Record-Breaking Henry Graves ‘Supercomplication’ To Be Sold At Sotheby's

The Henry Graves Supercomplication, Patek Philippe, 1933

The watch that set a worldwide auction record 15 years ago will return to the block in November at Sotheby’s Geneva sale of Important Watches November 14. The Henry Graves “Supercomplication” has an estimate in excess of CHF 15 million ($16.8 million).

The Henry Graves Supercomplication made by Patek Philippe in 1933 is the most complicated watch ever made completely by human hand, Sotheby’s said. It is also considered to be the world’s most famous watch. It’s reappearance on the market after its record sale will coincide with Patek Philippe’s 175th anniversary celebrations. 

Sotheby’s first sold the timepiece in New York in December 1999, with an estimate of $3-5 million. It sparked an extended bidding war and sold for a record-breaking $11 million, becoming the most expensive timepiece ever sold at auction.

“The list of superlatives which can be attached to this icon of the 20th century is truly extraordinary,” Tim Bourne, Sotheby’s worldwide head of Watches, and Daryn Schnipper, chairman of Sotheby’s Watch Division, said in a joint statement. “Indisputably the ‘Holy Grail’ of watches, The Henry Graves Supercomplication combines the Renaissance ideal of the unity of beauty and craftsmanship with the apogee of science.”

In 1925, Patek Philippe was commissioned by Henry Graves, a prominent New York banker, to produce the most complicated watch in the world. The product of three years of research and five years of effort it resulted in a gold openface minute repeating chronograph clockwatch with Westminster chimes. Among its features are a perpetual calendar, moon phases, sidereal time, power reserve, and indications for time of sunset and sunrise and the night sky of New York City. With a total of 24 horological complications, The Graves watch retained the title of the world’s most complicated watch for 56 years and even then was only surpassed by technicians working with the aid of computer-assisted machines.

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes website.

Two Young Italian Jewelry Brands Bring Bold New Designs to the US

Italian Design Ltd. Snow White Red Apple Ring

Even the Italian jewelry industry needs new blood to bring innovative ideas to its storied design and craftsmanship tradition. Two new companies have heeded the call and more recently brought their new designs to the US by way of Las Vegas jewelry week.

Italian Design Ltd. and Qayten J.E.T. have little in common except a desire to bring a modern approach to the great tradition of Italian jewelry craftsmanship and design.

Italian Design Ltd. Snow White Red Apple Ring opened to reveal Snow White.

Silvia and Alberto Prandoni, the sibling founders of Italian Design Ltd. are proud of their Italian design heritage. However, they are equally influenced by traditional bespoke and limited editions jewelry created by international luxury jewelry houses, such as Bulgari, Van Cleef & Arpels and Tiffany & Co. The four-year-old company produces jewelry with innovative designs and precious materials (particularly colored gems) that tell intimate stories.

Italian Design Ltd. Lava Earrings made with irregular-shaped fire opals.

“We want to go back to haute jewelry design choosing stones and materials of absolute quality, interpreted with an original design that will adapt to and reflect individual personalities,” said Alberto Prandoni, the company’s CEO. “We create unique pieces or a limited number of up to eight pieces. We propose color variations and modifications to perfectly satisfy the desires of those who turn to us for our customization capabilities.”

There's also a good bit of whimsy and versatility incorporated into their jewelry. Some pieces are designed to be worn several ways. For example, the top of the “Snow White Red Apple Ring” opens to reveal Snow White. The ring can then be converted to a necklace and other uses. 

Italian Design Ltd.  Circus Ring can be worn multiple ways.

“We design rings, bracelets or necklaces as if they were living objects with their own personal stories,” he added.

“Our approach enables us to reach the individual and to interpret his or her requests,” Silvia Prandoni said. “It is certainly a less direct path but one that gives great satisfaction.” 

Qayten Paisley Collection earrings

Qayten is a company I have written about previously. I first met the founders at Baselworld 2013. It specializes in using modern technology to create contemporary three-dimensional pieces that are both beautiful and easy to wear. In fact the name defines the company. Qayten, is Sanskrit meaning “origin” and the abbreviation J.E.T., stands for “Jewellery Estetica Technology.”

Maddalena Allegretti, marketing and sales manager, says this means its creations “fuse aesthetics, technical innovation and forward-thinking design while honoring the traditional techniques at the heart of jewelry making.”

Qayten TT Bracelet made with rare, ethically sourced Indonesian wood.

The Bologna-based jewelry brand uses all types of materials, from 18k gold and platinum, diamonds and colored gems, natural Akoya and South Seas pearls; and even with rare woods that are ethically sourced.

“Our jewelry is modern now and for years to come,” she says. “It’s sophisticated with high perceived value, high quality of materials, including rare collectible materials.”

Qayten diamond Bologna necklace.

Founded in 2012 the firm’s first trip to the US turned out to be quite fruitful in terms of exposure. Its Bologna necklace received two honors at the Couture Jewelry Show in Las Vegas: First Place in the “Diamonds above $20,000 Retail” category and First Runner Up in the “Debuting” category.

“The calling cards of this brand are invisible connections, en tremblant settings, she says. “This is jewelry that demands to be touched, turned over in the hands and admired as much for its technical mastery as it’s visual.”

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes website.

De Beers CEO Talks Up Forevermark

Diamond drop earrings by Slane with 9.24 round brilliant "exceptional" diamond and 8.14 round brilliant "exceptional" diamond set in platinum.

Diamond brands are not new and in the past decade the number of brands has grown substantially. The effectiveness of diamond branding has been debated in the jewelry industry for just as long. As opposed to an LVMH handbag or Gucci shoes where the workmanship and logos are easy to see; a diamond’s attributes are extremely difficult to see with the naked eye.

The recent announcement that the Hearts on Fire diamond brand is being acquired by the Hong Kong-based retail giant, Chow Tai Fook, for $150 million, shows that at least some brands have real value. The “world’s largest pure-play jeweler” said it will sell the diamond brand through its retail network of more than 2,000 points-of-sale in the Hong Kong, Macau and Mainland China markets.

"Center of My Universe" fancy yellow diamond earrings by Premier Gem set in 18k white gold, 10.05 ctw.

Needless to say Philippe Mellier, De Beers Group CEO, is a believer in brands. Of course part of his job is to promote De Beers diamond brand, Forevermark. To do this he made a rare appearance in the US during Las Vegas jewelry week to help promote a new Forevermark marketing and advertising campaign for the US market.

“There is a demand for branded diamonds and discerning customers are looking for the very best with the name of De Beers behind it to certify that they are the shiniest, the best and what is very, very important is that they are responsibly sourced,” he said.

"PURE Collection" by Precision Set six prong solitaire ring set in platinum, 1.50 ctw.

Each Forevermark diamond has a unique identification number and the Forevermark icon inscribed on the diamond. The inscription is 1/5000th the depth of a human hair. Obviously it cannot be seen by the naked eye. All diamonds over a half-carat also comes with a Forevermark grading report.

“A discerning customer knows that the diamond he or she bought has been inscribed with the Forevermark and logo and the number that makes that diamond very unique and traceable,” he said.

All of the diamonds comes from nine De Beers mines (seven in southern Africa and two in Canada). De Beers’ hold over the diamond industry from mining to market isn’t what it used to be, but it still sells its diamonds through what are known as sights. Sightholders (diamond manufacturers and dealers) are approved by De Beers and are invited to buy diamond rough from its mines. The sightholders have the option of purchasing a box of rough without knowing what is inside based on a price set by De Beers.

"Center of My Universe" double cushion halo fancy yellow diamond ring by H.J. Namdar set in 18k white gold 4.27 ctw.

Among the sightholders are diamond companies that are approved to receive boxes with what Mellier described as containing the top five percent of rough diamonds from De Beers in terms of quality. The 30 diamond companies can do what they want with the rough, including the 5 percent gems. However, if they wish to sell them as Forevermark diamonds, either lose or in jewelry, they will need to return them to De Beers to have them inscribed.

“They are buying these boxes because they are suitable for Forevermark but they don’t always cut and polish them for Forevermark. They can do it for all of their applications,” he said. When they are cut and polished they send them to us for engraving and inscription and they all come with a Forevermark certificate.”

Diamond riviera necklace by Rahaminov set in platinum, 55.26 ctw.

The Forevermark brand was first launched in Hong Kong, China and Japan in 2008. It is now in 1,350 retail doors in 29 countries. Forevermark came to the US in 2011 and now is available at 400 doors. Mellier speaks with pride of the brand’s market reach and its recent milestone of inscribing its one millionth diamond. But sales are something that he didn’t discuss.

Mellier’s rare presence in the US was part of a big push by Forevermark during the annual tradeshows in Las Vegas. It included the first look of its latest US multi-media advertising campaign (“Promise”) that will launch in September and bringing in Waris Ahluwalia, a successful jewelry designer who is perhaps better known as an actor in Wes Anderson films. He designed a jewelry collection with Forevermark diamonds. In addition, throughout the Las Vegas jewelry trade fairs there were displays of Forevermark diamond jewelry created by the brand’s 30 or so diamond manufacturing partners. Mellier said Forevermark is looking for more partners.

Bridal jewelry will account for a little more than half of all Forevermark product, which I found surprising because De Beers pretty much invented the modern bridal jewelry industry in the US. Mellier said romance and emotion will continue to be the focus of the campaign and the jewelry but it will include milepost events throughout one’s life.

“We have all sorts of other jewelry because a lot of customers are repeats,” he said. “You only have one bridal but there are birthdays, wedding anniversaries and for this repeat purchase it’s obviously not bridal.”

The marketing and advertising campaign is designed to hit the target customer seven times, Mellier said. However, he admits that it will never be as prolific as its “A Diamond is Forever” campaign.

“We are unfortunately smaller than before,” he said. “At one time we had 80 percent of the world market. We are still by value the biggest company in the world with slightly more than a third of the world market so we spend according to our need and our volume. Forevermark is what we really want to focus on.”

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes website.

Baume & Mercier Reveals ‘Promesse’ Ladies Watch Collection in New York

Actress Jessica Pare introduces the Promesse collection while Alain Zimmerman, Baume & Mercier’s CEO, and Rudy Chavez, Baume & Mercier’s North American president, look on. Behind them are the padlocks where guests were able to make a “promise” to themselves. Photo credit: Anthony DeMarco

Baume & Mercier unveiled its first new ladies watch collection in nearly 10 years during an event in New York attended by Swiss watch brand’s top officials along with several celebrities, including actress Jessica Pare of Mad Men.

Baume & Mercier Promesse 10157 in stainless steel with a drapé guilloché dial.

The company unveiled the “Promesse” timepiece collection during the June 18 event at Gotham Hall, also attended by Star Jones and Supermodel Emme. The line consist of 14 pieces in two sizes, 30 and 34mm, and are available in a Swiss-made quartz or automatic movement that can be viewed through a transparent caseback. The collection is inspired by the unconventional watches the company created for ladies in the 1970s.

The automatic movement.

The watches combine different decorative and functional elements. All of the pieces employ an oval bezel that surround a round dial, the signature nod to one of its1970 models. Most of the models use a drapé (draped) guilloché design for its dials while others employ colorful mother-of-pearl. All of the dials also use Roman numerals at the 12, 3, 6 and 9 o’clock positions. Most use diamond markers on the remaining indices. Diamonds, mother-of-pearl, or red gold (creating a two-tone effect) are also used to further enhance the bezels. The watch straps are available in stainless steel, a two-tone combination (stainless steel and plated red gold), white satin, or black alligator.

Baume & Mercier Promesse 10166 with black mother-of-pearl black dial with a “drapé guilloché” and 61 diamonds.

There are enough subtle variations in its 14 models to create several options for women who purchase this watch. The Promesse (French for Promise ) is being marketed to self-purchasing women, inspiring them “to hold a promise close to their heart while celebrating their unique individuality through their own timepiece.” This notion was reinforced at a June 18 event in New York marking the US release of the timepieces. Guests were given a padlock and asked to inscribe their own personal promise before locking it to a metal stage prop modeled after the romantic bridges in Paris.

Baume & Mercier Promesse-10163 combines steel and red gold-capped steel with a silver-colored “drapé guilloché dial.

In addition to the celebrities, Baume & Mercier’s global CEO, Alain Zimmerman and North American president, Rudy Chavez were in attendance. Pare wore the Promesse 10160, an oval, mother of pearl, steel bracelet watch with 30 diamonds set on the bezel (pictured below).

The watches will be available in September at select retailers nationwide and online, starting at $1,900.

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes website.

Verdura To Celebrate 75 Years With an Exhibition Curated by Carolina Herrera

Duke Fulco di Verdura. Photo credit: Anthony DeMarco

Verdura is one of the very few jewelers that elicit gasps from people when I say I’m planning a visit. Its respect and awe are well earned.

Duke Fulco di Verdura (1898 – 1978), already well-known as a high jewelry designer through his collaborations with Coco Chanel and Paul Flato, became a superstar in the rarefied world where royalty, business leaders and world-class entertainers mingle when he opened his eponymous boutique on New York’s Madison Avenue in 1939. The Sicilian native is credited with modernizing high jewelry and for adding colorful precious gemstones to yellow gold, which surprisingly wasn’t done previously.

“Medusa” Brooch, created in collaboration with Salvador Dalí, 1941.
Made of gold, morganite and ruby, it frames a miniature painting
of Medusa by Dali.

His work will be the subject of a retrospective titled “The Power of Style: Verdura at 75,” from October 14 till December 23 at a space adjacent to the Verdura flagship location on 745 5th Ave., just feet away from his original boutique. It will feature approximately 150 original jewelry pieces and objects d’art by Fulco di Verdura as well as a small selection of his 10,000 gouache jewelry designs, archival materials, personal miniature paintings and period photographs.

From left: Nico Landrigan, Verdura president, fashion designer
Carolina Herrera and Ward Landrigan, Verdura chairman and CEO. 
Photo credit: Anthony DeMarco

On Monday Verdura unveiled some of its plans for the exhibition led by Ward Landrigan, who purchased Verdura in 1985; his son Nico, its president; and the exhibit’s curators fashion designer Carolina Herrera and her husband Reinaldo Herrera, a Vanity Fair editor; and their daughter, Patricia Lansing, who arrived late directly from the airport following a flight from Brazil. The Herreras were friends with Duke Fulco di Verdura and are longtime friends of the Landrigan family.

The future exhibition space now under construction and posters of famous celebrity clients and jewelry that will be featured in the exhibit. Photo credit: Anthony DeMarco

The preview was held at the exhibit’s future space, currently under construction. Within the bare walls were several jewelry pieces, various posters, jewelry drawings and a poster-size photograph of Duke Fulco di Verdura in a white dress shirt and black tie smoking a cigarette. All will be included in the exhibition.

Gemstone, gold and enamel “Maltese Cross” Cuffs, circa 1930, originally belonging to Coco Chanel. 

Reinaldo Herrera, who knew the jeweler since he was a teenager, said Verdura had the ability to take precious materials and create artistic jewelry that didn’t necessarily demand immediate attention and could be worn casually. Prior to that high jewelry was big, bold and strictly worn on formal occasions.

Aquamarine and diamond necklace, 1933.

His collaborations with Salvador Dalí produced some of his most famous pieces. One item that was shown to the press Monday was the “Medusa” brooch, with 13 intertwined snakes made of 14k yellow gold with cabochon ruby eyes that frames a miniature painting of Medusa set with a 73-carat Morganite. Ward Landrigan called the piece the world’s greatest surrealist art work.

Gold, platinum and diamond “Laurel” tiara, 1957. Designed as a commission for Betsey Whitney

Verdura’s client base included the Whitneys, Mellons and Rockefellers; actors Joan Crawford, Katharine Hepburn and Rita Hayworth; and the composer and songwriter Cole Porter and his wife Linda who, along with Vincent Astor, gave Verdura his initial financing. Nearly all of the pieces in the collection are on loan by private owners. Ward Landrigan noted that the excitement building up to the exhibition is causing more owners to loan their pieces.

An example of the archives that will be part of the exhibition.

The Herreras revealed little of their plans for the exhibition, instead focusing on Verdura the man. “He was a fun person with a sharp tongue,” said a laughing Carolina; while Reinaldo added that “he said all the right things to all the wrong people.”

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes website.

5.5-Carat Pink Diamond Leads Christie’s Auction Selling For $9.5 Million

A 5.50-carat oval-cut fancy vivid pink diamond with VVS1 clarity sold for more than $9.5 million (over $1.7 million per carat) Tuesday at Christie’s New York Important Jewels sale. The price was well above the precaution estimate of $7.5 million.

Two other lots earned more than $1 million: A 20.08-carat, D‐color VVS1 potentially internally flawless rectangular cut diamond ring by Taffin (pictured above) that sold for $3 million ($153,240 per carat), within its estimate, and a 5.91-carat rectangular-cut fancy light pink VS1 diamond that sold for more than $1.8 million ($310,490 per carat), about three times its high estimate of $675,000. 

The auction itself achieved more than $27.5 million with 83 percent sold by lot and 85 percent sold by value. Seven of the 10 buyers were from the jewelry trade. 

Other highlights of the sales included the following:

* A long chain diamond necklace by Leviev (pictured above) with 108 collet-set diamonds, weighing approximately 1.16 to 1.00 carats with the reverse of each enhanced with pavé-set diamonds. It’s joined by a circular-cut diamond and cabochon emerald openwork clasp, mounted in platinum. It sold for $965,000.

* A pair of pear-shaped D-color internally flawless diamond ear pendants (pictured above) of 5.46 and 5.00 carats that sold for $905,000.

* A Van Cleef & Arpels diamond and sapphire “zip” necklace (pictured above) fetched $389,000, above its $350,000 high estimate. The circular-cut piece is designed to look like a zipper, with a caliber-cut sapphire sliding ribbon, mounted in 18k white gold. 

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes website.

Patek Philippe 1923 Officier Achieves $2.9 Million; Five Bespoke Patek Titanium Watches Fetch Millions

Patek Philippe 1923 Officier 

The Patek Philippe earliest known single-button split-seconds chronograph wristwatch sold for nearly $3 million Tuesday at Sotheby’s New York. It was part of a private collection of 12 Patek watches, including five bespoke titanium timepieces, which sold for a total of $7.1 million.

Sotheby’s described the Patek Officier chronograph as “a piece of watchmaking history.” It was started in 1903 and completed and sold on October 13, 1923, according to the auction house. The yellow gold watch is the only split-seconds chronograph by Patek Philippe with a white enamel dial. It sold at auction to a Swiss museum for $2.965 million—more than double its $1.2 million high estimate. The price matches Sotheby’s top result for any wristwatch, achieved by The Henry Graves, Jr. Yellow Gold Minute Repeating Wristwatch by Patek Philippe, which sold in 2012.

The $7.1 million price for the 12 Patek Philippe watches, which the auction house called “The Titanium Collection,” well exceeded its $4.9 million high estimate. In addition to the five titanium watches and the historic Patek split-seconds chronograph, the 12 watches placed on auction Tuesday included additional references by Patek that have remained unknown to collectors, as well as unique pieces incorporating rare materials and designs beyond titanium.

Patek Philippe Ref 5001T Sky Moon Tourbillon

The titanium collection was led by the previously-unknown Ref. 5001T Sky Moon Tourbillon that fetched more than $1.3 million. The double dialed wristwatch has 12 complications including tourbillon, perpetual calendar, retrograde date, sky chart, moon-phases, orbit display, sidereal time and minute repeating on cathedral gongs, made circa 2002. In addition to the lightweight metal, the watch is further distinguished by its basket weave motif, repeated on the bezel and the dial where the standard Sky Moon Tourbillon normally features the firm’s signature Calatrava crosses, as well as unabbreviated cardinal points on the star chart.

Other commissioned pieces in the collection include the previously unknown Platinum Ref. 5103P, which sold for $773,000 and the Flawless Officer Ref. 3928, which achieved $737,000—an auction record for a contemporary time-only watch by Patek Philippe and well above its $500,000 high estimate. The case back of the Flawless Officer is set with a 9.44 carat, D color, internally flawless diamond that provides a window to the movement.

Sotheby’s Important Watches Auction totaled $11.7 Million, the highest total for an auction of timepieces from various watch owners at Sotheby’s New York. Other highlights included:

* A gold, hardstone, enamel and gem-set desk timepiece in the form of a tortoise, circa 1928, sold for $875,000, well above its $500,000 high estimate. The dial and movement are concealed within the tortoise shell that opens.

* A white gold and diamond-set bracelet watch, Ref 40011 by Piaget carrying a total diamond weight of approximately 57 carats fetched $398,000, above its $300,000 high estimate.

* The Hublot Key of Time MB-02 and the Jaeger-LeCoultre Duometre a Spherotourbillon, each brought in $185,000.

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes website.