16-Carat Burmese Ruby Earns $14.1 Million, Most Expensive Colored Gem Sold At Auction In U.S.

The "Jubilee Ruby"

A 15.99-carat Burmese ruby, known as the “Jubilee Ruby,” fetched more than $14.1 million at Christie’s New York Magnificent Jewels sale Wednesday. 

The price for the gem—set in an 18k gold ring within a circular-cut diamond and polished gold surround designed by Verdura—includes auction commission and other fees. The hammer price was $12.5 million, on the low end of its $12 to $15 million estimate.

Bidding for the gem began at $10 million and those inside the mostly filled saleroom turned quiet while Rahul Kadakia, Christie’s International head of Jewelry, coaxed a few phone bidders past the low estimate.

Kadakia said recently that top quality Burmese rubies of more than 15 carats “are an absolute rarity in the world of colored gemstone.”

The statement ruby was the last of 255 lots that took in more than $57 million and was one of nine lots that fetched more than $1 million. 

Christie's saleroom during Wednesday's auction. Photo by Anthony DeMarco

The statement ruby was the last of 255 lots that took in more than $57 million and was one of nine lots that fetched more than $1 million. All of the lots were diamonds. Among the others big-ticket items were:

* A 10.07-carat cushion modified brilliant-cut fancy intense purple-pink diamond flanked on either side by a triangular-shaped diamond mounted in platinum and gold ring that sold for $8.8 million, within its estimate.

* A 40.43-carat round brilliant-cut D color Flawless diamond with “excellent cut, polish and symmetry” that sold for $7 million, just below its estimate. 

* A 54.62-carat round-cornered rectangular modified brilliant-cut fancy vivid yellow diamond mounted in 18k gold ring that sold for more than $2.4 million, just below the high estimate.

* 14.11-carat round brilliant-cut D color, Flawless clarity diamond mounted in a platinum ring, with “excellent cut, polish and symmetry” that sold for $1.9 million, just below its high estimate.


* 41.18-carat cushion brilliant-cut diamond mounted in platinum ring with J color, VS2 clarity and “excellent polish and symmetry” that sold for $1.45 million, just below its high estimate. 

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21-Carat Kashmir Sapphire Fetches $4.2 Million, Shatters Estimates

Rare colored gems continue to show their strength in the auction market as a 21.71-carat Kashmir sapphire easily topped the results at Christie’s New York Important Jewels sale, Tuesday.

Called “The Kelly Sapphire” prior to the auction, the dark-blue natural gem sold for $4.2 million, more than double its high estimate ($193,000 per carat). The stone is mounted on ring by Cartier flanked by two trapeze-shaped diamonds.

The sapphire was from the private collection of Margaret Adderley Kelly, who, along with her husband and son, help shape the national employment agency and recruitment firm, Kelly Services, Inc., into a Fortune 500 company.

The collection of 28 lots from the original “Kelly Girl” all sold, fetching $9.8 million, nearly double its pre-sale estimate of $5 million. Two other items were among the 10 best selling lots at the auction. They are: an Art Deco necklace featuring a 16.24-carat D-color, internally flawless, VS2, pear-shaped diamond pendant, that sold for more than $2.2 million (pictured above), just above its high estimate of $2 million; and a Burmese ruby and diamond cluster necklace (pictured below) that sold for $845,000, well above its $600,000 high estimate.

Christie’s auction of 230 lots totaled nearly $27.6 million, with 79 percent sold by lot and 94 percent sold by value. It marked the last jewelry auction of the spring season for the international auction house. The top lots were largely dominated by colored gems and diamonds, and statement white diamonds. 

The second highest sale of the event was an 80.73-carat cushion-cut, K-color diamond that sold for $3.8 million, within its estimate. The purchaser was listed as SIBA Corp.

Other top lots in the sale include: 

* A 9.97-carat, cushion-cut, Kashmir sapphire that sold for more than $1.1 million

* A 28-carat cushion-cut Intense Fancy Yellow, VS2 diamond that sold for $857,000

* A 27.83-carat rectangular-cut Ceylon sapphire that sold for $845,000, well above its $500,000 high estimate

* A 25.82-carat cushion-cut, K-color, VS2 diamond, that sold for $725,000, just above its high estimate

With the latest auction results, sales at Christie’s jewelry department totaled $69.5 million for the first half of 2015. 

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5-Carat Pink Diamond Fetches $5.7 Million, Natural Pearl Necklace Sets World Auction Record

A 5.29-carat purplish pink diamond sold for more than $5.7 million at Christie’s New York Magnificent Jewels sale Tuesday. The fancy intense gem was the top lot sold at the auction, surpassing its $5 million high estimate and fetching just under $1.1 million per carat.

Natural pearls were also in high demand Tuesday. The second-highest lot of the sale was a four-strand natural colored pearl necklace that sold for nearly $5.1 million, setting a world auction record for a natural colored pearl necklace. 

The necklace comprises four strands of 81, 76, 69 and 63 natural gray and brown pearls, measuring approximately 12.65 to 4.90 mm. The Swiss Gemmological Institute report confirms the authenticity of these saltwater natural pearls that, according to the report, have no indication of artificial color modification.

In addition, a single-strand natural pearl necklace was also among the top 10 lots. Designed as a graduated strand of 46 natural pearls, measuring 6.95 to 11.90 mm, they are joined by a marquise-cut diamond clasp, mounted in platinum, it sold for just over $1 million.

Rahul Kadakia, International head of Christie’s Jewelry, noted that colored diamonds and the jewelry creations of JAR also performed well with “spirited bidding.”

Graff Diamonds had two of its pieces sell among the top 10 lots. A pear-shaped D-color potentially internally flawless diamond pendant of 25.49 carats, was the third highest lot of the sale, fetching more than $3.4 million ($134,000 per carat) (pictured dangling from a diamond necklace); and a cushion-cut D-color potentially internally flawless diamond of 11.03 carats sold for more than $1.3 million ($120,000 per carat).

Whether diamonds or gems, color remains extremely popular on the auction market. Among the top sellers of the auction were a 5.04-carat circular-cut fancy gray-blue diamond that sold for nearly $2.3 million (pictured above); and a 9.40-carat cushion-shaped Burmese ruby that sold for more than $2.1 million, more than double its $1 million high estimate (pictured below).

JAR jewelry continues to command high prices. A pair of emerald, diamond and colored diamond ear clips sold for $845,000, smashing its $350,000 high estimate (below). It was the ninth highest selling lot of the auction.

Christie’s Magnificent Jewels sale totaled more than $41.9 million, with 77 percent sold by lot and 77 percent sold by value.

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Christie’s Magnificent Jewels Sale Fetches $66.6 Million

89.23-carat, pear-shaped D-color VVS1 diamond sold for nearly $11.1 million.

Christie’s New York ended the auction's house's fine jewelry sale season in the Americas with its Magnificent Jewels sale Wednesday that fetched more than $66.6 million (including premiums), producing a final tally in 2014 of approximately $188 million for the Americas. Worldwide jewelry sales amounted to about $740 million, although a complete sales report will be released by the auction house in January 2015.

The top lot of the New York sale was an 89.23-carat, pear-shaped D-color VVS1 diamond (top photo) that sold for nearly $11.1 million (including premium). The diamond, mounted in a platinum setting, sold at $124,000 per carat. 

Other sales of note included a pair of pear-shaped fancy light yellow diamond ear pendants of 52.88 and 51.46 carats (pictured above) that sold for more than $5.4 million, double its presale estimate; and a 5.25-carat Burmese ruby ring by Harry Winston that fetched $1.65 million, more than triple its low estimate.

Other highlights of the sale include the following:

* A colored diamond suite of 593.61 carats, by Jahan that sold for $4.6 million (the necklace is pictured above).

A 21.30-carat, oval-cut fancy light pink Golconda diamond that sold for $4.25 million, or $200,000 per carat.

* A 32.32-carat, oval-cut D-color VVS1 Potentially Internally Flawless diamond by Bulgari sold for more than $4 million, or $126,000 per carat.

* A 32.72-carat, rectangular-cut D-color VS1 diamond sold for $2.4 million, or $74,000 per carat.

* A 1.42-carat, oval-cut fancy red VS2 diamond sold for $2.16 million or more than $1.5 million per carat.

* A 14.28-carat, marquise-cut fancy brownish pink Internally Flawless diamond sold for more than $2 million, or $143,000 per carat.

* A 5.70-carat, rectangular-cut fancy blue VS1 diamond sold for more than $2 million, or $360,000 per carat.

* A single-strand natural pearl and diamond necklace measuring from 13.10 to 8.00 mm sold for $1.8 million.

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Riki and Jerome Shaw Jewelry Collection Raises $8.6 Million For Animal Welfare

6-carat fancy intense pink diamond ring by Harry Winston from Riki and Jerome Shaw collection sold for more than $5.7 million.

Jewelry from the collection of Riki and Jerome Shaw raised more than $8.6 million with all proceeds going toward cage-free animal shelters as part of the couple’s ongoing fight against animal cruelty. It was part of Christie’s New York Magnificent Jewels Sale.

The private collection was led by a 6-carat fancy intense pink diamond ring by Harry Winston, which sold for more than $5.7 million. It was one of two items from the collection that were among the top 10 lots sold during the auction held Wednesday at Christie’s Rockefeller Center headquarters. The other piece was a 6.25-carat Burmese ruby and diamond ring that sold for more than $1.3 million. 

The top lot of the evening was a pair of circular-cut, D-color, internally flawless diamonds of 22.60 and 22.31 carats (pictured above) that sold for more than $8.5 million; followed by a 40.43-carat oval-cut D-color potentially flawless diamond of 40.43 carats (pictured below) that sold for more than $7.6 million. 

Another private collection, this one belonging to Kathleen and Martin Field, sold for more than $6 million with two items among the top ten lots sold: They were a 20.10-carat rectangular-cut, D-color, VVS1 diamond by Harry Winston that sold for more than $2.4 million; and a 42.88-carat rectangular-cut Colombian emerald and diamond brooch by Harry Winston that sold for more than $1.3 million.

A 2.49- carat, old mine cut fancy yellowish green diamond ring by JAR (pictured above) shattered its pre-auction estimate of $500,000 to sell for more than $1.8 million.

One high-ticket item that did not sell was a 50-carat briolette-cut D-color, flawless diamond that had an estimate of $5.5 - $7.5 million. 

The overall auction at took in more than $60.5 million, with 82 percent sold by lot and 80 percent sold by value. 

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52-Carat Golconda Diamond Sells For $10.9 Million

A rare 52.58-carat D-color internally flawless Golconda diamond fetched $10.9 million at Wednesday’s Christie’s New York Magnificent Jewels auction.

Diamonds from the ancient Golconda mines in India are revered for their type, color and degree of transparency that is rarely duplicated.

In addition, a collection of Leviev diamond jewelry under the heading “Property of an Elegant Lady” was sold for $10.2 million, led by a 26.72-carat D color internally flawless diamond that sold for $4.3 million.

The 495-lot auction, the final jewelry sale of the year for the auction house, realized more than $65.7 million, with 86 percent sold by lot and 92 percent by value. The results of the December Sale in combination with the results achieved by the New York jewelry auctions in April and October, brings the 2013 New York Magnificent Jewels total to nearly $193.9 million.

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Christie’s To Offer 52-Carat Golconda Diamond

Christie’s New York will be offering a 52.58-carat D-color internally flawless diamond from the fabled Golconda mine, revered for producing diamonds of a type, color, and degree of transparency that is rarely duplicated. It has a high estimate of $12.5 million.

The octagonal diamond with “superior polish” is the top attraction among 500 lots being offered at the December 10 Magnificent Jewels sale at Christie’s Rockefeller Center headquarters.

The auction is expected to achieve in excess of $45 million and will include jewels by several private collections, including four pieces of diamond jewelry created by the Leviev diamond company. The top item among the four pieces is a cushion-cut D-color internally flawless diamond ring of 26.72 carats mounted in platinum, flanked on either side by a shield-shaped diamond. It has a high estimate of $6 million.

In addition, there’s a diamond pendant necklace with a suspended 22.12-carat pear-shaped d-color, VVS1 diamond. The necklace has a high estimate of $3.5 million.

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The Princie Diamond Sells for a Record Breaking $39.3 Million

The 34..65-carat Princie Diamond

Update: A 34.65-carat fancy intense pink cushion-cut diamond sold for more than $39.3 million at Christie’s New York Spring Magnificent Jewels auction Tuesday.The sale price represents a new record for any jewel sold at Christie’s, surpassing the previous house record of $24.3 million set in December 2008 with the sale of the Wittelsbach Diamond.

Known as the Princie Diamond, its origins can be traced back to the ancient diamond mines of Golconda in South Central India. It was first recorded among the holdings of the Royal family of Hyderabad, rulers of one of the wealthiest provinces of the Mughal Empire.

The sale price, which comes out to more than $1.1 million per carat, also set a record for being the most valuable diamond to ever come out of the famed mine, according to the auction house. It was purchased by an anonymous collector bidding by phone.

“A major event took place in the global auction industry with the record breaking sale of The Princie Diamond at Christie’s New York,” said Rahul Kadakia, Head of Jewelry, Christie’s Americas and Switzerland.

The Type IIa diamond, considered the most chemically pure and often having exceptional optical transparency, was first offered at auction in 1960 as “Property of a Gentleman,” who was later revealed to be the Nizam of Hyderabad himself. The diamond was purchased by the London branch of Van Cleef & Arpels for £46,000. The diamond’s unique name was bestowed at a party at the firm’s Paris store, where it was christened the “Princie” in honor of the 14-year-old Prince of Baroda, who attended the party with his mother Maharani Sita. 

 The total sale of over 290 jewels realized a combined total of more than $81.35 million, "marking the highest various owner jewelry sale total in the United States," according to the auction house.

"Aside from Christie’s sale of the legendary Collection of Elizabeth Taylor, this was the most successful jewelry auction ever held in the United States,” Kadakia said.

Other highlights of the sale, which marked the first jewelry sale of the spring season for Christie’s, included:

* A 30.32-carat rectangular-cut diamond ring (pictured above) that sold for more than $4.4 million, well above its high estimate of $4 million. The diamond set on a platinum ring is flanked on either side by a tapered baguette-cut diamond.

* A 23.30-carat marquise-cut diamond, flanked on either side by a tapered baguette-cut diamond, mounted in platinum sold for nearly $3.26 million.

* A necklace designed as a graduated cluster of pear and oval-cut diamonds mounted in platinum by William Goldberg sold for nearly $1.86 million.

* A ring centered with an 11.08-carat, oval-cut ruby surrounded by two rows of circular cut diamonds mounted on platinum sold for more than $1.7 million.

* A 35.60-carat cut-cornered modified rectangular-cut fancy pink-brown diamond mounted in platinum and 18k pink gold sold for more than $1.6 million. The diamond was flanked on either side by a tapered baguette-cut diamond.

* A diamond necklace suspending a pendant set with a pear-shaped diamond weighing approximately 12.04 carats sold for nearly $1.4 million, well above its high estimate of $1.1 million.

* An 11.39-carat rectangular-cut diamond mounted on a platinum ring (pictured above) sold for more than $1.3 million.
 

* An emerald and diamond necklace by Harry Winston (1955) that sold for $1.2 million (pictured above). It was designed as a graduated double row of rectangular-cut emeralds, extending a pear and circular-cut diamond fringe, joined by circular and pear-shaped diamond clusters to the circular-cut diamond double row backchain, mounted on platinum.
 

* A 17.5-inch, three-strand natural pearl necklace comprising 61, 58 and 61 natural pearls, measuring from approximately 4.95 to 11.05 mm sold for $1.1 million (pictured above).

* A 37.47-carat rectangular-cut diamond, flanked on either side by an epaulette-cut diamond and mounted in platinum sold for more than $1.1 million.

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Bulgari Unveils Elizabeth Taylor’s Jewels

Julianne Moore wearing the Elizabeth Taylor emerald and diamond
necklace. Photo credit: Getty Images

Italian luxury jewelry house, Bulgari, officially opened its Rodeo Drive boutique Tuesday in true Hollywood fashion with an intimate viewing of some of its greatest creations owned by Elizabeth Taylor. It included the famed mirror Taylor used on the set of the movie, Cleopatra, a sapphire and diamond sautoir and a set of emerald and diamond jewelry.

Items on display at the Bulgari Rodeo Drive boutique. Photo credit: Getty Images

The highlight of the evening, according to reports, was when actress Julianne Moore, a longtime ambassador for Bulgari, strolled into the event wearing the emerald and diamond necklace from the suite, which features the 83.5-carat emerald pendant. It was the first time anyone other than Taylor had worn the necklace. Other Hollywood stars who attended the event included Kirsten Dunst, Drew Barrymore, Naomi Watts, and Clotilde Courau.

Drew Barrymore and the Cleopatra mirror. Photo credit: Getty Images

For those who did not receive an invitation, fear not, as the eight-piece exhibition—all purchased by Bulgari at the auction of Taylor’s jewelry at Christie’s New York in December—will be on display at the store until March 10.

View more pictures from the party on the Bulgari Facebook page by following this link.

Read more about the jewelry on display by following this link.

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Laurence Graff Buys 50-Ct. Diamond for Third Time, Pays $8.3 Million

50-ct. Graff diamond. Photo credit: CHRISTIE'S IMAGES LTD.

A 50-carat, rectangular-cut, D-color, potentially flawless diamond ring by Graff sold for $8.37 million at Christie’s New York Magnificent Jewels auction Tuesday. The buyer? Laurence Graff.

“This is the third time that I have owned this beautiful diamond and I am as thrilled today as I was the first time. Diamonds of this exceptional caliber have a life and legacy that carries on beyond us all,” Graff said in a statement after the sale. “This is one of the finest D-color diamonds in the world and I am delighted to have it back again.”

The diamond’s estimated sale price was $7-10 million. It sold for $167,400 per carat.

3.15-ct. reddish-orange diamond. Photo credit: CHRISTIE'S IMAGES LTD.

The final lot of the auction was a rare fancy reddish-orange diamond of 3.15 carats. The stone is the largest reddish orange diamond ever graded at the Gemological Institute of America. Exhibiting two of the rarest hues in the world of diamonds, the price soared beyond its low estimate of $700,000 to sell for nearly $2.1 million, setting a new world auction record for a reddish-orange diamond and a new per-carat record price of $666,200.

 Earlier in the sale, Christie’s realized a new per-carat record for a Kashmir sapphire at auction, with the sale of an 8.91 carat sapphire for $1.37 million, or $154,000 per carat (pictured left).

The day-long sale realized a total of $32.5 million, with sell-through rates of 84 percent by lot and 86 percent by value. This sale result, combined with results from Christie’s New York jewels auctions in April, June and October, brings the 2012 New York jewelry auction total to more than $163 million, the auction house estimated. The full 2012 total for the jewelry category will be announced in January 2013 as part of Christie’s annual corporate figures release.

10.5-ct. ring set with a rectangular-cut diamond flanked on either side by three baguette-cut diamonds mounted in platinum. Gemological Institute of America report states that the diamond is D color, VVS1 clarity. Estimate $800,000 - $1.2 million. Price realized, $938,500. Photo credit: CHRISTIE'S IMAGES LTD.

For the year in New York, Christie’s said it sold 29 jewels over the $1 million mark, of which four jewels sold for more than $7 million. In April, Christie’s sold a collection of 17 Art Deco period jewels from the estate of the reclusive American copper heiress Huguette M. Clark. The sale realized $20.8 million and saw a new U.S. auction record achieved for The Clark Pink, the most expensive pink diamond ever sold at auction in the United States.

Art Deco sapphire and diamond Bracelet by Paul Flato. Designed as an openwork rectangular-cut sapphire and diamond bricklink band, mounted in platinum, circa 1935. Estimate $120,000 - $180,000. Price realized, $338,500. Photo credit: CHRISTIE'S IMAGES LTD.

Diamond and onyx cuff bracelet by Verdura. The wide onyx cuff set at the top with an old mine and rose-cut diamond plaque, mounted in silver and gold. Estimate $35,000 - $55,000. Price realized, $47,500. Photo credit: CHRISTIE'S IMAGES LTD.

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50-Carat Diamond to Lead Christie’s Upcoming Auction

Diamond ear pendants, 52.78 cts. and 50.31 cts. (117.04 cts total with surmounts). Estimate: $4.5 million - $6.5 million.

Christie’s first sale of the fall jewelry season will include three diamonds of more than 50 carats each and a rare double strand of large natural pearls.

The two-session sale on October 16 at Christie’s Rockefeller Center saleroom also includes signature jewels, rare gemstones and more statement diamonds among its 372 lots. It is expected to achieve more than $35 million.

The top colorless diamond in Christie’s New York Magnificent Jewels sale is a pear-shaped D-color flawless diamond of 50.52 carats with excellent polish and symmetry. The stone is mounted in platinum and may be worn suspended from a necklace with a 2.28 carat, circular-cut D-color diamond surmount. The estimate is available on request.

Among the colored diamond highlights is an oval-cut fancy intense yellow, internally flawless diamond of 68.35 carats with excellent polish and symmetry. It has an estimate of $2.2 - $3.2 million.

In addition, a pair of diamond ear pendants brings together a pear-shaped fancy yellow diamond of 52.78 carats and a pear-shaped white diamond of 50.31 carats surmounted by circular-cut fancy yellow and white diamonds Mounted in yellow and white gold, the pendants may be easily swapped or detached completely, giving the owner three options for how to wear them. Its estimate is $4.5 - $6.5 million.

The double strand natural pearl necklace is formed of 120 large-sized individual pearlsRanging in size from 6.50 mm to 12.25 mm in diameter, the pearls range in coloration from white to light cream, with subtle rosé and green overtones and superb luster. It is accented with a 3-carat, D color diamond clasp signed by Cartier. Its estimate is $2.8 – $3.5 million. The auction house said it is “one of the finest to come to auction at Christie’s in the last five years.”

The sale will 130 signed jewels by Buccellati, Bulgari, Cartier, Graff, Marina B., Oscar Heyman & Brothers, Tiffany & Co., Van Cleef & Arpels, David Webb, Harry Winston and Raymond Yard.

Among the highlights of iconic design is a “honeycomb” motif ruby and diamond bracelet by Van Cleef & Arpels. Crafted from hexagonal-cut rubies and diamonds, the gems are set using the firm’s trademark “mystery-set” technique which eliminates any visible prongs from the surface of the bracelet. Its estimate is $100,000 - $150,000)

The sale also includes a selection of jewels by Marina B, granddaughter of Sottiro Bulgari. The sale features a number of her designs accompanied by their original renderings, including a ruby and gold “Simona” bangle set with a shield-shaped fancy yellow diamond (estimate: $50,000 - $70,000), a “Georgina” ring featuring an oval-cut ruby of 10.54 carats (estimate: $200,000-300,000) and a pair of diamond, amethyst and pink tourmaline “MBC” ear pendants (estimate: $25,000-35,000).

One-of-a-kind creations by the Indian designer Viren Bhagat are among the most coveted of contemporary jewelry designs on the auction market today. As a special fundraising item within the sale, Christie’s offering a pair of “flower blossom” pearl and diamond ear clips by Bhagat (estimate: $30,000-50,000). The sale will benefit the Salaam Bombay Children’s Fund, a decade-old organization that works with disadvantaged children across India to empower them with opportunities and skills that enable them to make the right choices for their health, education and livelihood.

Others sale highlights include:

* Pear-shaped diamond ring of 10.05 carats, D color, internally flawless. Estimate: $1 million – 1.5 million.

* Pear-shaped fancy light pink diamond ring of 10.52 carats by Galt. Estimate: $900,000 – 1.1 million.

* Pair of pear-shaped diamond ear pendants of 6.94 carats and 6.79 carats. Estimate: $600,000 – $800,000.

* Colombian emerald and diamond ear pendants of 22.12 carats and 21.47 carats by Van Cleef & Arpels. Estimate: $600,000 – 800,000.

* Cushion-cut Burmese sapphire diamond ring of 32.31 carats. Estimate: $350,000 – $500,000.

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