New York Jewelry Auctions Top $70 Million In June, Led By Diamonds

Live jewelry auctions in New York are easily keeping pace with multi-million-dollar watch auctions, and they remain the best venue for large diamonds, gemstones and signed pieces. Sotheby’s Magnificent Jewels sale in June totaled $30,033,900, and Christie’s hit the $44.4 million mark, for a combined haul of over $70 million between them.

Fancy colored and large flawless diamonds, along with rare specimens of emerald, sapphire and ruby continue to rank in the top 10 lots at most auctions. In the Sotheby’s top 10, the seven highest-selling pieces sold for over $1 million, and the top two lots sold for over $3 million. The auction was led by a $3.6 million piece of jewelry, a Van Cleef & Arpels necklace. The tassel-tie style long necklace was fully set with several cuts of perfectly matched diamonds in tapered sizes. It was made in 1929, and would be difficult to make or find anywhere today. The second-highest lot was a 53-carat internally flawless diamond, another rare find, especially given than diamond mining is not the prolific activity it once was. It sold for $3,480,000. For final proof that rarity is the driving value factor at jewelry auctions, the second and third lots were Kashmir sapphires, the prized velvety blue gems that haven’t been mined in a century – including a 10.31-carat Kashmir sapphire and diamond ring that sold for $1,980,000, and a 14.51-carat sugarloaf cabochon sapphire ring that sold for $1.8 million. Natural pearls, also very rare, are also fetching top dollar at auction. Among the top ten at the Sotheby’s sale was a natural pearl, cultured pearl and diamond necklace selling for $552,000, along with exquisite pieces from Graff and Harry Winston.

The Christie’s Magnificent Jewels sale offered further proof that fancy colored diamonds are the biggest investments when it comes to diamonds. The top lot was the Eden Rose (most important diamonds have names), a 10.2-carat fancy intense pink, internally flawless diamond, selling for $13.3 million. Next was a yellow diamond and white diamond pendant that sold for $2,167,500. And the third-highest lot was a 2.28-carat vivid blue heart shaped diamond ring, surrounded by yellow and white diamonds that sold for $2,107,000. A natural pearl, cultured pearl and diamond necklace sold for $378,000, five times its high estimate of $50,000.

Phillips, which has for several years been the leading auction house when it comes to watches, also started holding live jewelry auctions this year. It got off to a good start in June with a New York sale that totaled $2.8 million. Leading the auction was a 9.81-carat emerald and diamond ring, which doubled its estimate at $165,000. A pair of diamond ear clips sold for $165,100, and a Cartier gold and diamond necklace designed as an undulating fringe sold for $146,050. The sale also included pieces from Van Cleef & Arpels, Cartier, and Bulgari and Oscar Heyman.