Sotheby’s Luxury Auction Beats Forecasts for Jewelry, Watches
The London Luxury auction at Sotheby’s exceeded the company’s sales forecast as both watches and jewelry saw their highest, or near-highest, totals in more than five years.
The Fine Jewels portion of the auction brought in GBP 3.8 million ($4.6 million), while Fine Watches realized GBP 3.5 million ($4.3 million), Sotheby’s said Monday.
“Sotheby’s London Luxury Edit has beaten sales forecasts for both fine watches and fine jewelry, marking a strong start of the year for the luxury division,” the auction house noted. “The Fine Watches sale registered the highest sale in value in over five years and the Fine Jewels sale registered one of its strongest results in the same period.”
Three timepieces scored records at the auction. The world record for a vintage Patek Phillipe watch was set by the Reference 533, which sold for GBP 190,500 ($231,633), beating its GBP 50,000 ($60,796) upper estimate. The Tudor Pelagos set another world record, garnering GBP 53,340 ($64,901), more than seven times its GBP 7,000 ($8,518) high price tag. Meanwhile, a Richard Mille timepiece broke a UK record, bringing in GBP 609,600 ($741,903), well above its GBP 450,000 ($547,664) upper estimate.
The top five fine-jewelry pieces are:
This natural pearl and diamond necklace, created by Cartier in the 1930s, contains spacers and a clasp set with step- and circular-cut and baguette diamonds. It sold for GBP 508,000 ($618,019), more than doubling its GBP 200,000 ($243,315) high price.
A set comprising a necklace with a detachable emerald drop weighing 122.40 carats and earclips also went under the hammer. The piece, which also contains cabochon emeralds and diamonds, fetched GBP 317,500 ($386,797), surpassing its GBP 125,000 ($152,282) upper estimate.
This ring, featuring a brilliant-cut, 10.90-carat, K- to M-color diamond, brought in GBP 101,600 ($123,682), within estimates.
This cushion-shaped, 5.07-carat loose ruby is accompanied by a mount pavé-set with brilliant-cut diamonds. It went for GBP 57,150 ($69,552), within its expected range.
A step-cut, 8.15-carat, J-color, SI2-clarity diamond ring achieved GBP 95,250 ($115,926), beating its GBP 70,000 ($85,195) high estimate.
Main Image: Cartier pearl and diamond necklace. (Sotheby’s)