74-Carat Diamond Fetches A Record $14.1 Million

A 74.79-carat, pear-shaped diamond sold for more than $14.1 million at Sotheby’s New York Magnificent Jewels sale Wednesday, setting a new auction record for any white diamond sold in the Americas and surpassing its $12 million high estimate.

The unnamed gem is one of very few pear-shaped diamonds of D color over 50 carats to be auctioned in recent decades, Sotheby’s said.

“The truly exceptional 74.79 carat stone was a thrill to auction, and exemplifies the strength of the market for white diamonds over the last decade,” said Lisa Hubbard, chairman, North & South America, Sotheby’s International Jewelry Division. “It was acquired by the present owner in 2001 for $4.3 million, and today sold for a record $14.2 million.”

The Magnificent Jewels sale brought in nearly $53.5 million, marking a new record sum for a spring auction of jewelry at Sotheby’s New York, with more than 82.4 percent sold by lot.

A group of six jewels from the family of financier and railroad magnate Jay Gould sold for a combined $7.9 million, more than double its high estimate of $3 million. The group was led by an emerald and diamond brooch centered by a 22.48-carat Colombian emerald that sold for $2.9 million– nearly five times its high estimate of $600,000.

Cartier’s ‘Tutti-Frutti’ bracelet (circa 1930), made of platinum, carved rubies and emeralds, diamonds and pearls, which closed the sale, sold for $1.4 million, nearly three times its high estimate of $500,000.

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Emerald and Diamond Tiara Fetches $12.7M, Pink Diamond Sells for $10.8M

An emerald and diamond tiara, circa 1900, formerly in the collection of Princess Katharina Henckel von Donnersmarck, sold for a staggering $12.7 million, setting the stage for a glittering night at Sotheby’s Magnificent and Noble Jewels Sale, held Thursday night in Geneva.

Sotheby’s said that this tiara was the most important to have appeared at auction in more than 30 years and apparently those assembled at the auction Hôtel Beau-Rivage agreed as the bejeweled headpiece sold for more than $2 million above its high estimate. It is composed of 11 rare Colombian emerald pear-shaped drops, which weigh over 500 cts. in total and may well have originally adorned the neck of a Maharajah. These emeralds are also believed to have been in the personal collection of Empress Eugénie.

The tiara was commissioned circa 1900, possibly from Chaumet, the Parisian jewelry house, by Guido Count von Henckel, First Prince von Donnersmarck, for his second wife Princess Katharina, Sotheby’s said. It was worn whenever royalty was present.

Another highlight of the evening was a 10.99-ct. rare pink diamond that hasn’t appeared on the market for more than 30 years. It sold for $10.8 million, the third highest price for a pink diamond at auction.

The diamond features a classic emerald cut, normally associated with white diamonds, Sotheby’s said. This gem, mounted as a ring, has been graded “fancy intense pink,” natural color and VS1 clarity. It’s further assessed to be type IIa, meaning it is almost or entirely devoid of impurities with extraordinary optical transparency. Fewer than 2 percent of all diamonds in the world are given this grade of purity and most of those diamonds are white.

These were the two headline pieces on a night that totaled $89.1 million sales, the third highest for a sale of jewelry at auction. More than 90 percent of the 479 lots were sold, with 97.5 percent of its total estimated value achieved.

11-ct. Fancy Pink Diamond Up for Auction at Sotheby’s Geneva

Sotheby’s Geneva will offer a 10.99-ct. pink diamond at its Magnificent & Noble Jewels sale on May 17. It is being offered for sale from a private collection and has not appeared on the market for more than 30 years. It has a pre-auction estimate of $9 to $16 million.

The diamond features a classic emerald cut, normally associated with white diamonds. This type of cut is highly sought-after when found in rare colors such as pink and blue, Sotheby’s said. This gem, mounted as a ring, has been graded “fancy intense pink,” natural color and VS1 clarity. It’s further assessed to be type IIa, meaning it is almost or entirely devoid of impurities with extraordinary optical transparency. Fewer than 2 percent of all diamonds in the world are given this grade of purity and most of those diamonds are white.

Colored diamonds are very desirable on the auction market right now. In November 2010, Sotheby’s Geneva set a world auction record for any diamond and any jewel when it sold the 24.78-ct. Graff Pink for $46.15 million.

“I do not remember the market for colored diamonds to have ever been as strong as it is today,” said David Bennett, chairman of Sotheby’s Jewellery Department for Europe and the Middle East.

Musical Clock, Patek Watch are Top Sellers at Sotheby’s Auction

A rare singing bird automaton clock and a Patek Philippe perpetual calendar chronograph were among the top sellers at Sotheby’s New York Important Watches & Clocks Auction held Wednesday.

The elaborate and rare parcel-gilt bronze vase-form musical singing bird automaton clock (above) with hour and half hour striking, circa 1828, represents a collaboration between the famed firms of Piguet & Meylan and Frédéric Rochat, and is one of only a handful of vases containing singing birds known to exist. It sold for $302,500, just above the clock’s estimated value.

A 1950 Patek Philippe 18k yellow gold perpetual calendar chronograph wristwatch (left) with resister, tachometer and moon phases, ref. 1518, also sold for $302,500. The watch has 13 manual winding movement, 23 jewels, silver dial, applied gold Arabic numerals, feuille hands, two subsidiary dials indicating constant seconds and 30-minute register, fan-form aperture for moon-phases combined with date, apertures for day and month, outer scales calibrated for 60 units and tachometer scale, two rectangular chronograph pushers, downturned lugs, snap back case, dial and movement, and signed 18k yellow gold Patek Philippe buckle. It includes an archives extract that confirms a sale of the watch on Feb. 17, 1954.

Total sales for Sotheby’s auction were nearly 5.8 million.

Steve Forbes, Rick Harrison, Red Envelope Founder to Speak at GIA Symposium

The Gemological Institute of America Symposium 2011 will include keynotes and lectures from those in business, the jewelry trade and of course, scientists and gemologists, as it tries to tackle the most pressing issues that impact the global gem and jewelry industry.

The trade only international conference of gem industry business leaders and research scientists, being held May 29-30 at GIA’s world headquarters in Carlsbad, will include Steve Forbes, Rick Harrison and Scott Galloway.

Steve Forbes

Forbes, chairman of Forbes Media and editor-in-chief of Forbes magazine, will deliver the keynote address for Symposium 2011: “Advancing the Science and Business of Gems.”

Forbes has launched a variety of new publications and businesses, including: ForbesLife, the dedicated luxury lifestyle and culture magazine; ForbesWoman, providing Forbes’ community of executive women with luxury lifestyle content; Forbes Asia; and Forbes licensee editions published in China, Croatia, India, Indonesia, Israel, Korea, Latvia, Poland, Romania, Russia and Turkey. The company also publishes a number of investment newsletters. Another division of the company is Forbes Investors Advisory Institute. Forbes.com attracts 18 million unique visitors a month and has become the leading destination site for senior business decision-makers and investors.

A widely respected economic prognosticator, Forbes is the only writer to have won the highly prestigious Crystal Owl Award for accurate economic forecasting four times. In addition, he has authored multiple books on leadership, economics and capitalism.

Forbes campaigned for the American presidency in 1996 and 2000. President Ronald Reagan named him chairman of the bi-partisan Board for International Broadcasting, where Forbes served from 1985 until 1993.

GIA Symposium’s Business Track Sessions are divided into two categories: “Advancing the Business of Gems” and “Advances in Gemological Research.”

Rick Harrison

Harrison of History’s reality television series Pawn Stars, will participate on the “Everything Old is New Again – The Appeal of Auctions, Estate & Vintage Markets” panel.

Pawn Stars chronicles the daily activities at the Gold & Silver Pawn Shop located on the Las Vegas strip, a third-generation family business operated by Harrison, and his father and son. Harrison, trained in the pawn business from the age of 13, has showed signs of being a hustler from birth and is known as the “The Spotter” on the show because he easily picks out fake or stolen pieces—especially big-ticket items. Interesting items featured on the show included a 15th-century samurai sword, a Super Bowl ring, a Picasso painting, and a 17th-century stay of execution.

The Gold & Silver Pawn Shop was awarded the “Pawnbroker of the Year” award by the National Pawnbroker’s Association for bringing the industry greater recognition and a better image through the TV show.

Other panel and lecture topics include consumer behavior, luxury marketing, design trends, social media, advances in gemstone treatments and technology, new gem localities and the social, political and ethical issues of the production and distribution of gems and jewelry.

Scott Galloway

Galloway, founder of Red Envelope, the online gift giving company, and clinical associate professor for New York University’s Stern School of Business, will present, “The New Rules of Engagement – Finding and Keeping Customers in the Digital Age.” Other speakers include:

* Dilip Mehta, CEO of the Rosy Blue Group,
* Douglas Hucker, CEO of the American Gem Trade Association,
* Wallace Chan, world-renowned jewelry designer,
* Stuart Robertson, a leading gemstone research and pricing expert,
* Ken Royal, senior client service manager of Gallup,
* Gary Schuler, senior vice president for Sotheby’s and head of the company’s Jewelry Department since 2002.

“Symposium 2011 brings together an impressive and inspiring combination of thought leaders from the world of business,” said Kathryn Kimmel, GIA vice president and chief marketing officer, who is co-chair of the business track for Symposium. “These experts will explore important topics from a wide range of perspectives, providing attendees with a unique opportunity to gain insight into the most important business advancements shaping the gem and jewelry industry.”

GIA Symposium 2011 will commemorate the 80th anniversary of GIA with events that celebrate the Institute’s commitment to serving the public and trade through research, education, gemological laboratory services and instrument development.

For more information or to register, visit the Symposium website or e-mail symposium2011@gia.edu.

Sotheby’s Revenues Up 63%, Net Loss Improves by 67%

A 1917 painting by Amedeo Modigliani titled “Nude Seated on a Divan” sold for $68.96 million at the Nov. 2 Impressionist and Modern Art Evening Sale at Sotheby’s New York, setting a new a record for the artist’s work. The auction took in a total of $263.7 million.

Sotheby’s on Thursday reported a 63 percent year-over-year increase in revenues to $73.1 million for the third quarter, at least partially due to a $14.1 million, or 48 percent, growth in auction commission revenues from strong worldwide sales. Most notable was the July London Old Master Paintings sale, which brought 85 percent higher results than the prior year. Another contributing factor was a $13.2 million increase in dealer revenues for the period due to a higher level of dealer activity.

Net loss for the third quarter of 2010 is $19.4 million, compared to $57.8 million in the prior period, a 67 percent improvement. The auction house noted that auction sales in the third quarter have historically represented approximately 7 to 10 percent of annual sales, and the third quarter has historically been a loss period.

The auction house did not separate revenues from jewelry sales in its report.

Sotheby’s margin fell from 22.7 percent to 20.2 percent in the third quarter, largely attributable to a greater number of high valued items that were sold in the period, Sotheby’s said. For items of more than $1 million, the buyer’s premium rate decreases from 20 percent to 12 percent.

Operating loss for the period was $29.1 million, a $9.1 million, or 24 percent, improvement from the prior period. The growth in revenues that led to this improvement was partially offset by a $19 million, or 23 percent, increase in expenses in the quarter, ended September 30. A substantial portion of this increase ($14 million) was due to higher dealer costs, which was offset by the increase in dealer revenues. Total expenses, excluding dealer cost of sales, increased 6 percent to $5 million.

“Outstanding auctions in all geographic regions and across nearly all collecting categories have contributed to these excellent results,” said Bill Ruprecht, Sotheby’s president and CEO. “The momentum is strong in the fourth quarter. Among the many successful sales we have had thus far, our Hong Kong series of sales last month was the unquestioned highlight. The series brought $396.4 million, our best total ever and was 55 percent above the previous record series that took place in the spring of this year. Whether in Asia, North America or Europe, there is confidence in the art market as we approach the conclusion of this remarkable year.”

“Confidence was also clearly in evidence this week with our Impressionist and Modern Art sales in New York. Our sales totaled $263.7 million, up from both our May 2010 and November 2009 sales totals,” Ruprecht continued. “Modigliani’s masterpiece, which set a new record at auction when it sold above the pre-sale estimate for $69 million, was Sotheby’s highest price in New York for a work in this category since May 2006.”

On November 30, 20 pieces from the auction of the “Jewels of the Duchess of Windsor,” held at Sotheby’s in 1987, will be offered. The jewelry includes examples of Cartier in collaboration with the Windsors as well as pieces whose inscriptions tell their love story. The combined pre-sale estimate is from $4.5 million to $6.7 million.

Pink Diamond Ring Fetches $7.7M at Hong Kong Auction

A 6.43-ct. fancy pink vivid diamond and diamond ring by Van Cleef & Arpels was sold for $7.7 million Thursday by Sotheby’s Hong Kong. It was the top prize in the fall jewelry and jadeite auction that produced a record sale of $54 million for the auction house in another display of China’s growing wealth.

The pink center stone is flanked on each side by a cluster of pear shaped and brilliant cut diamonds, embellished to the shoulders with brilliant cut diamonds, weighing approximately 1.60 cts. The gems are mounted in platinum and 18k white gold.

A pair of fancy vivid yellow diamond and diamond pendent earrings sold for nearly $5 million. The earrings are suspended on an emerald-cut fancy vivid yellow diamond weighing approximately 21 cts and surmounted by an oval diamond each weighing 2.02 cts., to stylized open-work frames set with brilliant-cut diamonds, mounted in platinum.

      In addition, a matched pair of unmounted brilliant cut diamonds, each weighing 10.88 cts., was sold for $4.8 million, a world-record price per carat for any round white diamond.

Sotheby’s Hong Kong Magnificent Jewels and Jadeite Autumn Sale 2010 held at the new wing of Hong Kong Convention and Exhibition Centre sold 302 lots out of the 390 lots offered (77.4 percent).