Sotheby’s Australia Important Jewels sale realizes $1.84 million

Sotheby’s Australia clocked a total of $1.84 million in sale at its auction of Important Jewels, making it the highest total for a jewels auction for Sotheby’s Australia and the Australian market since June 2011.

Geoffrey Smith, Chairman of Sotheby’s Australia commented: ‘There is renewed vigour in the acquisition of significant gemstones and designer pieces and we witnessed Australians outperforming international clients to secure the rarest diamonds and jewels on offer. Investors commented that with the recent stock market turmoil and the weakening of the Chinese economy they are looking to diversify into diamonds and quality jewels. The results achieved this evening reinforce Sotheby’s Australia’s position as Australia’s leading source for Important Jewels at auction.’ This sale figure combined with the April auction of Important Australian Art which achieved of $11.3 million, the highest result for an art sale for Sotheby’s Australia since 2007, indicates a dramatic improvement in market conditions for fine art and jewels.

The sale took place on August 31, 2015. The auction house witnessed aggressive bidding for diamonds.

The top lot sold was a 10.94 carat natural fancy yellow round brilliant-cut diamond claw set in a 14 carat gold ring. It sold for $225,700. A natural fancy vivid yellow diamond and diamond ring by Tiffany & Co. went down the hammer for $54,900.

The auction house noted that bidders over the phone and in the auction room contended strongly for a selection of white diamonds that realised more than double their estimates. A 3.19 carat diamond set in a platinum ring achieved $164,700, a platinum three stone 6.46 carat diamond ring sold for $91,500. Much admired during the Melbourne and Sydney viewings, a platinum brooch of floral design by Van Cleef & Arpels set with emeralds and diamonds realized $31,720, and a pair of emerald and diamond ‘Camillia’earrings also by Van Cleef & Arpels sold for $42,700.