, 2010 auction included an iconic pair of imperial topaz and diamond ear pendants by famed designer JAR.
May 2011
Bonhams Nets Nearly $3M at Fall Auctions
Andrew Grima ring features cut-cornered,
square-cut 11.35-carat emerald "pool" with
brilliant-cut diamonds in textured gold mount.
It fetched $33,500 at Bonhams.
New York--Bonhams garnered more than $2.86 million at its October. 2010 jewelry sales in New York, the auction house announced.
One sale, "The Collection of Laura Speiser featuring the work of Andrew Grima," featured 35 pieces by Grima, a designer known for crafting pieces for the British royal family. The highlight of the sale was an 11.35-carat emerald and diamond ring on a textured gold mount, circa 1988. Estimated to fetch $20,000 to $30,000, the ring sold for $33,550.
Other highlights of the Grima sale included a cultured pearl and diamond collar necklace and ear clips by Grima, which sold for $29,280, above the estimated $12,000 to $15,000, and a green tourmaline and diamond "sunburst" brooch designed exclusively for Queen Elizabeth II, who presented the pieces as a gift to Madame Pompidou on a state visit to France in 1972. Estimated to bring $8,000 to $10,000, the brooch sold for $24,400.
According to Bonhams, it was the first auction to focus on the work of Grima since his death in 2007, and all 35 pieces in the collection sold.
"We were privileged to be selected to sell the Laura Speiser jewelry collection," Matthew Girling, Bonhams' worldwide jewelry director, said. "The family chose Bonhams following the advice of the Grima family. Bonhams was the first auction house to hold a sale with a section dedicated to the work of Andrew Grima on Dec. 7, 2006, and we have established the market for his work as an internationally renowned designer."
Another highlight of the sale was an art deco carved jade and diamond brooch by Marsh & Co. from the estate of Margaret Roebling, daughter of Ferdinand W. Roebling, general manager of famous bridge-building firm John A. Roebling Sons Co. Estimated to sell for $6,000 to $8,000, the brooch brought $158,000.
A 3.82-carat rectangular-cut D-color diamond solitaire ring with maker's mark "HW" (for Harry Winston) went for $79,300. And a blue zircon and diamond necklace with pendant ear clips attributed to Louis Comfort Tiffany for Tiffany & Co., and inspired by the arts and crafts movement, circa 1920, sold for $103,700, well above it estimate of $8,000 to $12,000.
Bonhams' fall sales were held October 19. 2010 in New York and simulcast in San Francisco and Los Angeles.
April 2011
Christie's to Auction Liz Taylor's Jewelry
Legendary actress and jewelry lover Elizabeth Taylor,
pictured here wearing a Bulgari watch on the set
of the 1962 film "Cleopatra," is estimated to own
some $150 million in jewels.
Photo courtesy of La Presse
New York--Christie's has announced it will sell the coveted, historic collections of Hollywood legend Elizabeth Taylor's jewelry, works of art, clothing and memorabilia at a series of auctions. Reports set the value of the jewelry alone as high as $150 million.
According to the auction house, Stephen Lash, chairman emeritus of Christie's Americas, and Marc Porter, chairman of Christie's Americas, have "worked with Elizabeth Taylor and her family over the past two decades, and are most honored to have been entrusted with the collection of this world renowned film legend, humanitarian and taste maker."
Taylor died on in Los Angeles on March 23, at the age of 79, of congestive heart failure. The two-time Oscar winner was known for her beauty, AIDS activism, love of jewelry and multiple marriages. In a 2006 survey, conducted when National Jeweler was celebrating its centennial of continual publication, jewelers voted Taylor as the most iconic jewelry-connected celebrity of all time.
Dates and details of the auctions will be announced at a later date, Christie's said.
March 2011
Iconic Blues Take Their places in History
The centerpiece of the Cullinan Blue Diamond Necklace
is a 2.6-carat oval fancy intense blue diamond.
The necklace is a permanent part of the National Gem Collection.
Washington, D.C. - Two fancy blue diiamonds with colorful pasts are stationed in the hallowed halls of a pair of top institutions, the Smithsonian Institution and New York City's American Museum of Natural History (AMNH).
First, in September, 2010 the Cullinan Blue Diamond Necklace was installed for public viewing into the permanent collection of the Smithsonian's National Museum of Natural History (NMNH) in Washington, D.C., after years in the hands of Stephen Silver, the San Francisco-based estate jeweler announced.
According to a recent feature on the bauble in California publication C Magazine, Silver purchased the necklace, which contains 260 diamonds including 5.32 carats of blue stones, in 1992 from the great-granddaughter of Thomas Cullinan, famed South African builder and founder of the Premier Diamond Mining Company.
As the story goes, Cullinan crafted the gem-laden necklace for his wife, Annie, as a consolation prize, of sorts. Cullinan had promised his wife he'd bring her the biggest diamond in the world but after actually unearthing the largest recorded piece of rough in the world "the monstrous 3,109-carat diamond later dubbed thee Cullinan" he opted to sell. (The gigantic rock later was polished into diamonds for the Crown Jewels.)
After being gifted to Annie Cullinan, the blue diamond necklace subsequently was passed down to the first daughter in each successive generation, dazzling at opera galas in Johannesburg until it ended up in the hands of great-granddaughter Anne Robinson.
Silver met Robinson when she moved to the Northwest United States from South Africa in the early 1990s. A retailer that Silver had worked with in the past called him and asked him to take a look at Robinson's jewelry collection. Upon seeing the necklace and learning of Robinson's lineage, Silver jumped at the chance to purchase the Cullinan Blue Diamond Necklace, eventually concluding that it should reside in the museum's National Gem Collection.
Silver presented in September, 2010 an unveiling of the necklace, along with NMHM Director Cristián Samper and Jeffrey Post, geologist and curator-in-charge at the NMNH. The inclusion of the Cullinan Blue is part of the museum's Centennial Celebration.
A month later, the AMNH unveiled the 31.06-carat Wittelsbach-Graff Diamond (above) for public viewing. The stone came to the AMNH from the Smithsonian.
The big blue diamond has a long and storied history, passing through the hands of royalty, including Infanta Margarita Téresa of Spain in the 17th century and Bavaria's ruling House of Wittelsbach in the 18th century. For decades, it was believed that the stone could be cut from the same piece of rough as the iconic 45.52-carat Hope Diamond but a recent comparison disproved this theory.
Graff purchased the stone at a Christie's auction in late 2008, setting a new record price for any gemstone sold at auction when he paid $24.3 million for what was then known as just the Wittelsbach Diamond.
George Harlow, curator of the museum's Department of Earth and Planetary Sciences, is curating the Wittelsbach-Graff Diamond exhibit.
February 2011
Color Market Reports
Opals Took Center Stage at Bonhams Auction
San Francisco - In November, 2010 a sale was hosted by auction house Bonhams & Butterfields and it marked one of the first public auctions in the United States devoted to opals, the gemstone known for its sometimes fiery, sometimes milky hues.
On November 10, 2010 in San Francisco, the "Nature of Opals" sale was the feature of the diverse group of distinctive jewelry, loose stones, mineral specimens, lapidary works of art, decorative objects, décor and fossils, all made from the luminous gem.
The highlight of the sale, however, wasn't a pricey piece of jewelry, but rather a hat, one of the world's most valuable to be offered at public auction, Bonhams & Butterfields said. Dubbed the "Deep Blue Sea," the hat is crafted from hand-blocked Australian felt, embellished with feathers and bejeweled with 26 opals weighing approximately 1,447 carats and mined at Australia's famed Lighting Ridge. A collaboration between Australian master milliner Ann Maree Willett and opal miners Vicki and Peter Drackett, the hat was also worked on by acclaimed opal carvers Daniela L'Abbate and Christine Roussel and features sterling silver and 18-karat gold settings by master goldsmith Gerd Gerold Schulz. It is estimated at between $150,000 and $200,000.
Additional highlights of the auction included an 18-karat gold presentation box set with a 224.24-carat oval cabochon of white opal by famed lapidary artist Manfred Wild of Idar-Oberstein, Germany (estimated between $100,000 and $150,000); a 34.80-carat Boulder opal and briolette diamond necklace (estimated between $90,000 and $110,000); and a tangerine-red Mexican fire opal and diamond necklace mounted in 18-karat yellow gold (estimated between $20,000 and $30,000).
Carvings of note included a figure of a bear constructed from white Australian opals and set into a diamond-studded brooch mount (estimated between $13,000 and $15,000) and an Andamooka opal carving of Buddha (estimated between $2,500 and $3,500).
January 2011
Princess Diana Necklace Hit N.Y. Auction Block
New York - A diamond and pearl necklacce worn by Princess Diana during one of her last public appearances hit the auction block in New York on September, 2010 during the "Iconic Objects" sale hosted by Guernsey's Auction House.
Donned by the princess of Wales just months before her death, the necklace is the only known piece of jewelry worn by Diana that is likely to ever be available for sale, Guernsey's said in a media release. The princess wore the necklace on June 3, 1997, at the Royal Albert Hall in London during a special performance of Swan Lake by the National Ballet.
Designed by Garrard, crown jeweler to the royal family until 2007, with input from Princess Diana, the necklace is composed of five matching South Sea pearls and 178 brilliant- and marquise-cut diamonds, all set in platinum. The design is part of a two-piece suite officially named the "Diana, Princess of Wales Swan Lake Suite," in honor of the occasion to which the princess wore the necklace. The suite also features a pair of complementary earrings featuring two matching South Sea pearls and brilliant- and marquise-cut diamonds, completed shortly before Diana's death.
The earrings were also among the items that were up for auction at Guernsey's, with the suite estimated that fetched under $2.5 million.
In addition to the Swan Lake Suite, the Iconic Objects auction featured a variety of lots from legends such as John F. Kennedy, Albert Einstein, Frank Sinatra, Mickey Mantle, Marilyn Monroe, Michael Jackson and a host of notable others.
The auction took place in New York on September 24, 2010 at the Park Avenue Armory, located at Park Avenue and 66th Street. release.
December 2010
Color Market Reports
Duchess of Windsor Jewels Embark on World Tour
London Pieces from a renowned collection of jewelry once owned by Wallis Simpson, the infamous Duchess of Windsor, will hit the auction block at Sotheby's in late November 2010. But first, the jewels are embarking on an international tour.
Included among the touring items are a number of Cartier creations, a jeweled Van Cleef & Arpels purse and a series of silver items and medals that were once property of Edward VIII. The pieces are currently on display in London and will move on to Hong Kong, Moscow, New York and Geneva before a November 30, 2010 auction, where they are expected to fetch around $4.7 million.
The Sotheby's auction will mark the first time the Duchess of Windsor jewels have returned to market in 23 years, back when the auction house sold the items as part of an auction that fetched $50 million.
The collection is renowned both for its exquisite jewels from the great European jewelry houses, as well as for the story that they tell of a romance that led Edward VIII, who became king in 1936, to abdicate the throne of Great Britain.
An American socialite, Simpson was once divorced and married a second time when she began a relationship with Edward VIII, then Prince of Wales. Months into his reign as king, Edward caused a national scandal, declaring that he would give up the throne to marry the now twice-divorced Simpson.
The pair became the Duke and Duchess of Windsor, and the jewelry they commissioned over the years illustrates key events in their historic relationship. Included among the auction pieces are a Cartier onyx and diamond panther bracelet designed in 1952; a flamingo brooch featuring rubies, sapphires, emeralds, citrines and diamonds, bought in 1940; and a number of inscribed designs.
A heart-shaped emerald, ruby and diamond brooch by Cartier features the initials "W.E.," for "Wallis and Edward," and commemorates the pair's 20th wedding anniversary. Another Cartier diamond bracelet is studded with nine gem-set Latin crosses, each representing special moments in Simpson's life from 1934 to 1944.
Today, the Duchess of Windsor jewels remain the most valuable single-owner jewelry collection ever sold, Sotheby's said in a media release.
November 2010
Pink Diamonds Glitter in Auction Spotlight
In October 2010, a 6.43-carat pink diamond set in a Van Cleef & Arpels ring exceeded its pre-sale estimate of $55 million Hong Kong dollars (about $7 million) when it sold for $60 million Hong Kong dollars (about $7.7 million) at a record Sotheby's Hong Kong auction, Bloomberg reported.
Meanwhile, the auction house is revving up to offer what it is calling "one of the world's great diamonds" this month, November: a 24.78-carat fancy intense pink diamond that was last seen on the market some 60 years ago when it was purchased from Harry Winston.
An emerald-cut stone mounted as a ring and graded by the Gemological Institute of America, the pink stunner will be auctioned at Sotheby's Geneva's on November 16, 2010 sale of "Magnificent Jewels."
Graded as VVS2 clarity, the ring has been assessed to be a member of the rare and coveted type IIa classification, which comprises less than 2 percent of the world's gem-diamonds, Sotheby's said. The stone's pre-sale estimate ranges from 27 million to 38 million Swiss francs (about $28 million to $39 million).
"During my 35-year career at Sotheby's, I have had the opportunity to examine many magnificent and rare gemstones and, put simply, this stone is one of the most desirable diamonds I have ever seen," said David Bennett, chairman, Europe and the Middle East, Sotheby's International Jewelry Department. "What makes it so immensely rare is the combination of its exceptional color and purity with the classic emerald-cut�a stylee of cutting normally associated with white diamonds and one that is so highly sought-after when found in rare colors such as pink and blue."
Auction house Christie's will also host an upcoming sale featuring a pink diamond. On October 20, 2010 in New York, Christie's offered a custom-designed Barbie doll donning a necklace set with a 1-carat pink diamond, the Associated Press (AP) reported. Though diminutive as compared to the pink sold at Sotheby's Hong Kong and the 24.78-carat stone set for sale at Sotheby's Geneva, the doll and her diamond could make for the world's most expensive Barbie.
Estimated between $300,000 and $500,000, the Barbie's pink diamond is an emerald-cut, fancy vivid stone set in the center of a geometric pattern of smaller white diamonds, totaling 3 carats. The necklace was designed by jeweler Stefano Canturi.
According to the AP, the world record for a Barbie is $17,091, a price realized in 2006 at Christie's London.
October 2010
San Diego--A new exhibit examining the beauty and science behind gemstones native to California is on display now at the San Diego Natural History Museum.
"All That Glitters: The Splendor & Science of Gems & Minerals" opened May 15 at the museum and will run through May 15, 2012.
According to a release of the Southern California Chapter of the American Society of Jewelry Historians (ASJH), which conducted an exclusive tour of the exhibit on Aug. 7, All That Glitters highlights a wide range of natural mineral crystals, exquisite jewelry and works of art. The exhibit's curator is Gemological Institute of America (GIA) Graduate Gemologist Elise B. Misiorowski, who led the tour for ASJH's members and their guests earlier this month.
The exhibit focuses on gemstones and minerals native to the state of California, including the rare state gemstone Benitoite, found only in San Benito County. It also includes pieces on loan from private collectors as well as major U.S. museums, such as the American Museum of Natural History, the GIA, Harvard University's Mineralogical Museum and the Smithsonian Institute's National Museum of Natural History.
Admission to the exhibit is included with general admission to the museum, which is $17 for adults. The museum is located at 1788 El Prado in San Diego, near the famous San Diego Zoo.
For more information, including special offers on tickets, visit SDNHM.org.
September 2010
How ruby and sapphire markets have transformed . . .
Ruby and sapphire are among history's most coveted gems, with fashioned stones dating back to ancient Greece, India, and Asia.
Traditionally, they have been scarce and expensive. The past 25 years, however, have brought radical changes in the market for rubies and sapphires, stimulated by huge increases in supply. Today, they are much more readily available in a full range of prices.
This is because of the discovery of large deposits around the globe and the development of treatments that could consistently transform unattractive material into beautifully colored gems. By 2009, ruby and sapphire accounted for about one-third of all colored stone and pearl sales worldwide.
The lead article in the Winter 2009 issue of Gems and Gemology, Russell Shor and Robert Weldon's "Ruby and Sapphire Production and Distribution: A Quarter Century of Change," adapted here, chronicles these new sources and treatment methods and how they coincided with new sales outlets, such as television and online shopping. It also examines how corundum supplies and prices have been buffeted in recent years by political events and social concerns.
Myanmar (formerly Burma) has been at the center of the ruby story for centuries. The ancient Mogok deposits, the traditional source of the world's finest material, have continued to produce, while a new discovery, Mong Hsu, began to yield large quantities of commercial material during the mid-1990s. By the early 2000s, the country was supplying an estimated 90 percent of the world's rubies.
Other sources--Kenya, Vietnam, and Madagascar--also began to supply the market, and ruby became fairly plentiful during the 1990s and early 2000s. Most recently, in 2007, fine stones began to emerge from a new locality in Winza, Tanzania. Prices for medium- and commercial-quality material eased considerably, and with larger supplies available at attractive prices, designers began to turn out lines of mass-market ruby jewelry.
Changes in the sapphire market have been even more profound. While traditional sources such as Kashmir, Thailand, and Cambodia were becoming mined out, new production from Sri Lanka, Australia, Madagascar, and (briefly) the U.S. state of Montana poured into the market.
In earlier times, much of this material would not have been mined because it was either too pale (Sri Lanka) or too dark (Australia), or had a less-commercial color (Madagascar). But gem dealers, primarily in Thailand, perfected heat-treatment processes that could consistently improve the colors of these goods. Thus, millions of carats of previously unusable sapphire were transformed into attractive gems.
The treatments, while a boon to the gem market, were also controversial, primarily because many dealers failed to disclose them to buyers. In time, the trade generally accepted straight heat treatment--subjecting ruby and sapphire to high temperatures under controlled atmospheric conditions. But in 2001, treaters took that process one step further, creating a furor that resounds today.
That year, an abundance of pinkish orange "padparadscha" sapphires entered the market. Because such sapphires are normally quite rare, the sheer quantity of these stones prompted gemologists and dealers to suspect a new form of treatment. Eventually they discovered that beryllium was being diffused into the stone during the heating process, radically altering the perceived color. Beryllium diffusion was subsequently used to modify blue and other colors of sapphire, as well as ruby, expanding the controversy and attracting a spate of negative press reports.
Also impacting the market were the large quantities of attractive ruby that began to show up in the early 2000s. Much of the material, it was quickly discovered, had been filled with lead glass to conceal abundant fissures in cloudy pink sapphires that were otherwise unsuitable for gem use. Fortunately, this treated material is easily identified with magnification.
International politics also affected the ruby and sapphire trade. To censure Myanmar for human rights abuses, the U.S. Congress enacted the Burmese Freedom and Democracy Act in 2003, which banned trade in gems and other products from that country. But the ban left a huge loophole that allowed the import of gemstones if they had been cut in a third country. The vast majority of Burmese gems were cut in neighboring Thailand, so the ban had little real effect.
As repression in Myanmar increased, however, the European Union enacted its own ban on Burmese gems, followed in 2008 by a tightening of the U.S. measure that effectively banned all Burmese ruby and jadeite imports regardless of where they were cut. As a result, more than 50 ruby mines closed down in Myanmar, while buying by foreign dealers reportedly fell by more than half in the latter part of 2008.
The need to identify which rubies were Burmese highlighted another issue: country of origin. Colored stones from certain localities, such as Mogok ruby and Kashmir sapphire, have traditionally commanded the highest premiums. Although many feel that gemstones should be judged by individual beauty rather than source, recent technological advances have given laboratories the tools needed to make more accurate country-of-origin determinations.
As Burmese rubies were being removed from the market, Madagascar, the world's largest sapphire producer in the mid-2000s, abruptly banned export of all rough gem materials in early 2008. A Thai delegation visited the country to negotiate an end to the embargo, but failed to secure an agreement. The ban was lifted in mid-2009 after a coup toppled the president. By then, however, the number of miners working the vast Ilakaka sapphire deposits had shrunk to one-fourth its peak.
Despite these challenges, demand for ruby and sapphire grew strongly during the 1990s and into the 21st century. One 2009 study reported that they accounted for almost one-third of the $10.3 billion worldwide retail market for colored stones and pearls. A second 2009 study, by mining company True North Gems, broke the numbers down further: ruby accounted for $2.1 billion, sapphire $800 million (with $58 million of that pink sapphire). Note that sales figures for sapphire are lower because of the vast quantities of inexpensive lesser-quality and diffusion-treated material in the market. By comparison, emerald sales totaled $1.4 billion.
Looking to the future, the colored stone trade is moving to address growing consumer demand for fair trade goods that meet standards of safe working conditions, fair economic returns to miners and their communities, and environmentally sustainable practices. A number of industry organizations are working with mining operations and gem dealers to hasten progress toward these goals.
The future of the corundum market depends on finding new, economic ruby and sapphire deposits. But the trade's understanding of treatments and willingness to disclose them will grow ever more important in maintaining consumer confidence, as will awareness of consumers' desire to own beautiful products that embody positive social, ethical, and environmental values.
This article was adapted by Russell Shor, a senior industry analyst for the Gemological Institute of America (GIA), from a longer article that appeared in Gems and Gemology by Shor and Robert Weldon. GIA is sharing the material with National Jeweler as a courtesy.
Copyrighted by the Gemological Institute of America. All rights reserved, May 2010.
August 2010
Christie's New York Finishes Season at $56 Million
New York--Christie's New York tallied up $56 million in sales for its spring season, a grand total that was due--in part--to a last-minute boost from the auction house's "New York Jewels" sale which realized more than $15.2 million.
Sell-through rates for the New York Jewels sale were 84 percent by lot and 82 percent by value, making for a total $15,226,275 in sales, the auction house said in a news release.
The top lot of the sale, and of the spring season at Christie's, was a 27.03-carat, cushion-cut, D color, VVS1, Type IIA diamond. Estimated between $2.5 million and $3.5 million, the stone ultimately fetched a price of $3,554,500, or $131,500 per carat, from a private buyer from Asia.
The June 2010 auction also set two world auction record prices with the sale of a modified square-cut fancy intense orangey-pink diamond. Estimated between $1 million and $1.5 million, the 10.19-carat stone sold for $2,322,500 to William Goldberg, the prestigious diamond corporation based in New York's Diamond District. The sale set a world auction record price per carat and for a fancy intense orangey-pink stone, according to Christie's.
Other colored diamonds made it into Christie's top 10 for the sale, including a 12.50-carat, pear-shaped light pink diamond ring that sold for $1,482,500 ($119,000 per carat); a 3.01-carat hexagonal fancy intense pink diamond that sold for $662,500 ($220,000 per carat); and a 6.36-carat rectangular-cut fancy vivid yellow, VS1 diamond that sold for $374,500 ($59,000 per carat).
Diamond jewelry lots making the top 10 included a pair of cushion-cut diamond ear pendants, featuring 12.02 carats and 11.60 carats, respectively (sold for $662,500); a natural pearl and diamond necklace (sold for $338,500) and a diamond riviere necklace with 64 graduated diamonds (sold for $266,500).
Additional items of note included a multi-gem necklace featuring the Tsar Alexander III amethyst, by Prince Dimitri (sold for $242,500) and a group of 100 gold coins from Austria issued in 1915 (sold for $224,500).
July 2010
Red-hot Diamond on Block at Sotheby's Australia
Sydney, Australia--Sotheby's Australia's April 12 sale of antique and contemporary jewelry brought a significant one for the auction house. The event will mark the Australian branch's first standalone jewelry sale, with the highlight slated to be the first red diamond ever offered for public auction in Australia.
The 0.82-carat, fancy purplish-red Argyle diamond is set into a ring and is flanked by a pair of fancy blue diamonds in a round brilliant-cut diamond surround, all mounted in platinum. Its value is estimated at between 700,000 and 1 million Australian dollars (between about $645,065 and $921,556) and was accompanied by a letter from Argyle Diamonds attesting to its rarity.
Sotheby's said in a media release that despite the notable discovery of the Argyle pink diamond deposits in Western Australia, less than a handful of red diamonds have been discovered, and connoisseurs have long considered red diamonds to be among the most precious and rare of diamonds.
The April 12 sale offered even more superb examples of colored stones, including a double strand of graduated emerald beads accented with diamond-set rondelles (estimated between $9,676 and $11,519), a sapphire and diamond ring (estimated between $23,034 and $32,248) and an emerald and diamond ring (estimated between $64,497 and $82,907).
Additional items of note included a diamond and platinum ring with a 10.07-carat, heart-shaped center diamond set above round brilliant-cut diamond shoulders and a diamond-set band (estimated between $313,207 and $386,870), as well as a diamond and gemstone-studded Vertu mobile phone hand made and pavé set with fancy pink and colorless diamonds, pink sapphires and rubies with 18-karat rose gold (estimated between $27,633 and $46,055).
Also on offer was a selection of men's and women's timepieces from brands such as Rolex, Cartier, Piaget, IWC and Breitling.
Prior to the April 12 sale, previews took place in two Australia locations: Melbourne on April 7 and 8, and in Sydney April 10, right up until the evening sale on the 12th.
June 2010
Historic Stones Rule The Day At Christie's
New York--Two stones with colorful histories sold above their estimates at Christie's "Jewels: the New York Sale."
According to a news release issued by the auction house, a private U.S. buyer paid $1.76 million for the 39.55-carat, I color Emperor Maximilian Diamond, which was estimated to fetch between $1 million and $1.5 million.
The cushion-cut stone has a long and interesting history, having once been owned by the Archduke Maximilian, who ruled as emperor of Mexico at the insistence of Napoleon III but was later executed. It is believed that he was wearing the diamond around his neck when he faced the firing squad.
After passing through a number of owners, the stone fell into the hands of diamantaire Laurence Graff, who bought it at Christie's in 1982 and sold it to Imelda Marcos, widow of former Philippine President Ferdinand Marcos.
In addition, a private Middle Eastern buyer paid $1.65 million for the Catherine the Great Emerald Brooch, a hexagonal-cut emerald and diamond cluster brooch the Russian ruler gifted to Sophie Dorothea in 1776 when Dorothea married her son and successor, Paul I. The piece was estimated to fetch between $1 million and $1.5 million.
All told, the Christie's sale totaled $41.25 million, with 85 percent sold by lot and 92 percent sold by value, according to the release.
The top lot of the sale was a heart-shaped, 28.28-carat D flawless diamond, which sold for $3.78 million, or $133,000 per carat.
"Historic diamonds and royalty stole the headlines at Christie's [Thursday], with the Emperor Maximilian Diamond achieving $1.76 million--more than twice its original auction price since it first appearance at Christie's in 1982," Rahul Kadakia, head of jewelry at Christie's New York, said in the release. "Twelve jewels sold for more than $1 million, and D flawless diamonds continued to bring prices over the $100,000 per carat mark. In all, the sale demonstrated once again the great health of the global market for top-quality jewelry and precious stones."
Other notable lots from Thursday's sale include a 3.43-carat, cushion-cut fancy vivid blue diamond purchased by a member of the U.S. trade for $3.10 million; a 20.06-carat, cushion-cut D internally flawless diamond purchased by Geneva jewelry house Chatila for $2.49 million and a rectangular-cut E color potentially internally flawless 15.75-carat diamond ring designed by Bulgari, bought by a private U.S. buyer for $1.76 million.
May 2010
Christie's to Auction Historic Royal Jewels
New York--Christie's New York is revving up for a big month, preparing for its first major jewelry sale of the year. Auction highlights will include two exceptional jewels with storied histories.
Set to hit the block are "The Emperor Maximilian Diamond," a 39.55-carat colorless stone, and "The Catherine the Great Emerald and Diamond Brooch," featuring a Colombian emerald weighing in at over 60 carats. Both pieces are estimated between $1 million and $1.5 million.
The Emperor Maximilan Diamond is one of two large diamonds acquired in Brazil by the Archduke Maximilian in 1860, just before he was named Emperor of Mexico at Napolean's urging. Maximilan was later executed by a firing squad, and legend holds that, at the time, he was wearing the diamond in a small satchel tied around his neck.
The stone was returned to his wife, Princess Charlotte of Belgium, and passed through many a hands over the years, including those of London jeweler Laurence Graff and Imelda Marcos, former first lady of the Philippines. The April 22 auction marks the first public viewing of the diamond since a Christie's auction in 1982, when it was purchased by Graff for $726,000.
The Catherine the Great Emerald and Diamond Brooch is considered one of the world's outstanding jewels. The brooch centers on a hexagonal-cut Colombian emerald weighing between 60 and 70 carats and is set within a rose constituted by rose- and old mine-cut diamonds mounted in silver-topped gold.
The brooch originally belonged to Catherine II of Russia, who ascended to the Russian throne in 1762. She later gave the brooch to her daughter-in-law, Sophie Dorothea, princess of Wurttemberg, and the piece was subsequently handed down to the princess' descendants. In 1972, the brooch was sold to a private American buyer.
"Aside from their exceptional rarity, these large stones bear a fascinating history and provenance that renders them truly priceless in the world of fine jewels," said Rahul Kadakia, head of jewelry at Christie's New York.
April 2010
The Celebrity Style Jewelry
Bridal Bonanza: Stars Pick Big, Beautiful Rocks
Los Angeles--June may mark the onslaught of the wedding season, but this year, it seems that winter has been the time to get engaged--given the string of pop stars, top models and big-screen ingénues sporting engagement rings in recent months.
According to the Diamond Information Center (DIC), the most popular engagement ring is a round, 0.5- to 1.0-carat solitaire on a plain, white gold metal band, although rings featuring pavé diamond bands are fast on the rise. But that's for the average bride--and celebrities are, of course, a different story.
Pop star Katy Perry, engaged to British comedian Russell Brand, is among the soon-to-be brides sporting a round diamond, although--far from average--her Cartier stunner features an estimated 3-carat stone. While the large center stone is par for the course for the celebrity set, what makes Perry's ring more unusual is that it sits upon a yellow gold band, creating a vintage look that many brides seem to be going for lately and one that wedding trend forecaster The Knot heralds as "retro glamour."
Neil Lane clients Emily Blunt--perhaps best known for her breakout role in The Devil Wears Prada--and Dutch supermodel Lara Stone have both been sporting vintage-style pieces featuring large center stones and a flurry of details, from small accent stones to milgrained edges.
Blunt's ring has a 1920s feel to it, featuring handmade platinum and tiny diamonds surrounding the round center stone, Lane tells National Jeweler. Stone's ring, meanwhile, features a 4-carat round diamond, also in platinum, with small stones on the shank. For Lane, who is known for creating jewels with a vintage vibe that still retain a modern feel, the design is in the details.
"They all like detail," Lane says of his star-studded client list. "It's not all visual on top, it's seeing stones when they tip the ring over. Girls are loving the detail, they're loving the vintage vibe."
Other engagements making news in the last few weeks include that of Jake Pavelka, star of ABC's The Bachelor: On the Wings of Love. In the show's finale, he proposed to Vienna Girardi with a Neil Lane-designed ring featuring a 2.02-carat, princess-cut diamond set in platinum and accented with 0.72 carats of small stones.
While many of the rings newly engaged celebrities are sporting lately featured uber-large center stones--the DIC estimates Carrie Underwood's Jonathan Ardnt-designed ring at 5-plus carats, Hilary Duff's radiant-cut sparkler is estimated at a whopping 14 carats (and $1 million price tag), Nicole Ritchie's Neil Lane stunner is over 4 carats and Kristen Bell's emerald-cut brown diamond by Lane is 3 carats--Lane says that in his own work, his goal is to create rings that are beautiful and wearable. He doesn't want the first thing a person says to be " 'Wow, what a big ring,' but instead, 'Wow, what a beautiful ring.'"
And while the 3- to 4-carat stone weight many celebrities request is far larger than the 0.5- to 1.0-carat average in the United States, Lane emphasizes that these are the clients' personal rings. While they might seem over-the-top, especially these days, the jewelry befits the world of glamour that these stars live in--a world that the public eagerly tunes into, Lane says.
"There is something for not wanting to be so extravagant, but they are in the world of glamour, and that's what the world loves about them," Lane says. "It's about fashion and style and glamour, and that's what Hollywood does best."
March 2010
The Kimberley Red Diamond
New York--A 1.77-carat, radiant-cut, fancy deep purplish-pink diamond that didn't attract a buyer at Rio Tinto's 2008 Argyle Pink Diamond tender has been recut into a stone that has everybody seeing red, literally.
Joshua Sheby, a gemologist with New York-based Scarselli Diamonds who specializes in natural-color diamonds, said Scarselli purchased the diamond in partnership with a few other companies in the first half of 2009 after it went unsold in 2008.
Though Argyle pink diamonds are difficult to cut because they are heavily included, Sheby said they saw potential in this stone and took a chance.
The result: a 1.61-carat, radiant-cut, fancy purplish-red stone worth an estimated $2 million.
"It was a just a matter of readjusting some of the angles...and bringing out that red component," Sheby said.
The Gemological Institute of America (GIA) graded the stone, and Argyle Pink Diamonds, the marketing arm of mining company Rio Tinto, issued a letter of rarity signed by its business manager Josephine Archer stating that they've dubbed the diamond "the Kimberley Red."
The letter notes that in the past 10 years, only one other diamond larger than 1.5 carats and graded by the GIA as "fancy purplish red" has been featured in the Argyle tender.
"This is an important stone from Australia's Argyle mine. Given the approaching end of mine life, this gem is a significant legacy of the rare and unique fancy colored diamonds produced in this remote part of the world," the letter states.
As for what the future holds for this rare, red diamond, Sheby said that remains to be seen.
The diamond could be sold through an auction house, retail outlet or to a collector and/or investor.
A museum also could decide to buy the stone or rent it for a specified amount of time, he said.
"We haven't ruled out anything," Sheby said.
February 2010
Galatea introduces 'Mercy Pearls'
Designer dedicates first pearl to Cambodian children's hospital
San Dimas, Calif.--Chi Huynh, founder and chief executive officer of Galatea: Jewelry by Artist, is donating the first white South Sea and red coral Galatea Mercy Pearl from his company's new pearl-farming venture in Vietnam for an auction to benefit Friends Without A Border, a charitable organization that supports the Angkor Hospital for Children in Cambodia.
For the auction, to be held during the First Annual Los Angeles Gala on Dec. 10 at the Hollywood Roosevelt Hotel, Huynh has donated the 11 mm pearl set in a 14-karat yellow gold and diamond "Mermaid" pendant. Bidding will open at $2,500.
"It makes me happy to know that this exceptional Galatea Mercy Pearl will benefit children in Cambodia," Huynh said in a media release. "This is a country whose children desperately need basic medical care. To know that this Mercy Pearl may help many more to receive the treatment they so desperately need reinforces this product's very name."
The Galatea Mercy Pearl, a patented pearl that has been called the most significant development in pearl farming in more than 100 years, according to the release, reveals dramatic flashes of its center gemstone bead through its hand-carved nacre or coating.
The Mercy pearls have been grown in the Pinctada maxima oyster at Galatea's pearl farm located in Vietnam's southern coastal growing region. This first harvest shows pearls that are large in size (averaging between 9.5 mm and 14 mm) with lustrous white and creamy yellow nacre.
The First Annual Los Angeles Gala, which is being hosted by Friends Without Borders along with a star-studded committee including Ali Larter, Anne Hathaway, Eva Longoria Parker and Molly Sims, will raise money for the Angkor Hospital for Children, which has provided care for hundreds of thousands of children since its founding in 1999. It is the second largest HIV/AIDS facility in Cambodia and is entirely dependent upon donations for operational expenses.
Galatea: Jewelry by Artist manufactures both in the United States and in Vietnam, and sells to approximately 1,500 retail jewelers throughout the United States. The company also has distribution in both Europe and Asia. For additional information, visit the company's Web site, GalateaUSA.com.
January 2010
Big diamonds equal big bucks at Christie's Geneva
Geneva-Strong results from the Christie's Geneva auction, led by the sale of a 62.30-carat, D flawless diamond that went for $8.051 million, signal a "market resurgence," and strong demand for top-notch gemstones and signed vintage jewelery, the auction house said.
Christie's "Jewels: the Geneva Sale," was held Nov. 18 at the Four Seasons Hotel des Bergues in Geneva. According to a news release, Aleks Paul of Essex Global Trading in New York snapped up the top lot, agreeing to shell out $130,000 per carat for the 62.3-carat, Type IIa flawless diamond.
Paul also submitted the top bids for two natural color diamonds, offering well above the estimate for each.
According to a Christie's release, Paul bid $2.68 million for a diamond ring by Wolfers that paired a 3.30-carat, rectangular-cut, fancy intense blue diamond and a 3.90-carat E, VS2 diamond for which the value was estimated at $580,000 to $740,000.
Paul came up with another nearly $2.68 million for a fancy vivid, fancy intense and fancy blue diamond clasp, circa 1950, which had an estimated value of $500,000 to $650,000. Overall, the auction sold 82 percent by lot and 93 percent by value.
"With a beautiful selection of 215 carefully chosen lots, Christie's fall auction of magnificent jewels in Geneva reflects the current demand for fine quality gemstones and signed vintage jewelry, presented with attractive estimates," Jean-Marc Lunel, head of the sale, said in a press release. "An emphasis has been placed on items with a private provenance, which are fresh to the market and traditionally appeal to both professionals and international private collectors."
He also noted that more than $70 million in jewelry changed hands during the two-day auction, including the $8 million sale of the 62-carat white diamond.
"This shows the clear resurgence of the jewelry market and we look forward to exciting sales in Hong Kong, New York and London in early December," he said in the release.
Among the most sought-after natural color diamonds in the sale were a 65.20-carat fancy intense yellow, cushion-shaped diamond pendant, which sold for nearly $1.04 million, and a 4.42-carat fancy intense, square-cut green diamond ring, which sold for $783,000.
Also featured was the largest recorded fancy grayish-yellowish-green "chameleon" diamond in the world, cut into a briolette and mounted as a pendant. Chameleon diamonds are diamonds that react to heat or dark storage by temporarily changing color from grayish green to yellow when they are heated, cooled or kept in the dark.
A member of the European trade purchased the 19.13-carat stone for $987,000, setting a new world record price for a chameleon diamond.
Notable colored gemstones offered at the sale include a 7.03-carat oval-shaped Burmese ruby set in a diamond cluster ring by diamantaire Laurence Graff, which sold for $1.13 million to a private Asian buyer.
December 2009
Jewelry Auctions
32-carat Annenberg astonishes at auction
New York--In an event Christie's is terming "an auction to remember," an anonymous buyer paid $7.7 million for the 32.01-carat D-flawless Annenberg Diamond on Wednesday, well surpassing the stone's estimated sale price of $3 million to $5 million.
The diamond, owned by philanthropist Leonore "Lee" Annenberg, who died in March at the age of 91, was mounted in a ring by Manhattan jeweler David Webb.
Its sale set a new, world-record auction price of $240,000 per carat for a colorless diamond, according to Christie's.
Overall, Christie's "Jewels: The New York Sale and the Annenberg Diamond" and "Rare Jewels and Objets d'Art: A Superb Collection" held on Wednesday in New York City, totaled $46.5 million and achieved a combined sell-through rate of 85 percent by lot and 94 percent by value.
In a press release, Rahul Kadakia, head of jewelry at Christie's New York, said the activity at the auction defied these recessionary times.
"For three-and-a-half hours, between 10:00 a.m. and 1:30 p.m. on Oct. 21 at Christie's, it was as if the recession never happened," he said. "Virtually every lot exceeded its estimate, and the $7.7 million Annenberg Diamond astonished even the most seasoned diamond dealer. It was an auction to remember. And if this were not enough, the sale started again at 2:30 p.m. and continued until 7:00 p.m., giving collectors opportunity to acquire exceptional masterpieces from the superb collection of Rare Jewels and Objets d'Art."
Also sold on Wednesday was a 16.33-carat circular-cut diamond with E color and flawless clarity, purchased by a private Asian dealer for $1.6 million, or $97,000 per carat.
Among the pieces exceeding estimates were a belle epoque diamond and rock crystal bow brooch by Cartier, which was expected to fetch between $200,000 and $300,000, but was purchased by a member of the U.S. trade for $1.1 million, and a Harry Winston emerald and diamond necklace, circa 1956, expected to fetch between $500,000 to $700,000 that sold for $950,500.
Diamond miner recovers 507-carat diamond at Cullinan mine
Petra Diamonds Ltd, the international diamond mining group, has announced the recovery of a spectacular 507.55-carat white diamond at the Cullinan mine in South Africa.
This spectacular gemstone was recovered on September 24 and is currently with experts for analysis. Initial examinations indicate that it is of exceptional colour and clarity, and is most likely a Type II diamond. Further details, including colour grading and clarity, will be released once the diamond has undergone appropriate analysis.
The diamond was recovered in the same production run along with three other special white stones of similar colour and clarity - a large diamond of 168 carats and two other diamonds of 58.5 carats and 53.3 carats.
The 507-carat diamond, which has yet to be named, is considered to be among the top 20 largest high-quality rough diamonds ever found worldwide and ranks alongside other illustrious diamonds recovered at the celebrated Cullinan mine. Cullinan has a special place in the history of diamonds as the source of the world's largest diamond ever recovered, the Cullinan, at 3,106 carats rough.
November 1, 2009
EU backs U.S. in seeking coral protection
London--The European Union (EU) has agreed with a U.S. initiative to seek international trade protection for red and pink coral, which is used in fine jewelry as well as home decor and has been the subject of a campaign by conservation groups that believe over-harvesting has imperiled the slow-growing species.
The European Commission indicated that EU member states--including Italy, a major producer of coral jewelry--were in favor of a request from the United States to co-sponsor a proposal to list red and pink coral under Appendix II at the next Convention on International Trade in Endangered Species (CITES) Conference of Parties, to be held March 13-25, 2010, in Qatar.
An Appendix II CITES listing for red and pink coral would not prohibit trade, but would ensure that international trade in coral is carefully monitored through a system of export permits, which would help to reduce trade in illegally fished coral. Countries wishing to export red and pink coral would be required to produce a scientific finding that proves trade is not detrimental to the survival of these species.
SeaWeb's Too Precious to Wear campaign, which is among the organizations that has been pressing for the protection of coral, hailed the announcement.
"This decision is a major step toward safeguarding the future of these species and the livelihoods that depend on them," SeaWeb President Dawn Martin said in a press release.
October 13, 2009
Diamonds sparkle at NYC's natural history museum
New York--A collection of 25 diamonds, including the Olympia Diamond Collection, is on display now through January at the American Museum of Natural History in New York City.
According to a news release from the museum, the public can view the diamonds in the museum's Morgan Memorial Hall of Gems.
Diamonds in the exhibit include a brilliant-cut intense-pink diamond set in gold with smaller pink diamonds, designed by Carvin French with diamonds from Rio Tinto's Argyle Mine in Australia; a 5.4-carat round-brilliant-cut diamond pendant surrounded by 20 sapphires and set in white gold, designed in California in 1960; and the five colored diamonds of the Olympia Diamond Collection.
According to the release, the Olympia Diamond Collection, curated by Joshua Sheby and on loan from Scarselli Diamonds Inc., consists of a 1.01-carat vivid orange-yellow diamond, a 1.02-carat vivid blue-green diamond, a 2.17-carat vivid purplish-pink diamond, a 2.13-carat vivid blue diamond and a 2.34-carat vivid orange diamond.
In addition, the museum's diamond display includes laboratory-grown diamonds from both Boston-based Apollo Diamond Corp., which uses chemical vapor deposition (CVD) in creating its diamonds, and Sarasota, Fla.-based Gemesis Corp., which uses high-pressure, high-temperature (HPHT) treatment to create its stones.
George Harlow, curator of the museum's Department of Earth and Planetary Sciences, curated the diamond case.
Viewing the diamonds is free with admission to the museum, which is located at Central Park West and 79th Street in Manhattan.
