Christie’s Jewelry, Jadeite and Watch Sales Totaled $518 Million in 2010

“The Perfect Pink,” a 14.23ct. intense pink gem achieved $23.2 million in Hong Kong in November, 2010, to become the most expensive jewel ever sold in Asia.

Led by spectacular colored diamonds, jewelry sales at Christie’s International totaled a new record of $426.4 million, smashing the previous record of $395 million set in 2007. The international auction house said each of its major sales regions experienced significant increases, most notably Asia with (up 73 percent) and Europe (up 70 percent).

“This tremendous leap in Christie's results is due to a renewed confidence in the jewelry market, seen all over the world,” the company said in a statement. “With many new buyers in Europe, the U.S. and naturally Asia actively participating at a high level, competition has become more intense than ever for rare jewels and gems of the highest quality. In particular, collectors from Mainland China have become a formidable force as they bid enthusiastically on many top pieces, displaying a continued passion for jadeite and growing connoisseurship of ‘Western’ jewelry.”

Colored diamonds were undoubtedly the highlight of the year, with “The Perfect Pink,” a 14.23ct intense pink gem achieving $23.2 million in Hong Kong in November, becoming the most expensive jewel ever sold in Asia. Similarly, The Bulgari Blue (left), a two-stone ring featuring a 10.95ct vivid blue and a 9.87ct G, VS1 diamond, fetched $15.8 million or a world record $1.4 million per carat for the blue gem.

“Based on current market demand, the focus in 2011 will undoubtedly be the search for gems of the highest quality, historic diamonds and colored stones, as well as rare signed jewels, which international collectors consider the most desirable today,” Christie’s said.

In addition, 2010 was a strong year for Christie’s watch sales, which realized a record-breaking $91.2 million. Every watch sale hosted at Christie’s salerooms in Dubai, Hong Kong, Geneva, and in New York achieved sell-through rates above 90 percent by value and the top watch of the year was a unique Patek Philippe Reference 1527 manufactured in 1943 that sold for a record $5.7 million at Christie’s Geneva.

In total, jewelry, jadeite and watch sales took in $518 million for the auction house.

Total sales for Christie’s rose a spectacular 53 percent in 2010 to $5 billion, the highest sales total in the 245 year history of the firm. The figure is also the highest annual sales total ever recorded in the industry. Sales totals include private sales of $572.4 million, a year-over-year increase of 39 percent.