16 Oct 2018
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Jewel Auctions-Under the Hammer!
Jewellery auctions have always been an attractive medium for precious jewellery to be noticed, be it an Art Deco Cartier piece or a stunning diamond brooch from Van Cleef & Arpels’. Auctions are a way in which one can acquire jewels that are rare and one-of-a-kind. These upscale jewellery pieces also have an investment value. Also, whenever the auction results are path breaking, they seem to be setting a price trend in the market. Auctions have garnered popularity among individual buyers as well as wholesalers who generally attend these auctions to get a sense of prices. Let us find out what makes these auctions extremely valuable in determining the performance of a market. By Kavita Parab
By: Diamond World News Service
Dec 28 2017 3:42PM
Reference: 15938  

From jewellery to watches, auctions are the most talked about these days. Rings, necklaces and other kinds of extraordinary jewels are at the centre of many auctions that are being held across the globe. Art collectors and leading jewellery houses are paying unimaginable prices to buy these special jewels. There are many reputed, world-renowned auction houses like Sotheby’s, Christie’s and Bonhams, which are known for conducting jewellery auctions in London, New York, Geneva, Hong Kong, etc.

Recently, industry records were broken as Christie’s auctioned de GRISOGONO’s ground-breaking necklace, ‘The Art of de GRISOGONO, Creation 1’, at the landmark Magnificent Jewels sale in Geneva, with the necklace achieving the price of CHF 33,500,000/US$ 33,701,000. This breathtaking masterpiece designed by Fawaz Gruosi, Founder and Creative Director of de GRISOGONO, features a 163.41-carat Flawless D-Colour diamond, cut from a historical 404-carat diamond. This diamond extracted from the Lulo mine in Angola by the Australian mining conglomerate, Lucapa Diamond Company. This is the largest ever emerald-cut diamond offered at any auction.

There has been a quantum increase in jewellery auctions in the last few years. What would be the reason behind this jump? David Bennett, Worldwide Chairman of Sotheby’s International Jewellery Division, answered: ‘Jewellery auctions have gone from strength to strength in recent years, and today there is a completely global market. We are pleased to be welcoming new buyers all the time; as many as 20 per cent of those purchasing jewellery in our sales are participating for the first time. In addition to this globalised market, it is also worth noting the importance of digital platforms, including our own website, Smartphone applications and social media.

These new channels offer new ways for us to connect with our clients and sharing knowledge with collectors. Of course, online bidding and online sales also allow us to open up new opportunities.’

Jewellery is also increasingly being considered an art form, with a growing number of collectors building a collection of jewels as they might build a collection of art. This too is one of the reasons behind the increase in auctions, feels Jean Ghika, Director of Jewellery, Bonhams UK & Europe. He further said, ‘There has undoubtedly been an increase in jewellery auctions in the past few years, both in terms of the levels of interest and the frequency of auctions. This renewed interest in jewellery has perhaps been heightened by many national museums and institutions staging exhibitions on specific makers, eras or showcasing important collections.’

Minal Vazirani, Founder of Saffronart that conducts jewellery auctions in India, said, ‘There has been a steady increasing interest in jewellery auctions over the last several years as buyers are looking to the cornerstone of what auctions offer; exceptional pieces with reputed provenances, verified information, and jewels that have an element of rarity.’

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