Inside The Haute Joaillerie Section Of TEFAF Maastricht

Wallace Chan introduces a group tour at TEFAF to his dreamlike world

From the dreamlike world of Wallace Chan to the precise jewelry art of Hemmerle, the high jewelry area of TEFAF Maastricht, though small, contained a wealth of variety. And from the moment the show started, the jewelry lovers who came to the small out-of-the-way city of Maastricht, Netherlands, to attend The European Fine Arts Fair (more commonly known as TEFAF) started buying.

The bamboo framed exhibition space of Hemmerle

On the March 9 preview day, moments after the doors opened at the Maastricht Exhibition and Congress Centre (MECC) for the VIP buyers, I was inside the bamboo framed Hemmerle exhibition space when a woman came in, tried on a pair of one-of-a-kind gold earrings made with a wax process that created gold strands in a basket-like weave. She walked back and forth briefly looking in the mirror and bought them on the spot. I took a picture before they were whisked away.

Hemmerle earrings that sold within minutes after TEFAF opened. Old mine cut diamonds appear to be floating inside gold strands that looked as if they were weaved

“The fair is our first public presentation each year and we are glad to report strong consistent sales from the first 10 minutes of day 1,” said Christian Hemmerle at the close of the 10-day fair.

These earrings from Wallace Chan have everything: wood and titanium; emeralds, sapphires and diamonds; shadows and light 

Before I had a chance to enter Wallace Chan’s booth, the famed Hong Kong jewelry artist sold one of his elaborate titanium and colored-gem brooches. Chan, who always is in a good frame of mind, was particularly happy at this year’s show, saying he loves seeing old friends here.

Belperron diamond and ruby necklace. the center stone is a
rare star ruby

Meanwhile, Ward and Nico Landrigan, the father and son team that own the mid-20th Century brands, Verdura and Belperron, also were in good spirits after selling a circa 1960 yellow gold and diamond Verdura brooch. 

A Verdura bird clutching a natural pearl with diamond and emerald wings.

I was trying to have lunch with the public relations representative of Hancocks of London and couple of other jewelry writers (I said trying because the restaurant was so full they stopped serving food, giving an idea of how crowded it was), when the PR rep looked at her phone and suddenly said, “I have to go the tiara’s been sold.” The “tiara” is the Spencer family Edwardian diamond tiara. It was given to Lady Delia Spencer, great aunt to Princess Diana, by her father the 6th Earl Spencer, on her wedding day in 1914. Set with more than 800 old cut diamonds, estimated to weigh a total of 48 carats, the tiara can be transformed into a choker necklace and bracelet.

The Spencer Tiara sold by Hancocks of London

Very few of the prices of these sales were revealed but these are not typical impulse purchases. These are items that sell from tens of thousands of dollars to the stratosphere. One price that was revealed was the “Nef” necklace, from German high jeweler Otto Jakob that sold for €142,000 ($153,580).

An emerald ring by Reza

I had to cancel an appointment with Olivier Reza, the head of the Parisian jewelry brand, Reza, because the jeweler’s booth was too crowded with customers. 

Van Cleef & Arpels transformable necklace and earrings, 1959, made of emeralds, yellow and blue sapphires, and diamonds

Van Cleef & Arpels and Chopard, the two largest brands in the high jewelry section, brought combinations of vintage and new jewels. 

Chopard L.U.C. XPS made with Fairmined gold

Opening day, March 10, was more manageable but still very crowded. I spoke to one woman lived about an hour away in Germany who said it was the first time she attended an art fair. She came to see Wallace Chan’s exhibit and was so amazed and astounded by what he presented that she returned to the booth seven times. She purchased Chan’s book “Dream Light Water” and had the artist sign it. 

Honcocks of London's booth

Final numbers released by TEFAF show that the fair was very active with more than 71,000 visitors, from more than 60 nations visiting the 275 dealers during the 10-day fair. This includes approximately 200 museums. 

The bust Verdura and Belperron booth

High jewelry amounts to one of nine art categories that TEFAF offers. The others are Antiques, Classical Antiquities, Curated, Design, Modern, Paintings, Paper, and Showcase. Trade fair officials were touting some of the larger sales. Among them:

* Antiquariat Bibermuehle AG Heribert Tenschert sold a 12-volume series of books, Historia naturalis, originally created for Emperor Rudolph II of Habsburg, 1596-1610, to a private collector. The series came to market for the first time in 25 year and was sold for a seven-figure sum. 

* Tomasso Brothers Fine Art sold an important work by the Renaissance master Giambologna (1529-1608). It is the earliest recorded work by the artist and the only surviving sculpture that he carved in wood. The carving was acquired by a new client, described as an important European private collector, and was priced at about €1.5million ($1.62 million). 

* Antiques dealer Les Enluminures sold the 1,000-year-old Gospel Book of Liesborn Abbey in Westphalia to the German government for more than $3 million. 

* Ben Janssens Oriental Art Ltd said he sold more than 70 items by the mid-point of the fair, including a set of four iron paintings, Tiehua, China, Qing dynasty, 18th Century, which had an asking price of €50,000 ($54,000). 

Rossi & Rossi sold a colorful Tibetan cloth painting, “Sabzang Pakpa Zhonnu Lodro” (1358-1412/24) for approximately $400,000. 

The artwork at the entrance of TEFAF Maastricht

* Emanuel von Baeyer sold 12 works to private collectors with further works on reserve with museums. A key work that sold was The Signboard of the Gersaint Gallery, 1732, the very rare engraving after Jean-Antoine Watteau (1684-1721). 

* James Butterwick sold more than €180,000 worth of works, including Still Life with Carafe and Glass on a Mirror, 1915 by Alexander Bogomazov (1880-1930) to a private Swiss collector.

* Landau Fine Art, Inc. had one of the biggest sales of the Fair, selling the monumental work “Henri Michaux acteur Japonais,” 1946 by Jean Dubuffet (1901-1985), which had an asking price of $6.5 million, to a private collector. 

* Bernard de Grunne sold 11 Sepik works from Papua New Guinea to one private collector. The pieces ranged from €80,000 to €250,000 ($86,500 to $270,000). 

* Classical antiquities sold at Charles Ede included a statuette of the “Apis bull, Late Dynastic Period,” 26th Dynasty, circa 664-525 BC, which had an asking price of £65,000 ($81,100), as well as a Graeco-Roman large footed basin, circa 2nd-century BC, with an asking price of £160,000 ($199,650).  

The talk prior to the fair was that art and jewelry sales are down. This is either an exception or the beginning of a new dawn for both the art and jewelry markets. 

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Van Cleef & Arpels Used 8,000 Gems For Its Carpe Koï Watch Bracelet

Van Cleef & Arpels is known for its exceptional artistry, craftsmanship, creative uses of precious materials and storytelling. The Carpe Koï watch bracelet is the latest piece from the Parisian luxury house that displays all of these talents. The one-of-a-kind high jewelry piece was unveiled at the Salon International de la Haute Horlogerie (SIHH) held January Geneva and I had the opportunity to see it up close.

It is an orange-colored Koi carp in lifelike detail that represents what the brand calls its Mains d’Or (Hands of Gold), the skills of artists who first draw the piece in intricate detail followed by the hand-crafted techniques of its jewelers to create the jewel. This fish has a body made of 8,000 precious gems that took 3,450 hours to create. 

The bracelet combines yellow gold, white gold, diamonds, yellow sapphires, spessartite garnets, black spinels and “Paraíba-like” tourmalines (I’m assuming these are tourmalines (likely from Africa) with the same bluish and greenish color characteristics as the rare Brazilian Paraíba).

The carp has more than the sparkle of thousands of gems. It also has movement. The main feature is the mouth, which opens to reveal a quartz-powered watch dial, made of yellow gold, princess-cut diamonds, spessartite garnets and yellow sapphires. 

The watch bracelet is unfastened by pressing on the carp’s tail.

The Carpe Koï watch bracelet is the brand’s tribute to Japanese culture, as the Koi is “a symbol of love, as it enlivens Zen gardens with its bright colors, contributing serenity and life.” Known for swimming against the current, the brand says the Koi is also “a symbol of strength and courage.”

It appears to be a happy fish and with all of those gems I can see why. 

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Statement Necklaces, Earrings Sparkled At Oscars 2015

Scarlett Johansson wears a Swarovski crystal embroidered collar
 necklace with a Piaget Mediterranean Garden ear cuff set

It was the year of the statement necklace as major stars strolled the red carpet wearing large pieces in a variety of styles and materials. 

One of the most stunning necklaces of the evening wasn't even precious. It was a Swarovski crystal embroidered collar necklace worn by Scarlett Johansson. She matched the necklace with Piaget Mediterranean Garden ear cuff set in 18k pink gold with five pear-shaped emeralds, 278 brilliant-cut diamonds, four pear-shaped aquamarines and two pear-shaped green tourmalines.

Margot Robbie made a great statement wearing a Van Cleef & Arpels “Zip Antique Colombine” emerald necklace featuring diamonds and sapphires set in 18k yellow gold. It is a contemporary creation using the same techniques and similar design to the original that was created for the Duchess of Windsor in 1951. The piece is set with more than 150 diamonds and more than 300 sapphires. The zipper is fully functional.

Lupita Nyong'o may have out-done everybody with a white Calvin Klein gown adorned with approximately 6,000 white pearls, which were reportedly a mix of fake and real, that appeared to be part of the fabric of the dress. 

Anna Kendrick wore a diamond collar of five rows matched with marquis and pear-shaped diamond cluster earrings totaling 13 carats, reportedly by Norman Silverman. The necklace was tucked into the neckline of her gown. 

Cate Blanchett wore a multi-row turquoise necklace by Tiffany & Co. 

Jessica Chastain went another direction in a delicate and refined diamond necklace by Piaget. The actress was recently named a brand ambassador for the luxury jewelry and watch brand. 

It wouldn’t be an Oscars without Nicole Kidman making a red carpet jewelry statement. This year she wore more than $7 million worth of Harry Winston Diamonds, including 7-carat emerald-cut diamond earstuds, an 82-carat Caftan diamond bracelet, a 16.5-carat emerald-cut diamond solitaire ring and a 5.3-carat bezel-set diamond band ring.

Also, Dakota Johnson was adorned in a 100 carats of Forevermark Diamonds valued at $2.2 million.

Felcity Jones carried The Minaudière precious case (1947) from the Van Cleef & Arpels Collection, crafted in styptor, yellow gold, and diamonds; and wore the “Dans les Étoiles” earrings featuring white and yellow diamonds and briolette-cut champagne diamond drops set in 18K white gold and “Snowflake” bracelet featuring diamonds set in platinum

Earring were the other big statement for the evening. Gwyneth Paltrow who wore Fire Phoenix Earrings and Pétales d'Amour Ring by Anna Hu Haute Joaillerie.

Also in Anna Hu was Naomi Watts, who wore the Wallis Simpson Bracelet and Modern Art Deco sapphires earrings.

Model Dorith Mous wore approximately $70,000.00 in ethically sourced Donna Distefano jewelry including the ruby “Savannah” ring along with a rose cut diamond cushion halo ring called “Lizzie."

Other highlights included: 

Julianne Moore in Chopard earrings

Jamie Chung in Leticia Linton diamond cluster earrings with a tanzanite center stone.

Marion Cotillard chic in Chopard earrings

Giuliana Rancic in Forevermark Diamonds

America Ferrera Irene Neuwirth opal earrings

Recording artist Rita Ora in Lorraine Schwartz earrings

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Colorless Diamonds and Celebrated Collections Lead Sotheby’s Jewelry Sales

A platinum-topped gold and diamond necklace presented to Helen Hay on the occasion of her marriage to Payne Whitney in 1902 was the top lot at Sotheby’s Magnificent Jewels sale. 

The necklace (pictured above) features four diamonds ranging from F to H color, and weighing 27.48, 15.53, 13.08 and 8.91 carats respectively, the necklace sold for nearly $3.2 million. The marriage of Hay and Whitney was a society event that made headlines across the United States. All seven jewels from the estate of Helen Hay Whitney were sold for $4.8 million. 

In addition to the Helen Hay Whitney estate, collection from Estée Lauder, Evelyn H. Lauder and Grand Duchess Vladimir of Russia were among the most sought after jewels from bidders, which included a world record price for a Cartier “Tutti Frutti” bracelet

Jewels from the collections of Estée Lauder and Mrs. Evelyn H. Lauder together achieved $3.9 million, with more than 80 percent of the pieces on offer fetching prices above their high estimates.

Thirty-two jewels from the collection of Evelyn H. Lauder—sold to benefit The Breast Cancer Research Foundation—were led by a “Tutti Frutti” bracelet by Cartier, circa 1928 (pictured above), that sold for more than $2.1 million (more than double its high estimate), marking a new world auction record for any Tutti Frutti bracelet by Cartier.

Ten pieces from the Estée Lauder collection sold to benefit the Alzheimer’s Drug Discovery Foundation were led by a pair of fancy brown-yellow diamond and diamond earclips by Van Cleef & Arpels that fetched $233,000.

A pair of platinum, emerald and diamond pendant-earclips (pictured above) that originally belonged to the legendary collection of Grand Duchess Vladimir of Russia sold for more than $1 million. After being smuggled out of Russia by an English friend of the Duchess following the abdication of the Tsar in 1917, the emeralds descended to the Duchess’s daughter and granddaughter, and were acquired at auction at Sotheby’s Geneva in 1987 for Princess Gloria von Thurn und Taxis, the auction house said. 

From the collection of Marlene Dietrich—the legendary actress, singer and cabaret star—a 14k tri-color gold and lapis lazuli bracelet, Cartier circa 1940, sold for $179,000, nearly six times above its high estimate. The bracelet was a gift from longtime friend Erich Maria Remarque, author of “All Quiet on the Western Front.”

Two platinum and diamond rings were among the top four lots of the auction, showing that despite the trend toward colored diamonds, statement colorless diamonds can still bring in world-class prices. 

The first featured a 25.44-carat emerald-cut diamond of D color, VVS1 clarity and potentially Internally Flawless. It sold for $2.96 million, or $116,548 per carat (pictured above).

The second featured a 47.48- carat, round brilliant-cut diamond of K color, VVS1 clarity that sold for $1.8 million. 

Other highlights of the auction were:

* A platinum and diamond ring centered by a 3.02 emerald-cut fancy grayish blue diamond with VVS2 clarity, circa 1930, sold for $1.4 million, or $478,476 per carat, well above its high estimate.

* A platinum, fancy intense purplish pink diamond and diamond ring, 3.07 carats, SI2 clarity, sold for $1.2 million ($392,508 per carat).

* Platinum and diamond earclips by Harry Winston, 10.20 carats, G color, VVS2 clarity and 9.53 carats, G color,VS1 clarity, sold for $1.08 million ($54,992 per carat).

* Egyptian-revival platinum, diamond and colored stone bracelet, LaCloche Frères, Paris, sold for $1.5 million. 

The December 9 auction achieved more than $44.1 million in sales, with 75.8 percent sold by lot and 81.1 percent sold by value. It raised Sotheby’s worldwide jewelry sales in 2014 to $597.5 million, already surpassing the record $529.3 million the company achieved in 2013 in this category. This is without including Sotheby’s London jewelry sale held Thursday. The auction house estimates that sales for 2014 will exceed $600 million.

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Richemont Sales Up 21%, Profit Up 52%

Swiss luxury goods conglomerate, Compagnie Financière Richemont, said Friday that sales increased, year-over-year, for the first half of the fiscal year by 21 percent to €5.1 billion ($6.5 billion). By constant exchange rates sales grew 12 percent.

Profit for the period rose 52 percent to €1.08 billion ($1.37 billion); with operating profit up by 28 percent to €1.38 billion ($1.75 billion), benefiting from favorable currency movements, and gross profit up 24 percent to €3.31 billion ($4.2 billion). Operating margin gained 150 basis points to reach 27 percent.

The Geneva-based company cited “solid growth in all segments, regions and channels” along with favorable currency rates and Asian tourism in Europe for the strong performance.

Richemont owns many of the world’s best-known luxury brands (known as “maisons” by the company) including Cartier, Montblanc, Vacheron Constantin, Van Cleef & Arpels and Piaget. It also has wholesale businesses and owns the luxury retail website, Net-A-Porter.com. A list of its businesses can be found by following this link.

“The Group’s maisons benefited from favorable exchange rates effects, successful product launches as well as strong pricing power,” said Johann Rupert, Richemont executive chairman and CEO. “The increase in net profit was well above the prior period, reflecting both the growth in operating results and the non-recurrence of non-cash losses, which stemmed from the Swiss franc’s appreciation against the euro.”

He added, “Sales growth rates moderated, as evidenced by the October sales which grew by 12 percent at actual exchange rates. At constant exchange rates, they were 7 percent higher. Richemont is seeing good growth in Europe, supported by Asian tourism which is compensating for slower domestic Asia Pacific sales. Retail continued to lead wholesale, reflecting robust jewelry sales.”

Rupert did warn that sales and profits could slow as exchange rates will like be “less favorable” for the remainder of the fiscal year.

By region the company reported that sales in Europe accounted for 36 percent of overall sales as the region enjoyed good growth, with tourists driving the above-average increase. The highest growth rates were in the Maisons’ own boutiques in tourist destinations, including the Middle East. Europe’s reported a 23 percent growth in sales for the period to €1.85 billion ($2.35). At constant exchange rates, sales increased by 19 percent.

Asia Pacific remains the strongest region for Richemont but sales growth has slowed. The region accounted for 41 percent of the Group’s total, with Hong Kong and mainland China the two largest markets. “Sales growth in our maisons’ own boutiques in the region was well above the increase in sales to wholesale partners, partly reflecting the number of boutique openings in the last two years,” the company said. Asia reported a 22 percent growth in sales for the period to €2.1 billion ($2.67). At constant exchange rates, sales increased 9 percent.

After two years of what the company termed as “outstanding sales,” the Americas region reported that sales grew 16 percent to €698 million ($877 million). However, at constant exchange rates, growth was 4 percent. The region represented 14 percent of overall sales for Richemont.

Japan, which Richemont lists separately, saw what the company terms as “continued momentum” in sales in all retail segments. The struggling market saw its sales increase by 18 percent to €448 million ($570 million). At constant exchange rates the increase was 4 percent.

Its group of jewelry brands saw sales grow by 20 percent to €2.6 billion ($3.3 billion) with operating results of €958 ($1.21 billion), a 31 percent increase. Operating margin gained 280 basis points to reach 36.7 percent.

Meanwhile, its specialist watchmakers group reported that sales increased 25 percent to €1.46 billion ($1.85 billion) with operating results of €470 ($592 million), a 51 percent increase. Operating margin gained 560 basis points to reach 32.2 percent.

Montblanc, the German brand known for its luxury writing instruments but also manufactures and sells luxury leather goods, jewelry and watches, is listed separately by Richemont. It reported that its sales increased 10 percent to €368 million ($468 million) with operating results of €53 million ($67.3 million), a 2 percent decline. Operating margin lost 180 basis points to reach 14.4 percent. Richemont said that Montblanc doesn’t benefit much from sales in tourist destinations.

For its other businesses—which includes Richemont’s Fashion and Accessories businesses, Net-a-Porter and watch component manufacturing activities—results are as follows:

* Fashion & Accessories maisons saw double-digit sales growth and operating profits were in line with the prior period at €25 million.

* Sales growth at Net-a-Porter is “normalizing” but continues to exceed the Group’s average. Net-a-Porter reduced its losses during the period, but generated a positive operating cashflow.

* Losses at the Group’s watch component manufacturing facilities were in line with the comparative period.

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Richemont Expects Huge Sales and Profits as Hard Luxuries Continue to Sparkle

Montblanc boutique in Hamburg. Photo credit: Anthony DeMarco

A luxury slowdown in China, a European economy under constant crisis, and sluggish growth in the U.S. has failed to slow the growth in the sale of “hard luxuries” (jewelry and watches). The latest example is Geneva-based Compagnie Financière Richemont, which issued a statement Monday saying that it expects first half profits to rise from 20 percent to 40 percent, year-over-year.

Richemont—whose brands include Cartier, Van Cleef & Arpels, Montblanc and Vacheron Constantin—was required to make this statement prior to its sales and profits reports for the first half of the year. SIX Swiss Exchange requires that issuers make an immediate announcement when “the foreseeable profit or loss for a given period is expected to deviate significantly from the profit or loss achieved in the prior-year period.”

In accordance with these requirements Richemont said that sales for the four months ended in July rose 24 percent on a reported basis and 13 percent on a constant-exchange basis. Based on these results, Richemont’s said its operating profit for the six months ending September 30 is likely to show an increase of between 20 percent and 40 percent compared to the first six months of the last financial year.  Net profit for the same period may also increase by 20 percent and 40 percent.

Richemont sales for the five months ending August 31 will be announced on September 5 first-half results for period ending September 30 will be announced November 9.

This is the latest in financial reports that are revealing the resiliency and strength in hard luxuries.

* In late July, Paris-based LVMH reported revenue growth of 26 percent, year-over-year to $16 billion for the first half of 2012. Group profit rose 28 percent to $2 billion. The luxury group, whose jewelry and watch brands include Tag Heuer, Hublot and Bulgari, acquired in June 2011, reported that total jewelry and watch sales rose 113 percent to $1.6 billion, with Bulgari's revenue now included. Organic growth was 13 percent.

* A few days earlier, Swatch Group, the world’s largest watch company, said its watch and jewelry sales for the first half of 2012 increased 16.7 percent to $3.42 billion, year-over-year. The company owns 19 watch and jewelry brands in all market segments, including Swatch, Breguet and Longines.

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