An important and rare Van Cleef & Arpels diamond “Tie” necklace smashed its estimate and blew past other impressive gems and jewels to become the top lot at Sotheby’s Magnificent Jewels auction, held Friday in New York.
The necklace, circa 1929, composed of graduated links set with variously cut diamonds with elongated tassels that partially rotate, sold for $3.6 million, triple its high estimate of $1.2 million, after a six-minute battle between seven bidders.
It was one of the few marquee items in the sale of 95 lots, a low number for a major New York auction. However, many of the items offered were highly collectible and wearable as shown by the overall results. For example, the sale achieved $30 million, near its $35 million high estimate, with 90% of lots sold and 62% of sold lots achieving prices above their high estimate. Sotheby’s said persons from 30 countries participated in the auction, placing more than 1,200 bids. In addition, seven out of the 10 most valuable jewels in the sale achieved more than $1 million. Art Deco jewels, Kashmir sapphires and white diamonds all performed well.
Quig Bruning, Sotheby’s Head of Jewels for Americas & EMEA, credits Sotheby’s new lower buying premium, set at 20%, for the strong overall results.
“We’re encouraged to see that two-thirds of jewels have sold above their high estimates since our lower buyer’s premium came into effect on May 20, confirming that a fairer fee structure is the definition of client-first, and not only encourages more buyers to participate at auction, but also reiterates that Sotheby’s is open to all.”
The number two lot of the sale was a 53.04-carat pear-shaped internally flawless D-color diamond that fetched more than $3.4 million, within estimates.
This was followed by a platinum ring featuring a 10.31-carat cushion-shaped Kashmir sapphire with a richly saturated, deep blue color, according to the auction house report. The ring was sold by Marcus & Co., an important American luxury jewelry retailer. It sold for more than $1.9 million, nearly triple its high estimate.
A platinum ring centered with a 14.51-carat cushion-shaped sugarloaf cabochon Kashmir sapphire created by Cartier fetched $1.8 million, besting its $1.2 million high estimate.
A 21.54-carat oval shaped diamond with D color and VVS2 clarity, flanked by a pair of pear-shaped diamonds by Graff fetched $1.4 million, within estimates.
An elaborate colored stone and diamond bracelet with French assay marks, circa 1925, is designed as a frieze, with the central panel depicting the figure of Isis, flanked by panels depicting Horus falcons with a continuous pattern of papyrus reeds. It sold for more than $1 million, nearly triple its high estimate of $350,000. The bracelet was set throughout with old European and single-cut diamonds, caliber-cut buff-top rubies, sapphires, emeralds and black onyx. The piece was purchased by London private antique jeweler, Symbolic & Chase.
An important gold and diamond pendant-necklace by Graff, featuring a 16.06-carat emerald-cut diamond with D color, VVS1 clarity, fetched just over $1 million.
Among pearls, the winner by far a three-strand necklace with natural and cultured pearls and a clasp with European and circular cut diamonds that sold for $552,000, soaring past its $70,000 high estimate.
This article was first published on forbes.com and all figures are in USD.
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