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Sotheby’s Hong Kong Jewelry Sale Disappoints

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LEAH MEIROVICH • 09-10-2023

The most recent jewelry auction at Sotheby’s Hong Kong fell short of expectations, with many of the top items going unsold or bringing in prices below their estimates.

A necklace featuring a cushion modified brilliant-cut, 74.48-carat, fancy-vivid-yellow, internally flawless diamond sold for HKD 19.8 million ($2.5 million), missing its HKD 29 million ($3.7 million) low estimate at the October 6 Magnificent Jewels sale, Sotheby’s reported last week. Meanwhile, a jadeite and diamond parure consisting of a necklace, earrings and a ring sold for HKD 20.4 million ($2.6 million), well below its HKD 26.8 million ($3.4 million) low estimate.

A Harry Winston ring with an octagonal step-cut, 18.18-carat Kashmir sapphire, bullet-cut diamonds, and a high estimate of HKD 30 million ($3.8 million) failed to find a buyer, as did a necklace with 29 jadeite beads and a diamond-set clasp. That piece had an upper estimate of HKD 28 million ($3.6 million).

Also remaining unsold was the Crown Jewel of Kashmir — a ring featuring an octagonal step-cut, 12-carat Kashmir sapphire flanked by diamonds, with an estimate of up to HKD 20 million ($2.6 million).

Other top jewels that failed to find homes included a jadeite bead and diamond necklace, the Red Promise ruby and diamond ring, a 5.23-carat, fancy-intense-pinkish-orange diamond ring, and a Cartier tutti frutti bracelet with sapphires, rubies, emeralds and diamonds that was originally expected to go for more than $2 million.

There were some successes, however. A marquise-shaped, 21.03-carat, D-flawless, type IIa diamond ring by Van Cleef & Arpels fetched HKD 15.6 million ($2 million), just above its high estimate, while a pair of pendant earrings by Harry Winston — suspending emerald-cut, D-flawless diamonds of 10.35 and 10.32 carats respectively — sold for HKD 13.2 million ($1.7 million), within the expected price range.


Image: The 74.48-carat yellow diamond necklace. (Sotheby’s)

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