Elizabeth Taylor Auction Expected to Fetch $30 Million

The Elizabeth Taylor Diamond, a 33.19-carat, Asscher-cut gem that's expected to fetch $2.5 million-$3.5 million.

The first day of the most anticipated jewelry auction in (well, who knows how long?) will begin at 8 p.m. The Collection of Elizabeth Taylor sale at Christie’s Rockefeller Center headquarters in New York is expected to fetch $30 million for 61 lots.

“This is without a doubt the greatest private collection of jewelry ever assembled in one place,” said Marc Porter, chairman and president of Christie's Americas.

This is only the beginning. Another auction of the actress’ jewelry will be held Wednesday, followed by two more days that will see Taylor’s jewelry, couture clothing, accessories, memorabilia and decorative arts sold to the highest bidders.

Among the items in the sale tonight is the Elizabeth Taylor Diamond, a 33.19-carat, Asscher-cut diamond on a ring that was a gift from her husband Richard Burton. This was the ring that Taylor wore nearly every day. Burton purchased the stone at auction in 1968 for a reported $305,000. It's expected to fetch $2.5 million-$3.5 million.

There’s also the La Peregrina, the pear-shaped pearl, ruby and diamond necklace centered with a 203-grain pear-shaped pearl discovered in the 16th Century as its centerpiece. Taylor and Al Durante of Cartier designed the piece. It’s expected to sell for $2 million to $3 million.

Another highlight is The Taj Majal Diamond, a gift from Richard Burton, for Elizabeth Taylor’s 40th birthday in 1972. Inscribed with the name Nur Jahan, the wife of the Mughal Emperor Shah Jahangir, this heart-shaped diamond is believed to have been a gift from the ruler to his son, who became the great emperor Shah Jahan (1592-1666). It is believed that the young prince presented the diamond to his favorite and most beloved wife, Mumtaz-i-Mahal. The emperor’s grief at her death just four years later inspired him to commission the majestic Taj Mahal in her memory. Estimate: $300,000 – $500,000

I will be attending tonight’s auction and will be either tweeting or blogging live from it, so stay tuned.

Read more about the auction on Jewelry News Network by following this link.

Fabergé Opens Boutique in London

The Fabergé brand continues its return to the world of luxury jewelry under its new owners by opening a store in London. In addition, the company said its watches and jewelry are now available in London’s Harrod’s and it will soon open a store in New York.

It is the first time in a nearly a century that Fabergé, known for its iconic bejeweled eggs, has had a store in London. The boutique is located at 14A Grafton Street in Mayfair.

Due to the repatriation of Russian resources at the beginning of the First World War, the last Fabergé store in London closed in 1915. The store at 173 Bond Street, was visited by royalty, nobility, potentates, tycoons, socialites and connoisseurs from around the world. Fabergé first opened in London in 1906 at 48 Dover Street, moving to Bond Street in 1910.



The new store features a lilac façade that evokes the guilloche and enamel techniques for which Fabergé was renowned, the company said. The interior is a fusion of old and new.

In New York, Fabergé has secured 694 Madison Ave., which will open in spring 2012. In the meantime, Fabergé is hosting special seasonal “by appointment” previews at the Plaza Hotel, Fifth Avenue at Central Park South until December 30.

The new locations carry selections from the key Fabergé collections that include:

* The jewelry collections Les Fabuleuses de Fabergé, Saisons Russes, Le Carnet Bal and the Solyanka Treasures;

* Les Fameux de Fabergé, the recently released one-of-a-kind high jewelry egg pendants;

* Les Favorites de Fabrge, a collection of fine jewelry egg pendants with about 60 designs, rekindling the tradition of Fabergé as gifts for special occasions; and

* Fabergé Horlogerie, a collection of handmade men’s and women’s watches featuring the brand’s guilloche and enamel techniques.

These are the latest of several moves that the brand has made since it was purchased in 2007 by Pallinghurst Resources, a London-based private equity company, from Unilever, a consumers products company.

Pallinghurst reunited the Fabergé brand with the Fabergé family. Tatiana and Sarah Fabergé, great granddaughters of Peter Carl Fabergé, together with John Andrew, make up the Fabergé Heritage Council. which guides the unified Fabergé in its pursuit of Fabergé’s original values, philosophy and spirit. Géza von Habsburg, a leading Fabergé expert and author, serves as Fabergé’s curatorial director.

In 2009, the company launched new jewelry collections, a website and its first boutique in Geneva.

More recently, in July, the company launched the Les Fameux de Fabergé one-of-a-kind high jewelry egg pendants and the Les Favorites de Fabrge fine jewelry egg pendants.

Fabergé was founded in St. Petersburg, Russia, in 1842 by Gustav Fabergé, whoc moved from France to Russia in the 1830s to train as a goldsmith. Gustav’s son, Peter Carl Fabergé (born in 1846) led the firm to worldwide renown, winning the favor of the Imperial Romanov family in the 1880s and the award of the Grand Prix at the 1900 World Fair in Paris.

In 1917, the Russian Revolution brought an abrupt end to the Romanov dynasty, and to the House of Fabergé. The company was nationalized, all production closed down and Peter Carl Fabergé and his family fled Russia. He died in Lausanne, Switzerland, in 1920.

By the time of the Bolshevik Revolution, Fabergé had produced more than 155,000 items spanning jewelry, objects, tableware and accessories ranging from cigarette cases to crochet hooks. The first of the 50 legendary and world famous Imperial Fabergé Eggs was the “Hen Egg” of 1885, with the “Steel Military Egg” of 1916 being the last completed. Two eggs were in preparation in 1917 but were not finished. A handful of egg objects were made as private commissions, including the Rothschild egg, which was sold recently at auction by Christies for $19.5 million.

In a second blow, the Fabergé family in 1951 lost the rights to use their family name in selling Fabergé-labeled designs when protracted and expensive litigation forced them to cede these rights to an American corporation for $25,000.

More recently, Unilevel had the rights to the company before selling it to Pallinghurst Resources.

Another $5.9 Billion Dollar Week for Online Holiday Sales

For the second consecutive week, online sales hit the $5.9 billion mark and saw growth rates remain in line with the season-to-date at 15-percent, reports comScore, which measures digital data.

In addition, the most recent week (ending December 9) had three days surpassing $1 billion in sales, the Reston, Va.-based company reports. For the holiday season-to-date, six individual days have surpassed the billion dollar threshold, led by Cyber Monday at $1.25 billion.

“These highlights represent another very positive sign for the holiday shopping season, said comScore chairman Gian Fulgoni. The week following ‘Cyber Week’ (which includes Cyber Monday the Monday after Black Friday) often experiences relative softness in spending momentum due to retailers pulling back on their promotional activity. As we enter what will be the heaviest week of the season for online retailers … all signs are now pointing to a strong finish to the season.”

This season has been a coming out of sorts for online retail. Since comScore began tracking e-commerce spending in 2001, seven individual shopping days have surpassed $1 billion in spending. Six of those days occurred this year. To date, Cyber Monday 2011 (Nov. 28) ranks as the heaviest online spending day in history at $1.25 billion. Leading off this most recent week of the holiday season, December 5, now ranks as the second heaviest spending day in history at $1.18 billion, followed by November 29 at $1.12 billion, and December 6 at $1.11 billion. Cyber Monday 2010 (Monday, November 29, 2010) rounds out the top five at $1.03 billion.

Retail e-commerce spending for the first 39 days of the November – December 2011 holiday season has reached $24.6 billion, a 15-percent increase versus the corresponding days last year.

The Andrea Bocelli Foundation Gala

Andrea Bocelli presents Girard-Perregaux World Timer timepiece to Quincy Jones.

Swiss luxury watch brand Girard-Perregaux partnered with international classical singing superstar Andrea Bocelli for the launch of the Andrea Bocelli Foundation with a benefit gala on December 9 at the Beverly Hilton Hotel in Los Angeles.

At the event, Bocelli presented the first foundation award of a Girard-Perregaux World Timer timepiece (pictured left) to iconic music recorder and producer Quincy Jones for his worldwide philanthropic efforts. Andrea Bocelli also wore his own Girard-Perregaux 1966 watch for the evening.

The Gala featured a dinner and performances by Bocelli as well as David Foster, Heather Headley and Anna Maria Martinez and a surprise performance by Michael Bolton.

Bocelli performs while wearing the Girard-Perregaux 1966 watch

 

GP 1996

The Andrea Bocelli Foundation will be a grant making body, aimed at supporting those living in poverty or overcoming barriers caused by illness and disability in order to deliver tangible real life results. Two types of programs will be supported: those that alleviate poverty and those that help people overcome physical limitations caused by illness. The Foundation will actively seek to identify innovative and original projects to support.

Harry Winston’s Growth Ends in Q3

Harry Winston salon in Paris

Harry Winston Diamond Corp., the luxury retail jeweler and supplier of rough diamonds, saw its retail sales slow to a crawl and its diamond business take a nosedive for the third quarter of fiscal 2012.

Sales in the Toronto-based company’s mining segment fell 40 percent, year-over-year, to $36.2 million for the quarter, ended October 31. Rough diamond production for the period increased 8 percent to 800,000 carats for the period. Harry Winston has a 40 percent ownership stake in the Diavik Diamond Mine in Canada’s Northwest Territories. Mining giant Rio Tinto owns the other 60 percent.

For the luxury brand segment, sales increased 4 percent, year-over-year, to $83.5 million compared to $80.2 million in the same quarter of the prior year. At constant exchange rates, sales decrease by 4 percent. Harry Winston is a premier diamond jeweler and luxury timepiece retailer with luxury salons in key locations around the world.

“Challenging trading conditions returned to the diamond business internationally in the third quarter,” said Robert Gannicott, Chairman and CEO. “However, this was not the sudden, hard shock of 2008/2009 and, being better equipped to weather a downturn than in 2008/9, we elected not to sell the full rough diamond production into a weak market during the quarter but continued to supply the segments where demand remained resilient. We have now resumed a wider range of rough diamond sales as the market has recovered some poise in the light of continuing good consumer demand. Our luxury brand segment has seen increased unit sales as we continue to broaden the focus of our jewelry and timepieces.”

Rough diamond price during the third quarter was $159 per carat from 200,000 carats sold compared to $95 per carat from 600,000 carats sold in the comparable quarter of the prior year, the company reported. The price difference is primarily the result of the stockpiling of some lower priced diamond assortments which currently face competition from the recent sale of stocks of similar quality Zimbabwe diamonds. At October 31, 2011, the company was holding 1.1 million carats of rough diamond inventory with an estimated value of $123 million at current market prices.

Mining segment EBITDA was $16.7 million in the quarter compared to $24.9 million in the comparable quarter of the prior year. After accounting for the $13 million ($8.4 million tax effected) non-cash de-recognition charge related to a backfill plant no longer needed in revised underground mining methods, this segment recorded an operating loss of $3.3 million. Excluding this charge, the mining segment would have recorded an operating profit of $9.7 million in the third quarter compared to $9.4 million in the same quarter of the prior year.

The luxury brand segment generated EBITDA of $4.5 million and an operating profit of $1.3 million in the third quarter 2012 compared to EBITDA of $8.6 million and operating profit of $5.4 million in the comparable quarter of the prior year. The decreased operating profit is a result of the seasonal increased marketing expenditure leading into the holiday season and expenses related to the anticipated opening of new salons in China during early 2012.

The Company had $83.2 million of cash and $106.2 million availability in its credit facilities as of October 31.

Joe Torre to Speak About Winning at Centurion

Former New York Yankees manager Joe Torre will provide an inside look at what it took to become one of the best managers in baseball history in an opening keynote address at the Centurion luxury jewelry tradeshow.

Torre’s session, called “Ground Rules for Winners,” draws upon his life experiences in professional baseball. His presentation will be held January 29 at 8 a.m.

"My baseball career experiences relate to everyday business life," Torre said. "I hope the Centurion audience will leave enthused with new ideas to implement in their successful businesses."

He shares his wisdom on the universal concerns of all managers: handling tough bosses, dealing with setbacks and success, earning the trust and respect of the team and forging a diverse group of individuals into a cohesive unit with a willingness to make the sacrifices necessary to win. Torre led one of the most fabled franchises in sports history, the New York Yankees, for 12 years, and managed the Los Angeles Dodgers before joining Major League Baseball as executive VP of Baseball Operations. During his tenure with the Yankees, the team won six American League Pennants and four World Series Championships. For all of his success, Torre remains down to earth, good-humored and practical in his approach to leadership and success.

“We know that Joe’s experiences will resonate with our attendees,” said Howard Hauben, Centurion president. “We’re delighted to have him as a speaker in Scottsdale at the 2012 Show.”

The invitation only Centurion Show will be held January 28 – 31 in Scottsdale, Arizona. For more information, call 516-377-5909 or email info@centurionjewelry.com.

Elizabeth Taylor Auction Includes Pieces by Sandra Müller

The upcoming Collection of Elizabeth Taylor auction at Christie’s New York will include three pieces from a Los Angeles jewelry designer who had a personal relationship with jewelry-loving star.

“I would often go to visit Elizabeth Taylor at her house and she would say that her heart would jump a certain way when she saw a jewel that was just right for her. And these did it,” said Sandra Müller, who has a store in Beverly Hills.

The items that caught Taylor’s fancy was an 18k gold necklace and bracelet set covered with smoky quartz, citrines, corals, fresh water pearls, tiger's eye, crystal de roche and chrysophrase; And a stand-alone 18k gold bracelet with lavender overtones that uses amethyst, citrines, aquamarines, rubelite, fresh water pearls and ametrines (All pictured above). Taylor bought the pieces in 2001.

“The style is very Capri chic 1970’s,” Müller said. “My inspiration was to create something fun, colorful, charming, and full of life, using fine semi-precious gem beads and combining colors that would have suited an Emilio Pucci or Thea Porter colorful gown—very much Elizabeth’s style.”

The pieces will be placed on the block December 15 as part of the Fashions and Accessories (IV) portion of the auction. The estimate is $200 - $300. The entire Elizabeth Taylor auction will be held over a four-day period, December 13-16.

Müller said she first met Taylor at the Palace Hotel in Gstaad when she was nine years old. Taylor was having lunch with the wife and daughter of Yul Brynner and she joined them. In fact, it was at this meeting that Müller decided that she wanted to be a jewelry designer.

“I was mesmerized by her (Taylor’s) headdress, with an emerald dangling on her forehead,” Müller said. “She had an incredibly eclectic taste for jewelry. This encounter awakened in me an aspiration to become a jeweler. Little did I know that one day she would be wearing my creations.”

Müller grew up in Paris and Geneva. At eighteen, she moved to California to study gemology and jewelry manufacturing at the Gemological Institute of America. Since then, she has been creating one-of-a kind jewels and limited editions for a clientele that includes many celebrities.