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Lozenge Emerald Sweetens Sotheby’s Sale

11-carat gemstone fetches more than double its estimate.
Oct 22, 2018 3:54 AM   By Rapaport News
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RAPAPORT... Sotheby’s achieved its highest total for a Fine Jewels auction as an emerald ring sold for more than double its estimate in New York.

The piece featured a lozenge-shaped, 10.68-carat Colombian emerald with a baguette diamond on each side. It fetched $1.2 million against a presale estimate of $300,000 to $500,000, realizing an average price of $113,764 per carat, the auction house said last week.

In total, the sale totaled $11 million, with 76% of lots sold. Some 17 lots yielded more than $100,000 each.

“We saw outstanding prices for white and fancy-colored diamonds, especially pear-shaped stones — all of which outperformed their estimates,” said Kendall Reed, head of Sotheby’s fine-jewels division in New York.

Sotheby’s also noted strong sales of jewels from the Alhambra collection by Van Cleef & Arpels offered at the auction to celebrate the brand’s 50th anniversary. Four pieces from the line sold for a combined $141,250, more than twice their high estimate of $66,000.

Other notable jewelry included a heart-shaped, 1.08-carat, fancy-vivid-purplish-pink, VS1-clarity diamond ring, which sold for $483,000 against an estimate of $250,000 to $350,000. A pear-shaped, 8.96-carat, VS2-clarity diamond ring exceeded its presale valuation of $100,000 to $150,000, going for $250,000, while another pear-shaped stone, weighing 8.18 carats, from designer David Webb, garnered $225,000. Its original price forecast was $100,000 to $150,000.

Two of the private collections on offer at the sale achieved “white glove” status, meaning every piece sold, Sotheby’s noted. Those included eight jewels from the estate of Lois Chalona Hawkins, a prominent New Orleans philanthropist.

The next Sotheby’s jewelry auction will be the Magnificent Jewels and Noble Jewels sale in Geneva in November, which will include pieces from the royal Bourbon Parma family.

Image: The 10.68-carat emerald and diamond ring. (Sotheby's)
Tags: Bourbon Parma, David Webb, Fine Jewels auction, Fine Jewels sale, Kendall Reed, Lois Chalona Hawkins, Magnificent Jewels and Noble Jewels, Rapaport News, Sotheby’s, Van Cleef & Arpels
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