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Thursday, October 8, 2015

Two Auction Records Set At Sotheby’s Hong Kong Sale

The Jewel of Kashmir

The Jewel of Kashmir, a 27.68-carat Kashmir sapphire and diamond ring, sold for more than $6.7 million at Sotheby’s Hong Kong Magnificent Jewels and Jadeite Autumn Sale. The $242,145 per carat it fetched set a world auction record for the price per carat for a Kashmir sapphire.

Described as having a “cornflower blue” hue, the emerald-shaped gem was the top lot at Wednesday’s auction.

The Cowdray Pearls

The second highest lot in the auction, The Cowdray Pearls, sold for more than $5.2 million, a world auction record for a natural grey pearl necklace.

The necklace is composed of 42 graduated natural grey pearls, completed by a clasp set with a rectangular mixed-cut diamond, mounted in platinum, with maker’s mark JC. The necklace is accompanied by a pair of earrings, each set with a button-shaped natural grey pearl surrounded by single- and brilliant-cut diamonds, signed Cartier London.

Dowager Viscountess Harcourt Necklace

The historically significant Dowager Viscountess Harcourt Necklace was sold to Tiffany & Co for more than $1.5 million. The necklace incorporates diamonds from the French Crown Jewels, purchased by the American luxury jeweler at auction in 1887, which it later sold.

The necklace is set with 28 graduated old mine-cut diamonds together weighing approximately 65 carats, each surmounted by a pair of collet-set diamonds on a wire mounting, suspending from a necklace of scalloped links set with similarly-cut diamonds.

Statement colored gems, fancy colored diamonds, and being Hong Kong, jadeites were among the top lots—maintaining a trend established during the past few years. However, a large percentage of items did not sell. The sale took in $62.3 million, with 66.5 percent sold by lot and 67.7 percent sold by value.

Despite the low percentage of sales, Quek Chin Yeow, deputy chairman of Sotheby’s Asia and chairman of International Jewellery, Asia, said, “We are very much delighted with the results of this sale,” adding “there was broad-based participation by Asian privates along with international trade. The top 10 lots show a great variety ranging from colored stones, diamonds and pearls to jewels of aristocratic provenance, with colored diamonds selling well over their high estimates.

On Tuesday, A rare Patek Philippe yellow gold World Time Vintage wristwatch, Ref 2523/1, 1968, (pictured above) surpassed its high estimate to fetch $933,333 at Sotheby’s Hong Kong Important Watches sale.

It was the top lot of the sale which took in more than $13.7 million with 80.6 percent sold by lot and 84.7 percent sold by value. 

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