Tag Archives: Sotheby’s

The World’s Largest Purple-Pink Diamond Fetched $26.6M in Geneva

An auction in Geneva on Wednesday, 11th November 2020, made history for the sale of an ultra-rare purple-pink diamond. The event hosted by Sotheby’s showcased the extremely recherché 14.8-carat Russian diamond, readyviewed known as “The Spirit of the Rose”. Unlike 99% of pink diamonds which are under 10 carats, this stone is one of three in an original collection by Russian mining company, Alrosa.

The World’s Largest Purple-Pink Diamond Fetched $26.6M in Geneva

Taking its name from the 1911 Russian ballet “Le Spectre de la rose,” this precious jewel was cut from an even larger rough rock unearthed in 2017, and even displayed in Hong Kong, Singapore and Taipei before its sale. According to the chairman of Sotheby’s jewellery division, Gary Schuler, the diamond’s rarity is a result of its size and colour, which had been graded as “Fancy Vivid Purple-Pink.” In a measure of its clarity, this stone is classified as “internally flawless,” while belonging to a rare subgroup of diamonds that contain little to no nitrogen.

Despite earning a title as the most expensive purple-pink stone ever to sell at auction, the final price tag proved significantly lower than Sotheby’s estimates. Expecting to fetch up to $38 million, one lucky buyer went home with the world’s most valuable pink diamond for a mere $26.6 million.

By Julia Roxan

 

Revenge Shopping becoming a trend as Ultra Rich Spend Millions on High Jewellery Online Auctions

As global trade and international economies come to a stand-still, the coronavirus pandemic is well on its way of creating the greatest recession since The Great Depression but meanwhile, in-home quarantine and social distancing is playing havoc with the ultra-wealthy (who are unfamiliar with constraints on their money and influence) – spending time in “parenting agony” while ensconced in high net worth resorts like Yellowstone Ranch or dropping $9 million on a car while doing a spot of revenge shopping like Ronaldo, Bloomberg has spoken to Sotheby’s and discovered that revenge shopping is indeed becoming a trend as the restless rich spend hundreds of thousands on jewellery and diamonds to cheer themselves up during these depressing times.

“What we’re finding is that anything of good quality is performing well, and actually better than it would have just a couple of months ago.” –  Catharine Becket, Sotheby’s “magnificent jewels” specialist speaking to Bloomberg

Revenge Shopping becoming a trend as Ultra Rich Spend Millions on High Jewellery Online Auctions out of Boredom

Auction season was beginning to look dire as auction houses cancelled their annual affairs as a result of strict social distancing measures in major financial cities like Zurich, Geneva, London and Hong Kong and for a moment there, it looked like jewellery sales for 2020 would come to an abrupt stop just as it has other economic segments. But, Antiquorum’s Geneva auction held via the internet, phone and absentee bids on March 21st, 2020 totalled US$3.34 million, with three of its top five lots belonging to Patek Philippe timepieces, so its certainly not out of the realm of possibility that consumers willing to pay top dollar for Patek Philippe watches online, sight unseen, would also find partners similarly willing to drop six figures on diamond bracelets and necklaces.

A recent Sotheby’s online sales projected to bring in $5.7 million conservatively, ended up beating estimates and bringing in $6.1 million through the four sales held across March and April. Speaking to Bloomberg, Catharine Becket, Sotheby’s “Magnificent Jewels” specialist in New York, gave a reason for the apparent growth in big-ticket luxury purchases: “Clients are sequestering at home and, generally speaking, leading relatively dreary lives. Everyone is waiting for this to be over, and I suppose knowing that a million-dollar piece of jewellery is waiting for you is a fulfilment of when things return to the new normal.”

Indeed, it shouldn’t be surprising as WWD first reported that when Hermes re-opened their flagship in Guangzhou, it led to a revenge shopping spree to a tune of $2.7 million in single-day sales. Psychologically speaking, everyone has status needs for prestige and social approval, often expressed in diverse ways, revenge spending has been merely been one manifestation, some pick up art and hobbies, others get super fit and if you have millions in the bank, you burn a little with some much needed retail therapy.

Becket was initially concerned that she wouldn’t be able to help her client to sell a 1930s high jewellery specimen – Cartier’s Tutti Frutti. A marriage of art and design, the Tutti Frutti is emblematic of heritage swagger and a symbol of old Indian Mughal Maharajah opulence. The name ‘Tutti Frutti’ wasn’t coined until the 1970s, and we don’t see true specimens very often. Town & Country estimates that we see smaller pieces like brooches every three to five years or so but the something on the scale of this magnitude is very rare and highly sought after both as a bit of high jewellery and artwork.

The 1930s-era Cartier bracelet is currently online for auction at Sotheby’s with an estimate of $600,000 to $800,000. Auction ends April 28th. Source: Sotheby’s

Sotheby’s estimates that it’ll bring in between $600,000 and $800,000, but a true benchmark of elite boredom and the lengths they would go for a bit of revenge spending would be a true test of their wallets and high net worth shopping power.

 

6 most expensive watches auctioned in 2018

Year on year, watch auction records are being made and broken by the high demand of these pieces de unique found in old collections and it is a marvellous spectacle to behold.

For an industry that sells covetable timepieces from the past, the watch auction world is a surprisingly fast-paced, ever-changing landscape.

While 2018 may not have had a watch that eclipsed the Patek Philippe Henry Graves Supercomplication from 2014 or Paul Newman’s very own Rolex Daytona Ref. 6239 from 2017, 2018 had a few watches that stood out.

And here we round up 6 watches that earned the highest bid in 2018 auctions.

#1: Rolex Daytona Ref. 6265 Unicorn

Collectors naturally want what others can’t have and a vintage white gold Rolex Daytona is simply put, cause for alarm, for collectors. When the news was broken by Hodinkee back in 2013 that one existed, the watch world’s enthusiasm levels soared.

Its rarity was explained by Phillips as, “For many years it was commonly accepted that Rolex only produced manual winding Cosmographs in stainless steel or yellow gold, and never in platinum, white or pink gold.” As it turns out, one customer managed to convince the brand otherwise and the rest is history.

That history, however, culminated in May this year with a 5,937,500 Swiss francs (approx. 24.8 million) sale at Phillip’s Daytona Ultimatum auction. The Rolex Daytona Ref. 6265 Unicorn currently sits as the second most expensive Rolex to ever be sold at a watch auction. Adding to the glamour of it all, all sales from the piece were donated to the Children Action charity.

 

#2: Patek Philippe Ref 2499 Perpetual Calendar Chronograph Asprey

The title of highest auctioned Patek Philippe watch this year goes to the Patek Philippe Ref 2499 Perpetual Calendar Chronograph Asprey that was hammered at 3,915,000 Swiss francs (approx. RM16.4 million) at Sotheby’s recent Important Watches auction in Geneva.

The watch, a possibly unique piece, was manufactured by the esteemed Swiss watchmaker in 1952 and sold in 1956. The Ref 2499 Asprey was first put up for auction in 2006 and has been in the same private collection since then.

Unique features of the piece include a double-signed dial by both Patek Philippe and Asprey.

 

#3: Patek Philippe Ref 2499 Perpetual Calendar Chronograph Serpico y Laina Caracaswas

Next on the list was another Ref 2499, but this time, signed by Venezuelan distributor Serpico y Laina, set up in Caracas, the capital of the country by two Italian immigrants. What makes the Ref. 2499 so special (and given that there are three on this list for this year alone) is the fact that across four different iterations (series) of the watch, only 349 examples of the reference was made. And only across a 35-year mark, making it roughly 10 watches per year.

This particular Patek Philippe Ref 2499 Perpetual Calendar Chronograph Serpico y Laina Caracas was realised at Christie’s Rare Watches auction, at a value of 3,252,500 Swiss francs (approx. RM13.4 million), just a day before the Asprey variant.

 

#4: Rolex Daytona Ref. 6240 Neanderthal

The predecessor of the Daytona Ref. 6265 (the Paul Newman series), the Ref. 6240 was the first to use screw-down chronograph pushers and utilised a unique dial proportion with the subdials nearly touching the outside track. As Phillips puts it, “Any Cosmograph boasting oversized registers is called today a “Big Eye”. What quick-eyed collectors may notice as well, is the fact that the dial has no ‘Cosmograph’ or ‘Daytona’ text to be found.

Because of its inherent uniqueness and legacy as the one that came before the Paul Newmans, this particular Daytona Ref. 6240 Neanderthal hammered at 3,012,500 Swiss francs (approx. RM12.6 million) during the Daytona Ultimatum in May.

 

#5: Patek Philippe Ref. 2499  signed by Tiffany & Co.

 

The Patek Philippe Ref. 2499 makes an appearance again on the list and this time, signed by American jeweller and retailer Tiffany & Co. Sold at 2,950,762 Swiss francs (RM12.4 million) in Hong Kong, the watch is now the most expensive watch to be sold in auction in Asia. According to Sotheby’s that sold the piece, the watch is potentially the only one of its kind, given that there are only six examples of this series made in pink gold.

While the Asprey-signed Ref 2499 was manufactured in 1952 and sold in 1956, this Tiffany & Co model is almost 20 years older, having been made in 1971 and sold in 1972. As we’ve mentioned earlier, the Ref. 2499’s limited production years between 1950 and 1986 have made it such that the earlier series tend to fetch more because of the lesser amount produced then.

 

#6: Patek Philippe Sky Moon Tourbillon Ref. 6002G

 

Sold off at Hong Kong’s Poly Auction’s Important Watches, the Patek Philippe Sky Moon Tourbillon Ref. 6002G is easily the most complicated timepiece on the list. The grand piece was released by Patek Philippe in 2014 and features several functions and complications shown over two dials.

It boasts a tourbillon, a minute repeater with two cathedral gongs, a perpetual calendar with retrograde date, a moonphase display. On top of that, the back of the watch showcases sidereal time, a sky chart of the Northern hemisphere, as well as a progressive moonphase display. The dials have been worked with cloisonné enamel and champlevé enamel for a grander effect.

While it definitely out-complicates many of the watches on the list, the fact that the Sky Moon Tourbillon didn’t fetch as high with its hammered amount at 2,695,207 Swiss francs (RM11.1 million), the watch was sold with a high enough price four years ago and was limited to just five pieces.

Given the appreciation that Patek Philippe timepieces have had over the years, one can imagine that in 40 years’ time, the Sky Moon Tourbillon may see an auction pricing much higher.

 

Apollo and Artemis Diamond Earrings Fetch Record-Breaking $57.4 million at Sotheby’s Auction

We previously wrote that this pair of earrings were likely to be the most valuable earrings to appear in auction—and we were right. Two spectacular diamonds— the Apollo Blue and Artemis Pink—mounted as earrings fetched a record $57.4-million (51.8 million euros) at auction on May 16 in Geneva, with an unnamed Asia-based buyer netting both, Sotheby’s said.

After protracted bidding, the flawless and vivid Type IIb diamond “The Apollo Blue” fetched $42.087-million. The equally intensely luminescent “The Artemis Pink” went for $15.33-million, buyers premium included. The earrings were sold as separate lots.

The earrings, named after the twin Greek gods, had respectively been valued at between $38-million and $50-million and $12.5-million and $18-million.The 14.54-carat “Apollo Blue” is the largest gemstone in its category ever to be auctioned and has been cut and polished to a pear shape.

The 16-carat “Artemis Pink” is near identical in shape. It is also one of the world’s most “chemically pure” diamonds, according to the Gemological Institute of America, which experts say gives the stone such a high degree of transparency.