$88 Million Worth of Jewelry Was Sold

How Does That Happen?

STEVEN DEVILBISS

The auction featured historical artifacts, including a stone linked to Marie Antoinette’s daughter, a carved emerald associated with Mughal emperors and English queens, as well as notable signed pieces such as Van Cleef Mystery Set brooches, Cartier Art Deco, and JAR. Consequently, the market exhibited considerable optimism regarding the Magnificent Jewels auction at Christie's New York on June 17.

Subsequently, the results were reported: $14 million for the Marie-Thérèse pink diamond; $11.3 million for the Blue Belle sapphire; $6.2 million for the carved emerald necklace; and $1.5 million for the ruby and diamond Van Cleef Mystery Set brooch, over three times its upper estimate.

“This sale is extraordinary!” remarked a jewelry industry insider in attendance. By the end, one hundred percent of the pieces had been sold, and a record for highest total ever for a various owner jewelry auction at Christie's America, had been achieved. How does such an occurrence transpire under economic and historical uncertainty?

Rahul Kadakia, the International Head of Jewelry at Christie's, identifies multiple causes. The outcomes of our New York Magnificent Jewels auction exemplified an exemplary sale, characterized by an optimal curation for significant success: iconic gemstones, historical artifacts, esteemed provenance, and remarkable rarity and excellence. The result significantly reflects collectors' desire to obtain exceptional jewels,” he states. The auction, featuring spectacular Mughal masterpieces, royal jewels, and extraordinary private collections, thrived for four exhilarating hours. The atmosphere in the room was tangible from the initial lot, characterized by enthusiastic bidding from clients there, on the phone, and online. An impressive 80% of goods were sold beyond their upper expectations, clearly indicating the enthusiasm. It was the quintessential live auction setting at its peak.

Discussions over the fabled resilience of jewels had commenced prior to the sale. The Bain & Co 2024 report identified jewelry as "the most resilient core luxury category in 2024," with a 2 percent increase and $32.2 billion in sales, while other sector categories experienced declines. Additionally, there are narratives of jewels concealed during periods of turmoil or clandestinely transported amidst mayhem, stitched into garments and concealed behind hairstyles. The jewels in the sale, numerous with histories spanning millennia and narratives of endurance through battle and conquest, undoubtedly align with this story.