Auctions

Shipwreck Emerald Sells for More Than $1M at Auction

AuctionsDec 08, 2022

Shipwreck Emerald Sells for More Than $1M at Auction

The 5.27-carat stone, salvaged from the wreck of the Spanish ship Nuestra Señora de Atocha, blew pre-sale estimates out of the water.

20221208_Shipwreck emerald.jpg
This 5.27-carat emerald ring that belonged to author and philanthropist Mitzi Perdue and was pulled from a 400-year-old shipwreck sold for more than a $1 million at Sotheby’s jewelry auction Wednesday. AGL confirmed in an updated report that it is a Colombian emerald that has undergone only minor, standard clarity enhancement, Sotheby’s said.
New York—An emerald recovered from a 400-year-old shipwreck blew pre-sale estimates out of the water Wednesday at Sotheby’s “Magnificent Jewels” sale in New York.
 
Estimated at $50,000-$70,000, the 5.27-carat octagonal step-cut emerald mounted on a gold band sold for $1.2 million after a five-minute round of bidding. 
 
Recovered in its rough form, the emerald was among the treasures salvaged from the wreck of the Spanish ship Nuestra Señora de Atocha, which was sailing back to Spain from Colombia and Panama when it sunk amid a storm in the Florida Keys in September 1622.
 
Treasure hunters found the lost ship in 1985.
 
One of the financial backers of its recovery was the late Frank Perdue, longtime head of Perdue Farms.
 
While Perdue donated some of the treasures pulled from the shipwreck, he had one rough emerald cut and mounted into the ring he used to propose to his wife, Mitzi Perdue (née Henderson), an author and philanthropist, in 1988.
 
The emerald came to Sotheby’s directly from her collection, with all the proceeds from its sale benefitting humanitarian efforts in Ukraine. 
 
“Outside of its superb color, cut, clarity and size, when one considers that this gem is part of one of the richest discoveries of sunken treasure in all of history, the appeal to collectors in search of superlatives is extraordinary,” said Sotheby’s senior jewelry specialist Alexander Eblen. 
 
“It’s been a privilege to have been a chapter in the emerald’s continued storybook journey, and to know that the proceeds will benefit such a worthy cause.” 
 
When Sotheby’s originally announced the stone’s sale last month, the emerald’s weight was reported as 6.25 carats. 

Sotheby’s said Thursday the previously reported weight was an approximation derived from measurements, explaining that the stone was in a bezel setting when Mitzi brought it to the auction house, which did not allow its specialists to see its full breadth.  

Prior to the sale, she allowed the auction house to remove the emerald from its mounting and have it evaluated by American Gemological Laboratories, which determined its exact carat weight. 
 
 Related stories will be right here … 
 
Part of Sotheby’s “Magnificent Jewels” sale in New York, the emerald was one of a number of notable jewels up for auction Wednesday in a sale that totaled $50 million and was 81 percent sold by lot. 
 
The 303-carat “Golden Canary” diamond found a buyer, as did eight of the nine pieces of Egyptian Revival jewelry offered by Sotheby’s as a nod to the 100th anniversary of the discovery of King Tut’s tomb.

20221208_Desert brooch.jpg
German goldsmith Gustav Manz collaborated with Arts & Crafts jewelry designer F. Walter Lawrence on the “Desert” brooch. When lit from behind, the glass has an amber glow “capturing the magic and mystery of ancient Egypt,” Sotheby’s said.

Their sale totaled $1.8 million.
 
Among the highlights was the circa 1901 gold and ancient glass “Desert” brooch pictured above, which sold for three times more than excepted. Estimated to go for $10,000 to $15,000, a buyer paid $44,100 for the piece. 
 
A diamond and colored stone bracelet from Lacloche Frères garnered $1.2 million while a pair of Lacloche Frères ear clips circa 1925 garnered $352,800, toward the low end of their estimated range of $300,000-$500,000. 
 

A brooch from Castellani featuring a scarab made out of Egyptian faience (a ceramic material) and carved with the baboon god sold for $63,000 against an estimate of $50,000 to $150,000. 
 
Another jewel from the Italian jewelry house—a gold necklace featuring micromosaic and scarabs carved in soapstone estimated at $450,000 to $600,000—was the lone Egyptian Revival piece that did not sell.
 
 
An Egyptian Revival necklace Louis Comfort Tiffany made for Tiffany & Co. in 1913, pictured directly above, sold for $75,600, near the top end of its estimated range of $60,000 to $80,000. 
 
The double-strand necklace features an amulet with an oval-shaped lapis lazuli cabochon suspended from a double strand of gold, lapis lazuli, turquoise, carnelian, and green hardstone beads.  
 
Sotheby’s said the necklace can be viewed as a modern interpretation of an ancient Egyptian “menat,” a type of beaded necklace intended to bring good luck, fortune, and protection.

The Latest

Surveillance footage of robbery
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry Store

Authorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.

Nephrite and Jadeite by Heinrich Fischer, Richard W. Hughes
SourcingMar 28, 2025
19th-Century Jade Book Now Available in English

Lotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.

LÖF The Valentine Ring
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ Ring

The ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.

bench jeweler 1872x1052.png
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They Deserve

Bench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.

Eggs on a shelf
SurveysMar 27, 2025
Consumer Confidence Falls in March Amid ‘Gloomy’ Outlook

The Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.

Weekly QuizMar 27, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Austin Butler
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand Ambassador

The Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.

ICA Congress Brazil 2025
SourcingMar 27, 2025
Susan Jacques, Gaetano Cavalieri to Headline 2025 ICA Congress

The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.

Facets-of-Fire-Difference-You-Can-See.jpg
Brought to you by
Natural Diamonds Should Mean More

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

Bailey’s Fine Jewelry storefront
IndependentsMar 26, 2025
Bailey’s Fine Jewelry Acquires Fellow NC Independent Jeweler

The family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.

Bulova 150 Art Deco Miss America Watch, 150 Art Deco Pocket Watch
WatchesMar 26, 2025
Bulova Celebrates 150th Anniversary With Art Deco Watches

The “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.

Alex Wellen
MajorsMar 26, 2025
QVC Group Appoints New President

Alex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.

Jewelers of America’s new logo
Events & AwardsMar 26, 2025
Jewelers of America Announces New Funding Initiative

The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.

Diamond earrings held in gloved hand
CrimeMar 25, 2025
Tiffany & Co. Earrings Swallowed Following Grab-and-Run Theft Recovered

The two pairs of earrings, snatched from a Tiffany & Co. store in Orlando, Florida, are valued at a combined $769,500.

Emmanuel Raheb CEO of Smart Age Solutions
ColumnistsMar 25, 2025
The Smart Lab: Using Short-Form Videos to Sell More Jewelry

The time to start experimenting with video content is now, writes columnist Emmanuel Raheb.

Pomellato Nudo High Jewelry Campaign
CollectionsMar 24, 2025
Pomellato’s Latest ‘Nudo’ Collections Revamp its Classic Design

From striking high jewelry to miniature fine jewelry, the new chapter continues to highlight gemstones featuring its signature 57-facet cut.

Jamie Singleton, Bill Brace, Rebecca Wooters, Bill Luth
MajorsMar 24, 2025
4 Top Executives to Depart Signet Jewelers Amid Turnaround

The jewelry giant is reducing its senior leadership by 30 percent as part of its new turnaround strategy.

Sothebys Watchcheck
WatchesMar 24, 2025
Sotheby's Now Offers Watch Repair Services

The auction house's partnership with online watch servicing platform WatchCheck makes repairs convenient and accessible, it said.

Swarovski lab-grown diamond Galaxy earrings
FinancialsMar 21, 2025
Swarovski Says Its Lab-Grown Diamond Sales Doubled in 2024

The company also noted record sales in the United States and a strong performance in its jewelry category.

Branko Gems
SourcingMar 21, 2025
BrankoGems To Hold Conference in Montana

The event, set for June 13-15, will feature educational presentations and guided visits to the state’s sapphire mines.

Til Death Ring by Marrow Fine
TrendsMar 21, 2025
Piece of the Week: Marrow Fine’s ‘Til Death’ Ring

After the black enamel band became a best-seller for the brand, it has now launched an enamel ring personalization program.

Korman Fine Jewelry Austin store
IndependentsMar 20, 2025
Korman Fine Jewelry’s New Store Is Double the Size

The Austin, Texas, jeweler’s new 11,000-square-foot store is set to open this summer.

JCK Rocks 2025
Events & AwardsMar 20, 2025
JCK Rocks to Feature Snoop Dogg, Jason Derulo

The rapper and singer-songwriter will perform at Tao Beach on June 8.

Conversations with Chris Ploof YouTube Video Series
TechnologyMar 20, 2025
Chris Ploof, Severine Ferrari Launch YouTube Video Series

“Conversations with Chris Ploof” covers tips for men buying wedding bands, behind-the-scenes footage of Ploof in his studio, and more.

Limelight Lab Grown Diamond store in India
Lab-GrownMar 20, 2025
Beyond Jewelry: Possibilities in the Lab-Grown Diamond Sector

As lab-grown diamond brands pop up across India, academics are researching how to grow demand outside of the jewelry industry.

Lab-grown diamond engagement ring
FinancialsMar 19, 2025
Signet Jewelers to Close Stores, Cut Staff Amid Declining Sales

The moves are part of the retailer’s new turnaround plan, “Grow Brand Love,” which also includes emphasizing brand loyalty over store banners.

Zoë Kravitz in Rush Hour Collection
CollectionsMar 19, 2025
Jessica McCormack’s New Collection Elevates Office Wear

The “Rush Hour” campaign stars Zoë Kravitz in bold, wearable pieces designed to make a statement in the workplace.

Gallet Flying Officer watch
WatchesMar 19, 2025
Breitling Acquires Another Watch Brand From the 1800s

Breitling is reviving Gallet, which was founded in 1826 and is known for making watches used in the early days of long-distance travel.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy