AuctionsDec 17, 2024
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Alexandrite Ring Sells for Record-Setting $1.9M at Sotheby’s
The nearly 17-carat stone made history for the color-change gem that, according to the auction house, is experiencing a “notable surge” in the market.
This ring featuring a 16.53-carat alexandrite sold for $1.9 million at Sotheby’s on Dec. 11.
New York—A piece of alexandrite jewelry made history at Sotheby’s recent Magnificent Jewels auction.
A ring set with a 16.53-carat oval-shaped alexandrite sold to a buyer on the phone for $1.9 million, more than three times its high-end estimate of $600,000.
It set a record for any alexandrite sold at auction, said Sotheby’s, noting that the gemstone, remarkable for its color-change phenomenon, is experiencing a “notable surge” in the market.
The piece was one of three alexandrite lots on offer, a group described by the auction house as being of “the finest gem quality.” They achieved a combined total of $3.3 million.
A ring set with a 16.53-carat oval-shaped alexandrite sold to a buyer on the phone for $1.9 million, more than three times its high-end estimate of $600,000.
It set a record for any alexandrite sold at auction, said Sotheby’s, noting that the gemstone, remarkable for its color-change phenomenon, is experiencing a “notable surge” in the market.
The piece was one of three alexandrite lots on offer, a group described by the auction house as being of “the finest gem quality.” They achieved a combined total of $3.3 million.
A pair of earrings featuring a 7.69-carat and a 7.38-carat alexandrite sold for $1.2 million against a high-end estimate of $300,000 following a four-minute bidding war.
A 40.52-carat oval-shaped alexandrite (est. $150,000 - 350,000) that sold to an online bidder for $216,000.
Anna Ruzhnikov, a Sotheby’s specialist and head of Magnificent Jewels, said the stones are the finest and largest alexandrites the house has ever encountered.
“The 16.53-carat ring, in particular, is a truly exquisite gem, and its record-breaking price is a well-deserved reflection of its exceptional quality,” she said.
“It’s incredibly exciting to witness alexandrites reaching such remarkable new heights in the market and equally thrilling to see the growing recognition among collectors, who are now embracing these gemstones as not only rare and beautiful but on par with the legendary sapphires, emeralds, and rubies in terms of desirability and value.”
The Magnificent Jewels auction, which took place in New York on Dec. 11, achieved $30 million, with 92 percent of the lots offered finding buyers.
A ring featuring a 10.33-carat untreated Burmese ruby that Sotheby’s called “exceptional and immeasurably rare,” was the auction’s top lot.
This 10-carat Burmese ruby ring was the star lot of Magnificent Jewels.
It sold for $5.5 million after a six-minute bidding battle between two bidders on the phone and one in the room, exceeding its pre-sale estimate of $1 million-$2 million.
In lots featured colored diamonds, a 7-carat fancy intense purplish pink diamond inspired a four-minute bidding war.
In the end, it sold within its estimate for $3.4 million, making it the auction’s second highest-grossing lot.
A 7-carat emerald-cut fancy intense purplish pink diamond
A 3.32-carat marquise-shaped fancy grayish blue diamond that sold above estimate for $720,000
A 5.02-carat fancy orangy pink diamond and diamond ring that sold to an online bidder for $684,000, slightly above its pre-sale estimate
This group of 10 emerald- and square emerald-cut Kashmir sapphires weighing between 1.55 and 3.55 carats sold for $912,000, with six bidders vying for the set.
Also at Magnificent Jewels, Sotheby’s offered a selection of jewels that belonged to beauty entrepreneur and philanthropist Sydell Miller, who died in February.
The auction house said the offering captured the attention of international private collectors.
All 22 pieces in “A Legacy of Beauty: The Collection of Sydell Miller” found buyers, totaling $6 million.
Miller and her husband created two dominant beauty brands, Ardell and Matrix Essentials.
She was a pioneering leader in the beauty industry who, Sotheby’s said, exemplified the power of self-determination and creativity that influenced her approach to collecting jewelry.
Her Graff diamond necklace featuring a detachable 18-carat pear-shaped diamond drop sold above its estimate for $1.8 million.
Miller’s Graff necklace featuring all D-color diamonds
Miller’s custom 21.46-carat diamond ring by Graff features an old emerald-cut diamond that exemplifies her love of bold, statement jewelry, Sotheby’s said.
The jewelry Miller collected, including the Hemmerle earclips pictured here, reflected her daring spirit, confidence and individuality.
A 21.46-carat diamond ring by Graff, the result of years of collaboration with the jeweler to find the right stone, sold for $1.8 million following a nine-bidder chase, the most of any lot in the sale.
An artistic pair of cultured pearl and diamond earclips by Hemmerle also inspired a bidding war, and after a prolonged battle between three phone bidders and two online bidders, the set sold for $96,000, against an estimate of $30,000 to $50,000.
In addition to Miller’s jewels, Sotheby’s also sold pieces from the collection of New York socialite Millicent Rogers, the granddaughter of H.H. Rogers, who co-founded the Standard Oil Trust with John D. Rockefeller.
Millicent Rogers’ ruby and diamond brooch by René Boivin consigned directly from her family
A pair of her ruby and sapphire earclips by Suzanne Belperron realized $50,400, soaring above the pre-sale estimate of $8,000 to $12,000, while a René Boivin brooch sold for $456,000, against a high estimate of $120,000.
The auction house said the sales demonstrate continued demand for pieces from the great style icons of the 20th century.
Also notable, a rare pair of earclips by Salvador Dalí that once belonged to Andy Warhol sold slightly above estimate for $84,000.
These earclips by Dalí featuring asymmetrical hearts bordered by clustered round rubies have been exhibited in museums around the world including in Barcelona, Stockholm, Rotterdam, and London. They match a brooch of the same style that also sold at the jewelry auction.
Hundreds registered to participate in Magnificent Jewels, with participants hailing from more than 35 countries.
Of the lots offered, 70 percent sold above their pre-sale estimates and nearly half sold online.
“Following the success of recent sales in Paris and Geneva this fall, we are incredibly proud of today’s strong results, which further underscore the market’s growing confidence and sets a promising tone for our sales in the year ahead,” said Quig Bruning, head of Sotheby’s Jewels, Americas & EMEA.
“The enthusiasm from international collectors translated into strong bidding across the board in clear recognition of the rare and world-class pieces we offered, including the remarkable ruby, as well as the thriving white diamond market.”
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