Wednesday, May 12, 2010

Switzerland:Noble Jewels performs so well again - Sotheby’s


In Geneva, Sotheby’s Spring Sales of Magnificent and Noble Jewels concluded, bringing a sensational total of CHF59,995,700 / $53,976,331 / €42,411,883, a figure well above pre-sale expectations (est: CHF35.9-51.1 million / $32.4-46 million). All three sales sessions saw lively and competitive bidding across the board for top-quality jewels at all price levels - be it important coloured stones, white diamonds, glamorous signed pieces or jewels with historic and noble provenance. Collectors and jewellery lovers from all corners of the world were out in force, bringing overall sell through rates of 88% by lot and 97% by value. In addition more than 74% of the lots sold, achieved prices in excess of their high estimate. Exceptional results follow hot on the heels of the great success of the company’s Jewellery sales in Hong Kong and New York last month and bring the total of Sotheby’s worldwide sales of jewels this Spring to $147.7 million.

Important Stones:
In a sale series which saw a vast number of triumphs, the standout moment of the day came with the sale of the rare cushion-shaped fancy intense blue diamond weighing 7.64-carats and mounted as a ring. One of the most important diamonds of this colour grading and shape to appear on the market for many years, the stunning ring saw competition from at least three potential buyers before selling to an anonymous client for CHF8,930,500 / $8,034,503. This sets a new record price of $1,051,636 per for carat for a fancy intense blue diamond sold at auction.

A second blue diamond - a rare toi et moi ring by the much celebrated French jeweller, Alexandre Reza – was also the subject of a spirited bidding battle. Set with a spectacular 5.02-carat fancy vivid blue diamond and a exceptional white diamond of the same shape and weighing 5.42-carats, the immensely chic ring saw determined bidding from multiple
bidders and brought a final price of CHF7,026,500 / $6,321,531 – against the pre-sale estimate of CHF4.25-7.4 million / $4-7 million and establishing an auction record price for a jewel by the French jewellery maker.

The magnificent emerald-cut white diamond weighing 52.82-carats was the second highest selling lot of the day. This sold to an US dealer for CHF8,818,500 / $7,933,740 proving the strength of the market for exceptional white diamonds.

Commenting on the successful Spring sales David Bennett, Chairman, Europe & the Middle East, Sotheby’s International Jewellery department, said: “An Outstanding results once again demonstrate the vibrancy and depth of the international jewellery market and the enormous appetite throughout the world for jewels and gemstones of the very best quality. Our pre-sale viewing in Geneva was among the busiest that we’ve staged in recent years and, the general interest and enthusiasm that we saw in all the worldwide locations where we exhibited highlights from the sale was extraordinary. The prices achieved tonight for the two blue diamonds and also the spectacular 52.82- carat white diamond were much deserved, as these were all gems of the highest quality and rarity and it was also heartening to see our fourth dedicated sale of Noble Jewels perform so well once again, exceeding the pre-sale estimate by a large margin. We are absolutely delighted with the results of sales, which have performed superbly well in every category.” 

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