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First Phillips NY Jewelry Sale Brings in $2.4M

A Bulgari ruby and diamond necklace was the top item, fetching $200,000.
Dec 10, 2018 5:50 AM   By Rapaport News
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 A Bulgari necklace fetched $200,000 at Phillips auction house’s first New York sale, exceeding its presale estimate of $120,000 to $180,000.

The piece includes 39.35 carats of oval-shaped rubies and 6 carats of round brilliant-cut diamonds. It was the top-selling lot at the auction, which earned $2.4 million overall, Phillips said.

A ring featuring an emerald-cut, 4.91-carat, faint-pink center diamond went for $168,750, beating its estimate of $80,000 to $100,000. Meanwhile, a necklace by Van Cleef & Arpels, comprising South Sea cultured pearls and 65 carats of round brilliant-cut diamonds, garnered $162,500 against its estimate of $120,000 to $150,000.

However, a number of lots did not find buyers at the December 6 sale, including a round brilliant-cut, 1.17-carat, fancy-intense-blue diamond, which had a valuation of $600,000 to $800,000. Other pieces that didn’t sell were a pear modified brilliant-cut, 14.14 carat, fancy-intense-yellow diamond ring estimated at $350,000 to $550,000, and a heart-shaped, 5.39-carat diamond necklace signed by Graff, which had been expected to fetch $160,000 to $260,000.

The auction — the first led by Susan Abeles, the company’s new head of jewelry for the Americas — sold a total of 65% of lots on offer.

Phillips has only recently set up a jewelry department in New York, and hired Abeles from Bonhams in February. In May, Eva Violante joined as senior specialist and vice president of jewelry for the Americas, and Anne Mock started in her role as associate jewelry specialist.

Image: The Bulgari Burmese ruby and diamond necklace. (Phillips)
Tags: Anne Mock, bonhams, Bulgari, Eva Violante, Graff, NY Jewelry Sale, Phillips, Rapaport News, Susan Abeles, Van Cleef & Arpels
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