U.S.-China Trade War is the Talk of the June Hong Kong Jewelry Fair

Hong Kong industry leaders talk about the issues at the June Hong Kong Jewellery & Gem Fair

In September the Hong Kong Jewelry & Gem Fair was closed for a day for the first time in its long history by a typhoon. For the June Hong Kong Jewellery & Gem Fair, two other storms are brewing and both are man-made. The first is the threat by President Donald Trump to slap a 25% tariff on all goods exported from China to the U.S. The second is perhaps the largest protests in the history of Hong Kong, which may continue. 

During the opening day press conference, leaders of the trade organizations from Hong Kong spent a great deal of time talking about the first issue while not mentioning the second at all. 

Lawrence Ma, president of the Diamond Federation of Hong Kong, says U.S.-China trade tensions are putting pressure on the world economy. 

“Trade uncertainty is what we don’t like,” he said Thursday. “If they agree to something everything would change in a moment. But I think we have to live with this uncertainty for the next few months.” 

Sze Ho Yin, president of the Hong Pearl Association said the increased infrastructure improvements between Hong Kong and China have made it easy for Hong Kong wholesalers and retailers to do business with those from the mainland. 

“About 40% of our buyers are from Mainland China because it is very convenient for buyers from China to come to Hong Kong,” he said. “They are pretty much supporting the jewelry industry (in Hong Kong). It’s very convenient to sell directly to China. Because of this the trade war between the U.S. and China hasn’t had a dramatic effect.” 

Ken Lo, chairman of the Hong Kong Jade & Jewellery Manufacturers, says Hong Kong’s strength as a trading center will mitigate much of the detrimental impact of a trade war. 

“Hong Kong is the number one city in the world in terms of ease when it comes to setting up a business,” he said. “And it has an advantage because of its proximity to China and its ease of trade between the two markets. I think because of this Hong Kong will remain a very important trading center for the entire world.”

The leaders also talked about issues important for the jewelry and gem industry in Hong Kong. For example, Ma spoke about some of the myriad of issues the diamond industry is facing. They include the difficulty of financing for much of the diamond trade, the effect of lab-grown diamonds and the steady decline of sales among Hong Kong retailers. 

He said diamond imports in Hong Kong are down 2.8% for the first three months of the year compared to last year. Meanwhile, exports are up by 9.1% for the same period. On the retail level, there are more Chinese tourists visiting Hong Kong but they are spending less, he said. 

“The good news is that there are more Chinese coming,” he said. “The bad news is spending has come down significantly. Overall, it’s a good trend.”

Lo spent much of his presentation talking about how technology is changing the jewelry industry. The items he covered included:

* Lab-grown diamonds and how it has taken up some jewelry industry sales.

* CAD-CAM technology is speeding up the process from design to finished jewels and is a catalyst when in terms of allowing retail customers the ability to design their own jewels.

* The decline of distributors because manufacturers are using the Internet and social media to go directly to retailers and consumers.  

Yin said the Hong Kong pearl industry is working with China to develop a freshwater pearl industry to replace the Akoya pearl. 

Burmese ‘Pigeon’s Blood’ Ruby Could Fetch $15 Million At Christie’s Hong Kong

A 15-carat Burmese ruby is the top lot at Christie’s Hong Kong Magnificent Jewels sale on December 1.

Known as the “Crimson Flame,” Vickie Sek, deputy chairman and director of Christie’s Asia Jewellery Department, says the jewel is “undoubtedly the most important pigeon’s blood ruby to be offered at auction in Asia.” Its estimate is $10 - $15 million.

The auction at the Hong Kong Convention & Exhibition Centre will include diamonds, colored diamonds, colored gemstones, jadeite and signed pieces.

In addition to the Crimson Flame, there’s the “Mogok’s Fiery Red” suite by Fai Dee, comprising of a Burmese pigeon’s blood ruby and diamond necklace and a pair of pigeon’s blood ruby and diamond earrings that are being offered as individual lots estimated at $6 - 8 million and $2.9 - 4.1 million, respectively.

Two high quality pink diamonds also will be on offer at the sale: A 7.53-carat Fancy Intense Pink diamond ring (pictured above), with an estimate of $5.8 - 8.3 million; and a 5.22-carat Fancy Intense Pink, IF, cushion-shaped diamond ring (estimate $3.2 - 4.5 million).

A 10.11-carat emerald from an Afghan mine, which the auction house describes as having a “high clarity scarcely seen in emeralds and a flawless gem.” Its estimate is $1 - 1.5 million.

In the jadeite category, a two-strand jadeite bead necklace with a diamond clasp by Cartier (pictured above) has an estimate of $3.5 – 4.8 million. In addition, a jadeite cabochon ring has the same estimate. 

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‘Jade Lady’ Mimi Ou Yang To Receive JNA Lifetime Achievement Award

Mimi Ou Yang

Jewellery News Asia has announced that Professor Mimi Ou Yang—affectionately known as “The Jade Lady”—will be honored with the prestigious Lifetime Achievement Award at the fourth annual JNA Awards. Ou Yang is an internationally renowned gemologist, mineralogist and jade expert who founded the Hong Kong Gems Laboratory and H.K. Institute of Gemmology.

“With her inquisitive mind, dedication and hard work, she has made the jadeite trade more transparent, promoted high ethical standards among industry practitioners, inspired consumer confidence, and contributed to cementing the jadeite sector’s status in the international market,” said Letitia Chow, chair of the JNA Awards Judging Panel. “Professor Ou Yang exemplifies the true values of what JNA Awards promotes.”

Since 1978, Ou Yang has devoted herself to the academic research of Fei Cui Jade. For years, she travelled to Myanmar’s mining areas, collecting and studying jade samples. In 1983, she was the first to discover a terrestrial source of Ureyite while doing her research on Burmese jadeite jade. This stood out as her proudest accomplishment. Her unprecedented discovery sent shockwaves through the field of mineralogy and firmly established her academic standing as a mineralogist.

In addition to her contributions to academic research, Ou Yang played a significant role in the development of the jadeite jade market. In the early 1980s, the emergence of artificially treated and dyed jadeite jade led Ou Yang to pioneer the classification system of Fei Cui Jade treatment (“A type,” “B type,” “C type” and “B+C type”) and introduce the earliest use of Infrared Spectroscopy for B Type jadeite jade identification. In addition, she proposed a systematic approach—4C2T1V principle—for quality evaluation of Fei Cui Jade, which is now commonly used by jewelry companies and auction houses.

Ou Yang has dedicated her life to spreading jade knowledge and promoting the status and recognition of Fei Cui Jade as a precious gemstone in the international market. Her accomplishments included creating the term “Fei Cui Jade,” which significantly improved the understanding of Fei Cui Jade and the trade’s reputation among consumers.

Ou Yang also is an educator who trained and nurtured countless numbers of jewelry talents through the development of a Fei Cui Jade program and her publications.

“It is my deepest honour to be the recipient of JNA’s Lifetime Achievement Award,” Ou Yang said. “The path to becoming a Fei Cui Jade scholar was not an easy one. I am thrilled to finally receive recognition from the industry following years of hard work and perseverance. This award, while giving me tremendous pleasure, also serves as an inspiration to all the other scholars to continually serve the industry with their professional knowledge and expertise.”

Ou Yang will receive the award during the the JNA Awards 2015 Ceremony and Gala Dinner, which will be held September 20, at the Regal Airport Hotel Hong Kong.

JNA Awards 2015 is led by Rio Tinto Diamonds and Chow Tai Fook as Headline Partners, with Diarough Group, Gübelin Group, Israel Diamond Institute Group of Companies, Shanghai Diamond Exchange, and Guangdong Land Holdings Limited as Honoured Partners. 

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Christie’s, Sotheby’s Combine for $1.35 Billion in 2014 Jewelry Sales

The Zoe Diamond, 9.75-ct fancy vivid blue sold for $32.6 million at Sotheby’s

Wealthy investors, jewelry lovers and businesses continue to place their money into collectible jewelry, buying up statement diamonds, gems and pearls as well as signature jewelry collections.

The world’s largest auctions houses, Christie’s and Sotheby’s, reported record 2014 results in their jewelry departments, combining for more than $1.35 billion in total sales.

The results speak of the demand for high-quality baubles as well as the economic uncertainty and geopolitical tensions throughout the world. Jewelry seems to be one of the few places where the wealthy feel comfortable placing their money.

Christie’s year was the most impressive as the auction house reports a record total of $754.7 million in 2014, saying it is the highest annual result ever achieved for jewelry at any auction house. The total also represents an 11 percent year-over-year increase. Christie’s Geneva led the company’s jewelry sales with $304.4 million total.

The results for the year included 149 jewels that sold for more than $1 million, including seven jewels that sold for more $10 million, 24 jewels that sold above $5 million and 72 jewels that sold for more than $2 million.

The Winston Blue, 13.22-carat pear-shaped fancy vivid blue flawless diamond sold for nearly $23.8 million

Christie’s most valuable sale in 2014 was The Winston Blue, a 13.22-carat pear-shaped fancy vivid blue flawless diamond, sold at Christie’s Geneva in May for nearly $23.8 million, or nearly $1.8 million per carat. It was acquired by the luxury jewelry brand, Harry Winston.

Its other biggest sale also occurred at Christie’s Geneva—this time during the November sale. The Blue Belle of Asia, a 392.52-carat Ceylon sapphire, sold for nearly $17.3 million, a record for any sapphire ever sold at auction.

Meanwhile, Sotheby’s reports that 2014 jewelry totaled $602.5 million—the third consecutive year of record sales for the auction house. The total represents a 13.8 percent year-over-year increase.

The results for the year include 77 jewels that sold for more than $1 million, with 69 percent of all sold lots exceeding their high estimates.

Among the two largest sales for 2014 was the Zoe Diamond, a 9.75-carat fancy vivid blue diamond from the collection of Mrs. Paul Mellon, which sold for $32.6 million at Sotheby’s New York in November. The stone set world auction records for any blue diamond and for the price-per-carat for any diamond, at more than $3.3 million per carat.

The other large sale was the Graff Vivid Yellow, at 100.09 carats, one of the largest fancy vivid yellow diamonds in the world. It sold for $16.3 million at Sotheby’s Geneva in November, setting world auction records for any yellow diamond and for any jewel by Graff.

The Cartier Hutton-Mdivani Necklace sold for more than $27.4 million.

Jadeite also did well for Sotheby’s Hong Kong. Its best sale in this category for the year was the Cartier created Hutton-Mdivani Necklace, which sold in April for more than $27.4 million, setting auction records for any jadeite jewel, for any non-diamond jewel and for any Cartier jewel and the second highest auction price for any jewel in 2014. It was purchased by The Cartier Collection.

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Two Flawless Diamonds May Fetch $18 Million at Hong Kong Auction

Leading Christie’s Hong Kong sale of Magnificent Jewels is a pair of unmounted round brilliant-cut D flawless diamonds, weighing 35.77 and 35.61 carats each. The auction house said it is the largest pair of its type to ever be offered at auction.

The diamond pair—each roughly the size of a cherry tomato—received a “Triple Excellent” rating for their polish, symmetry and cut grade. Adding to their allure is that they have also been determined to be Type IIa, the most chemically pure form of diamond showing exceptional appeal transparency. The Steinmetz Diamond Group, a leading diamond manufacturer and trader, cut this pair of diamonds, both of which were uncovered in South Africa.

“To find large pieces of colorless rough within the same timeframe represents an extremely rare occurrence,” Christie’s said. “To combine that with the vision to obtain a closely matched pair raises the project to new heights.” This pair was exhibited by Steinmetz at the Guggenheim in New York in December 2010.

Offered separately, the pre-auction estimate is $7 million to $9 million each.

The November 29 auction at the Hong Kong Convention & Exhibition Centre will feature diamonds, colored gems, rare jadeite and signed jewels and is expected to bring in $75 million, said Vickie Sek, director of the Jewellery and Jadeite Department, Christie’s Asia.

Jewels by Harry Winston will be prominent in the sale. Leading the selection is an emerald and diamond brooch, originally purchased by a Texas oil-man and personal client to Mr. Winston who called upon the jeweler for a significant gemstone. Mr. Winston offered the man and his wife a choice: The 68.90 carat emerald or a 69.42 carat pear-shaped diamond. The wife chose the emerald, and the diamond went on to be acquired by Elizabeth Taylor and subsequently known as Taylor-Burton Diamond. For the emerald, Mr. Winston had his legendary designer, Ambaji Shinde, create the jewel. Auction estimate: $2 million – $3 million.

Among the selection of natural pearl jewels offered is a necklace of saltwater natural pearls boasting 16 matching button-shaped pearls of impressive size. Assembling such a finely-matched selection of natural pearls of this size and quality is rare and likely took decades, the auction house said. Estimate: $1.6 million to $2.25 million.

It wouldn’t be a Hong Kong auction without a strong selection of important jadeite. This sale is led by, “Three Friends of Winter,” a jadeite pendant necklace featuring a carved jadeite plaque that provides a rare balance of color, texture and translucency, the auction house said. Estimate: $2 million – $3 million.

Golconda Diamond Ear Pendants to Lead Christie's Hong Kong Jewelry Sale

Imperial Cushions: Pair of 23.49 ct. and 23.11-ct. Golconda diamond ear pendants

A pair of ear-pendants with diamonds from the legendary Golconda mines will be offered at Christie's Hong Kong Magnificent Jewels Sale on May 31. Known as the Imperial Cushions, the 23.49 cts. and 23.11 cts. D potentially flawless Golconda type IIa diamond ear-pendants has a presale estimate of $7 million to $10 million.

Besides the exceptional size and quality of the diamonds, the ear-pendants are fashioned in a cushion shaped cutting style as a perfectly matched pair. The pair of stones is “as rare as you can possibly find,” the international auction house said. “While the diamonds do not actually come with an imperial provenance, the quality, workmanship, size, and rarity are of a caliber worthy of a royal collection.”

The Golconda mines were renowned for the diamonds they produced. Among the legendary diamonds taken from the mines in the region surrounding the ancient ruined city of Golconda in south-central India, is the Darya-e Nur, meaning sea of light, at 185 carats (37 g), the largest and finest diamond of the crown jewels of Iran. Other famous diamonds that are believed to come from the area are the Hope, Wittelsbach and Regent.

The upcoming auction at the Hong Kong Convention & Exhibition Centre will offer close to 300 pieces of diamonds, colored gemstones and jadeite with a presale estimate exceeding $70 million.

Other diamonds highlights include a pair of 13.09-ct. and 12.86-ct. heart-shaped diamond ear pendants with very good polish and symmetry with a presale estimate of $3 million to $4.5 million. The Type IIa, D color with internally flawless clarity diamonds are the largest pair of this quality ever to appear at auction, according to Christie’s.

Another important diamond is an un-mounted 18.88-ct. D color, flawless clarity brilliant-cut, type IIa diamond with a presale estimate of $3.2 million to $5 million. It comes with a Gemological Institute of America certificate.

All three diamonds, as previously mentioned, are of Type IIa quality. These types of diamonds are of the most chemically pure, lacking in nitrogen which therefore yield exceptional optical transparency. These diamonds represent less than 2 percent of the world’s production.

The spring sale also offers a range of important sapphires from top sapphire producing regions, including Kashmir and Burma.

Of note is a pair of 14.84-ct. and 13.37-ct., cushion-shaped Kashmir sapphires and diamond ear pendants with a presale estimate of $2.6 million to $3.8 million. The “cornflower blue” color is a hallmark of Kashmir sapphires. This rich blue is distributed throughout the stones. They possess a high clarity with a superior degree of transparency. The combination of all these characteristics is rare in natural Kashmir sapphires of this size, Christie’s said.

Among the ruby highlights is a pair of 5.23 cts. and 5.13 cts. oval-shaped Burmese ruby and diamond ear pendants with a presale estimate of $1.7 million to $2.5 million. They exhibit a well-saturated color combined with a pleasant cutting style, Christie’s said.

For pearl lovers, the sale includes a three-stranded necklace composed of 143 white natural pearls with lustrous quality. It has a presale estimate of $1.2 million to $1.8 million. The pearls measure from 2.5 to 12.8 mm, spaced by diamonds, with a suspending drop-shaped natural pearl.

A jewelry auction in Hong Kong wouldn’t be complete without Jadeite. The top piece being offered is a ring set with a 13.5mm thick double cabochon perfectly rounded on both sides. “In spite of its thickness, this precious cabochon is of exceptional translucency and purity, with even green tone and without any trace of impurities,” Christie’s said. Its pre-auction estimate is $770,000 to $1 million.

Sotheby’s Sees Red in Upcoming Hong Kong Jewelry Auction

1.92-carat VS2 fancy red diamond ring.

China now has 115 billionaires, according to Forbes magazine, and it appears Sotheby’s is making every possible effort to attract these super-rich residents as well as other high-net-worth individuals from the Asian countries with its Magnificent Jewels and Jadeite Spring Sale 2011 in Hong Kong.

The international auction house is presenting a display of colored diamonds, colored gemstones, jadeite and luxury jewelry from several periods for its April 6 sale at the Hong Kong Convention and Exhibition Centre—promising that buyers will be seeing plenty of red. The sale will offer 329 lots, with an estimated value of more than $60 million. (All prices are in U.S. dollars and don’t include the buyer’s premium.).

“This auction provides a colorful variety for Asian and global collectors who have discerning taste for truly exceptional gems,” said Quek Chin Yeow, Sotheby’s deputy chairman and head of its jewelry department.

Despite all the color, the top two lots of this sale are expected to be for white diamonds. The first is a pair of D color internally flawless diamond pendent earrings totaling 36.48 cts. by Harry Winston (left), each suspending a pear-shaped diamond weighing over 14 cts., surmounted by an oval diamond weighing 4.01 cts., all D color and internally flawless (auction estimate $4.1 – 4.8 million).

This is followed by a 25.50-ct. brilliant-cut unmounted D-color flawless diamond (auction estimate $3.8 – 4.8 million) with excellent cut, polish and symmetry and Type IIa chemical purity (left). 

 

The third big item being offered is a jadeite bead necklace (Est. $3.8 – 4.5 million) comprising 53 graduated fine natural jadeite beads of luscious translucency, imperial emerald green color and great consistency. Measuring approximately 12.36 to 9.92 mm, the necklace is further adorned with a clasp set with rubies, sapphires and diamonds.

The Hong Kong auction is introducing what it calls the “Red Sale,” led by three stunners. The first is a 1.92-carat VS2 fancy red diamond ring (top picture). It is among the most unusual and rarest color in diamonds, Sotheby’s said. Few red diamonds exist in the world, most are of SI or below in clarity and rarely weigh more than 1 carat (auction estimate $2.5 – 3 million).

Next is a 27.67-ct. Burmese ruby and diamond ring from Bulgari (left). The auction house says its “pigeon’s blood” color “is the largest gem-quality unheated Burmese ruby from the legendary mines of Mogok, famous for producing the world’s best rubies to appear at auction in recent years.” Rubies exceeding 10 carats without thermal enhancement are extremely rare and are irreplaceable as the mines no longer produce rubies of such a significant size and quality (estimate $1.5 - 2.5 million).

Finally, there’s a Burmese ruby and diamond necklace, and pair of matching pendent earrings, totaling 29 rubies weighing 75.56 cts. (left), also from the Mogok mines (estimate $1.4 - 1.9 million).

The top colored diamond being offered is a 12.72-ct. pear-shaped internally flawless fancy pink diamond and diamond ring by Indian jewelry designer Nirav Modi (Est.$3.2 – 4 million). Also featured in the sale is a 25.26-ct. fancy vivid yellow diamond and diamond ring (Est. $1.7 - 2 million); and a 1.13-ct. fancy vivid yellowish green diamond ring (Est. $500,000 – 580,000).

Colored gemstone offerings are led by a 23.19-ct. Brazilian cat’s-eye alexandrite on a diamond ring (Est. $1.3 – 1.6 million). The color changes from reddish purple in incandescent light to bluish green in daylight (pictured left). This combined with a well-centered and pronounced chatoyancy (or cat’s-eye effect), makes the gem is extremely unusual and among the finest to exist in the current market in both quality and size, Sotheby’s said.


 
Other natural gemstones include a 29.20-ct. Burmese sapphire and diamond ring ($400,000 – 600,000) and a pair of 9.10 and 8.56-ct. Burmese sapphire and diamond earrings ($190,000 – 230,000), both natural, unheated and of noble “Royal Blue,” color, the most desirable in Burmese sapphires, Sotheby’s said. In addition, there’s a pair of 10.73 and 9.52-ct. Colombian emerald and diamond pendent earrings (pictured left) with natural untreated Colombian emeralds ($800,000 – 1 million).

Chinese and Chinese inspired jewelry designs include a 7.31-ct. cushion-shaped F-color diamond, amethyst and pink Sapphire ring, by renowned Hong Kong contemporary jewelry, Wallace Chan (Est. $85,000 - 120,000). Another highly sculptural piece is a diamond and gem-set “Azalea” solstice cuff by Cindy Chao (pictured left). Centering on a 7.02-ct. fancy light yellow diamond, the bangle is modeled as a blooming azalea and adorned with diamonds and gemstones of more than 30 colors, together weighing approximately 124 carats (Est. $150,000 – 190,000). There’s also the "endless-cut" diamond bangle by Nirav Modi (Est. $60,000 – 80,000), weighing approximately 16.80 cts. (pictured left) It features Modi’s signature diamond cutting and setting technique known as “Enigma setting.” It requires diamonds of a particular shape substantially different from ordinary diamond cuts. The result is an endless ring of brilliance, without beginning or end.

Classic period jewels include a Burmese ruby and diamond “Foliage” bracelet from Van Cleef & Arpels, circa 1959 (Est. $400,000 – 480,000), made of natural and unheated Burmese rubies weighing approximately 29.60 cts. and diamonds weighing about 20 cts., mounted on a lithe and graceful bracelet that curls naturally around the wearer’s wrist (left). There’s also a Kashmir sapphire and diamond clip brooch from Cartier London (Est. $50,000 – 60,000). The Art Deco creation centers on a 3.04-ct. hexagonal natural unheated Kashmir sapphire, surrounded by sapphires totaling approximately 7.50 cts. 

Then there’s a Jadeite “Huaigu” ruby and diamond necklace and pair of matching pendent earrings by American jewelry designer Carvin French, circa 1996. The Chinese-inspired suite comprises 33 highly translucent jadeite “huaigus”—one of the most iconic forms in traditional Chinese jewelry – each centering on a cabochon ruby. The necklace is accompanied by pendent earrings each set with two jadeite “huaigus” (Est. $490,000 – 640,000).

Finally, there’s a pair of Jadeite “8” and diamond pendent earrings (Est. $320,000 – 380,000), of vivid emerald green color and outstanding translucency. The number 8 is an auspicious symbol in traditional Chinese culture that bestows good fortune upon its wearer.

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.