Auctions

Alexandrite Ring Sells for Record-Setting $1.9M at Sotheby’s

AuctionsDec 18, 2024

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.

alexandrite ring
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. 


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.

Burmese ruby ring
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. 


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. 

 Related stories will be right here … 
 
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.  


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 Rene Boivin brooch
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.

Salvador Dalí ruby earclips Andy Warhol
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.” 

The Latest

Susan Jacques
GradingJan 14, 2025
GIA CEO, President Susan Jacques to Retire at the End of 2025

The grading lab said the search for her successor is underway.

Jewelry designer and National Jeweler guest columnist Jules Kim
ColumnistsJan 14, 2025
Jules Kim: Building Bridges Between Creators and Industry

In this special op-ed, designer Jules Kim calls on big brands to collaborate with independent creators instead of copying their designs.

Emily P Wheeler purple heart earrings
Policies & IssuesJan 14, 2025
These Designers and Retailers Are Raising Money for LA Wildfire Relief

Several jewelry designers are lending a helping hand to charities in Los Angeles amid the raging wildfires.

Resolutions - 2025.jpg
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers

The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.

Henry A. Hänni
GradingJan 14, 2025
Former SSEF Director Henry A. Hänni Dies

A pioneering figure in gemology, he is remembered for his spirit of generosity, curiosity, and joy.

Weekly QuizJan 09, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Woman wearing rings on both hands
FinancialsJan 14, 2025
Signet Jewelers Lowers Q4 Guidance After Holiday Sales Fall Short

The peak selling days leading up to Christmas did not meet the jewelry retailer’s expectations.

Edouard Schneider
MajorsJan 14, 2025
Edouard Schneider Joins Messika as Chief Brand Officer

Schneider brings over 20 years of luxury and fashion industry experience to his role as a key member of the brand’s global leadership team.

ride_or_die_1872x1052.png
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday Campaign

A Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’

Gemfields emeralds
SourcingJan 13, 2025
Zambia Reinstates 15% Export Duty on Precious Gemstones, Shocking Gemfields

Gemfields said the Zambian government revoked the 2019 suspension of the tax with no warning.

Woman’s silhouette with smart ring on finger
TechnologyJan 13, 2025
Ultrahuman Unveils Luxury Smart Ring

With versions in 18-karat gold and platinum, the wearables company is blending health technology and fine jewelry.

Brandee Dallow
Policies & IssuesJan 13, 2025
Brandee Dallow Elected President of Ethical Metalsmiths

The executive brings more than two decades of industry experience to the role.

Camille Zarsky and curated necklaces
IndependentsJan 13, 2025
The Seven Pops Up in Palm Beach

The New York City-based retailer is bringing its curation of jewels to a pop-up shop at Love Binetti in Palm Beach, Florida.

Jewelers Relief Fund logo
Policies & IssuesJan 10, 2025
Jewelers Relief Fund Reopened to Aid Victims of LA Fires

Created by JA and DCA, the fund is collecting money for jewelry businesses damaged by the wildfires in Los Angeles County.

Elsa Jin Mozi Brooch
TrendsJan 10, 2025
Piece of the Week: Elsa Jin’s ‘Mozi’ Brooch

Adrien Brody received his first Golden Globe while wearing the “Mozi” brooch, which depicts a spill of traditional Chinese calligraphy ink.

Paul Rowley, Sandrine Conseiller, Vipul Shah, and Kirit Bhansali
SourcingJan 10, 2025
De Beers, GJEPC Partner to Promote Natural Diamonds

The pair will work together to support independent retailers in India with marketing assets, training materials, and other tools.

Counterfeit Tiffany & Co. jewelry near U.S. Customs and Border Protection logo
CrimeJan 09, 2025
US Customs Seizes Counterfeit Tiffany & Co. Jewels

Officers in Champlain, New York valued the jewels, if genuine, at nearly $30,000.

Karma El Khalil Meteor Necklace
CollectionsJan 09, 2025
Karma El Khalil’s New Collection is an Ode to the Moon

The “Moonlight Rhapsody” collection is overflowing with gemstones, from raw opal to morganite and spessartite.

AGTA Seminar Series
Events & AwardsJan 09, 2025
Here Is the 2025 AGTA GemFair Tucson Educational Lineup

The seminar series covers topics from market trends and colored stone terminology to working with museums and growing an Instagram profile.

Diamond Trails Reena Ahluwalia
SourcingJan 09, 2025
Reena Ahluwalia Unveils New Works in ‘Diamond Trails’ Anthology

The artist collaborated with industry creatives on the project, which features five fictional stories and five corresponding paintings.

Virginia Jewelers at the Children’s Hospital Foundation Ball
IndependentsJan 09, 2025
Virginia Jewelers Raise Nearly $26K for Children’s Hospital at Charity Ball

Nine jewelers donated jewels for a raffle to support the Children’s Hospital Foundation at Virginia Commonwealth University.

Miss Piggy taking a selfie
WatchesJan 08, 2025
Oris Debuts Hot Pink Miss Piggy Watch

Miss Piggy shared her thoughts on being fabulous, the importance of accessories, and how to be your own cheerleader.

Rings in the Promise by Effy lab-grown diamond jewelry collection
Lab-GrownJan 08, 2025
Effy Introduces Brand Dedicated to Lab-Grown Diamonds

“Promise by Effy” includes fashion jewelry and engagement rings.

Haltom’s Jewelers closing ad
IndependentsJan 08, 2025
Haltom’s Jewelers to Close After 130 Years

The Texas-based jeweler is closing all three locations.

Zendaya and Engagement Ring at 2025 Golden Globes
TrendsJan 08, 2025
Zendaya’s Engagement Ring Combines Vintage and Modern Elements

Zendaya’s ring, featuring an east-west set elongated cushion-cut diamond, is said to be from British designer Jessica McCormack.

National Jeweler columnist Emmanuel Raheb
ColumnistsJan 07, 2025
The Smart Lab: The Hottest Digital Marketing Trends For 2025

Micro-influencers, customer reviews, and shoppable videos are going to be key to getting customers’ attention, Emmanuel Raheb writes.

Lindsey Scoggins Studio Gypsy Link Ring
TrendsJan 07, 2025
Amanda’s Style File: January Is for Garnet

Garnet is comprised of a group of minerals, giving those with a birthday in January options when it comes to their birthstone.

Huan Tain and staff of Quest Fine Jewelers in Fairfax, Virginia
IndependentsJan 07, 2025
Edge Retail Academy Names 2024 ‘Wag’ Award Winner

The annual award, created in memory of business coach William “Wag” Wagner, went to a retailer in Fairfax, Virginia.

×

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