Auction Update – Going Once, Going Twice… Pastor Geneve
The economy may be in a tailspin, but the überwealthy aren’t entirely deterred from their lavish lifestyle. One might assume that the global financial meltdown would put a damper on over-the-top jewels and gems, but the auction world is proving that assumption wrong.
Two recent high-profile auctions renewed confidence in the market, especially for high-end diamonds. In the words of Sotheby’s Lisa Hubbard, chairman, international jewelry, North and South America, “Truly special stones and beautiful jewels still manage to withstand the volatility of the market.”
At Sotheby’s this week, several of the top sales beat presale estimates, including a fancy vivid yellow diamond that sold for $2.7 million and a pear-shape D color type IIa diamond ring that went for $1.2 million.
The biggest (and most optimistic for the market’s top tier) came from Christie’s, where a jewelry auction in London made the record books. The 17th-century 35.56 ct. fancy deep grayish-blue Wittelsbach diamond (once owned by Spain’s King Philip IV, who gave it to his daughter as an engagement gift in 1664) sold for $24.3 million, a world record price for any diamond or jewelry sold at auction. (Laurence Graff is the proud new owner).