‘A Tsar’s Treasure’ Fetches $2.9M at Sotheby’s Jewelry Sale

Geneva—At Sotheby’s recent white-glove jewelry sale in Geneva, a collection of jewelry owned by Ferdinand I, the first king of modern Bulgaria, and his family achieved $2.9 million.

The 114-lot offering, “A Tsar’s Treasure: Ferdinand of Bulgaria (1861-1948),” comprised pieces that span a century and were part of the history of the family of Tsar Ferdinand of Saxe-Coborg-Gotha. The collection was estimated to fetch a total of $1.2 million to $1.8 million.

Having not been seen publicly in nearly a century, the pieces made their auction debut during Sotheby’s Nov. 13 auction comprising a Magnificent Jewels sale and a multi-part Royal & Noble Jewels sale, which included the offering of an 18th-century diamond necklace with potential ties to Marie-Antoinette.

“A Tsar’s Treasure” was offered in Royal & Noble Jewels Part 1.

The top lot was a yellow gold tie pin that once belonged to Ferdinand, who the auction house described as a man of exquisite, refined taste.

Featuring a fleur-de-lis motif set with colored diamonds, the piece was made in the early 20th century, and it sold for $585,897, within its estimate of $500,000 to $700,000.

The second highest-grossing lot was an emerald and diamond ring that sold for $313,387, blowing past its pre-sale estimate of about $40,000 to $57,000.

Giovanna of Savoy, the widow of Ferdinand I’s son and successor Tsar Boris III, gifted this ring to her sister-in-law Princess Eudoxia of Bulgaria (1898-1985). 

The Tsarina likely received the ring from her sister Mafalda of Savoy, Landgravine of Hesse-Kassel (1902-1944), a member of the Italian royal family whose staunch opposition to fascism led to her death in a concentration camp.

Another notable sale was that of a cat’s eye chrysoberyl and diamond neck badge of the Order of the Golden Fleece.

The early 20th century piece sold for $79,028, just under ten times the high end of its estimate, about $6,000 to $8,000.

Ferdinand I was elected prince of Bulgaria in 1887, and in 1908, he assumed the title of Tsar after Bulgaria gained independence from the Ottoman Empire. 

He abdicated the throne in 1918 and left for Coburg, Germany, where he lived until his death in 1948.

This past summer, his remains were repatriated to Bulgaria. 

With his wife Marie Louise of Bourbon-Parma (1870-1899), he had four children—Boris III (1894–1943), Kyril (1895–1945), Eudoxia (1898–1985) and Nadejda (1899–1958).

Though Ferdinand—as well as Princess Nadejda and her husband Albrecht Eugen, Duke of Württemberg (1895-1954)—were already living in Germany, the rest of his family endured the Red Army’s invasion of Bulgaria in the 1940s, and his two sons died in the war.

Princess Eudoxia was being held prisoner in her home when the invaders allowed her a chance to leave Bulgaria. She, along with Boris III’ widow Giovanna of Savoy, escaped to Germany, taking with her bags of the family’s jewels.

The jewels were deposited into a bank vault in Germany in 1946, where they remained until being rediscovered last year. 

In November 2023, the tucked-away jewels saved by Princess Eudoxia were auctioned in Sotheby’s white-glove sale, “Vienna 1900: An Imperial and Royal Collection.”

“A Tsar’s Treasure: Ferdinand of Bulgaria (1861-1948),” is a continuation of that story, influenced by several generations of large and interconnected European Royal dynasties. 

This collection was united by Princess Nadejda, who inherited many important jewels from her mother and grandmother Princess Clémentine of Orléans, and her descendants inherited many pieces once belonging to Princess Eudoxia.

The collection also included pieces Princess Nadejda’s husband inherited from his mother Archduchess Margarete Sophie of Austria, Duchess of Württemberg (1870-1902) and his grandmother Archduchess Marie Therese of Austria-Teschen, Duchess of Württemberg (1845- 1927), as well as his aunt Archduchess Maria Immaculata of Austria-Tuscany, Duchess of Württemberg (1878-1968).

A diamond bandeau Princess Nadejda wore in her wedding shone at the sale. 

It sold for $299,761 against an estimate of $80,000 to $120,000.

Princess Eudoxia’s diamond rivière necklace (est. $100,000 to $150,000) that she inherited from her mother sold for $177,132. 

A colored gemstone and diamond bracelet by Eugène Fontenay (est. $40,000 to $60,000), also belonging to Princess Eudoxia, also sold for $177,132, nearly tripling the high end of its estimate. 

The piece was passed down from her mother (the ruler’s first wife), Princess Marie Louise of Bourbon-Parma, Princess Consort of Bulgaria (1870-1899), who likely inherited the piece from her mother, Princess Maria Pia of Bourbon-Two Sicilies, Duchess of Parma (1849-1882).

Also, a pair of diamond earrings belonging to Princess Eudoxia, passed down from her mother, sold for $81,753. They were estimated to fetch about $51,000 to $68,000. 

Another notable sale included that of an opal and diamond tiara, a wedding gift to Archduchess Maria Immaculata of Austria-Tuscany, which sold for $84,478 against an estimate of about $19,000 to $29,000. 

Also, a natural pearl and diamond brooch belonging to Archduchess Marie Therese of Austria-Teschen sold for $81,753. It was estimated for sell for about $29,000 to $48,000.

She was gifted the brooch by Empress Maria Anna of Austria as a wedding present when she married Philipp, Duke of Württemberg (1838-1917) in 1865.  

In 1924, she wore it to her grandson’s wedding to Princess Nadejda, who inherited the piece. 

All of Sotheby’s Nov. 13 sales achieved a combined total of $30.7 million, with more than 96 percent of lots sold achieving a final bid within their pre-sale estimate range or above and 83 percent of all Royal & Noble sale lots outshining their high estimate.