IndependentsAug 20, 2025
Bellman’s Jewelers Opens Second Store After COO's TikTok Takes OffThe New Hampshire-based store has expanded to Boston, propelled by the success of Alex Bellman’s TikTok page, “The Truthful Jeweler.”
EditorsNov 06, 2007
Among Christie's 'Magnificent' crowd
It was a warm, autumn morning in New York City when I got out of the taxi in front of Christie's auction house at Rockefeller Center. Gil, who has been opening the Christie's doors for the past 30 years, was...
It was a warm, autumn morning in New York City when I got out of the taxi in front of Christie's auction house at Rockefeller Center. Gil, who has been opening the Christie's doors for the past 30 years, was wearing a cap and neatly pressed jacket as he greeted me with a "Good morning, sir."
"Good morning," I said as he held the large glass door open and I entered the lobby. The surroundings are minimalist, well-appointed and clean. There is an air of importance.
I headed up the large staircase to the second floor where I registered and received my bidding paddle for the Magnificent Jewels auction: No. 203.
I milled around a bit, eyeing my fellow bidders before heading to the adjacent salon and took a seat mid-way back. The auction would start promptly at 10 a.m.
I had ordered and received the auction catalog by mail a week earlier, so I'd seen photographs of the sale items, and the previous day, I attended the auction preview. I was ready. I knew which pieces I wanted to bid on, and I had set a maximum price for each so that my emotions and particular love of one piece of jewelry wouldn't interfere with my practical business sense.
At the preview the day before, I had the pleasure of seeing an extremely rare ring containing a 5.07-carat rectangular-cut natural fancy-intense-blue diamond, GIA-certified, with VS2 clarity. The diamond was surrounded by two tiers of pink diamonds. To a jeweler, seeing such perfection is like a violin student hearing Itzhak Perlman play Paganini. The pre-sale estimate was $2.2 million to $2.8 million. It ended up being the last piece sold at a hammer price of $2.54 million.
Other pieces of interest included an 18.88-carat round-brilliant-cut diamond with D color and internally flawless clarity, which sold for $1.65 million. As you can see, the rich have gotten richer. There was no shortage of funds at this auction.
As bids are being placed, you can watch them on a large digital screen, located just behind the auctioneer, that resembles a train station departure board.
As new information comes in, the Christie's board changes at a furious rate, displaying a whirl of figures in U.S. dollars, euros, British pounds sterling, Swiss francs, Hong Kong dollars and Japanese yen. Aside from the crowded New York City showroom, Christie's experts are
Editors' Picks
Sponsored by
stationed at two banks of telephones lining the showroom walls. Bidders call from around the world, and some bid online at Christies.com.
The larger the audience, it stands to reason, the higher the bids, and this year there was a new wrinkle: the buyer's premium. As of Sept. 1, 2007, the premium structure paid to Christie's by the buyer is as follows: "25 percent of the hammer price of each lot up to and including $20,000, plus 20 percent of the excess of the hammer price over $20,000 up to and including $500,000, plus 12 percent of the excess of the hammer price above $500,000."
Therefore, if you plan on making a purchase for re-sale of, for example, $10,000, your final cost with the buyer's premium is $12,500.
I didn't end up buying the pieces I selected as the bids with the buyer's premium included were higher than my maximum.
Still, no other experience compares to the excitement of sitting in an elegant salon and being a part of an auction where millions of dollars exchange hands in a matter of minutes. No impersonal computer, no online auction, no telephone call, can take the place of being among the crowd at a Magnificent Jewels Auction.
More on Editors
The Latest
CrimeAug 20, 2025
Another CA Jewelry Store Rammed With Car, RobbedThe latest incident happened Monday at a store in Oakland, California, continuing a pattern JSA first warned about last month.
WatchesAug 20, 2025
Oris Launches Watch Benefiting NYC Harbor Oyster RestorationThe new aqua green New York Harbor Limited Edition II is the watchmaker’s second collaboration with the Billion Oyster Project.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
Events & AwardsAug 20, 2025
Take the Jewelers for Children ‘Trinity of Purpose’ ChallengeParticipants who attend any three Rings of Strength events will be awarded a special medal.
Weekly QuizAug 15, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingAug 19, 2025
Dubai’s Jemora Group Buys Diamond Miner LucapaThe investment company, founded by Dev Shetty, has acquired the struggling miner and its assets, including the Lulo mine in Angola.
ColumnistsAug 19, 2025
Peter Smith: The Arrival Fallacy and Jewelry RetailSmith shares wisdom he gleaned from a podcast he was listening to one morning while being walked by his dog, a Malshi named Sophie.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
CrimeAug 19, 2025
Customs Seizes 7,300 Pairs of Fake ‘Alhambra’ EarringsThe counterfeit Van Cleef & Arpels jewels would have been worth more than $30 million if genuine.
MajorsAug 19, 2025
MJSA Apprenticeship Program Is Nationally RecognizedThe MJSA Mentor & Apprenticeship Program received the Registered Apprenticeship Program designation by the U.S. Department of Labor.
WatchesAug 19, 2025
Casio America Names New Timepiece Division ManagerCasio executive and watch enthusiast Masaki Obu is the new general manager of its U.S. timepiece division.
MajorsAug 18, 2025
Verragio’s Michael Barabash, a ‘Kind Soul,’ Dies at 58Barabash, Verragio’s client relations representative, was a vital member of the team and is remembered as being warm and full of life.
CollectionsAug 18, 2025
John Hardy’s New ‘Dot’ Collection Is on PointOriginally introduced in 1992, the “Dot” collection is back with a capsule featuring five archival designs and three new creations.
Events & AwardsAug 18, 2025
IJO Announces 2025 Vendor of the YearAllison-Kaufman has received the honor for the fourth year in a row.
FinancialsAug 15, 2025
In Q2 Results, Pandora Talks Tariffs, Q4 Plans The company had a solid second quarter, with sales of non-charm jewelry outpacing sales of pieces in its core collections.
WatchesAug 15, 2025
Audemars Piguet Acquires Majority Stake in ManufacturerIts investment in micromechanics expert Inhotec will preserve skills essential to the watchmaking industry as a whole, said the company.
MajorsAug 15, 2025
Rio Grande Names New Marketing DirectorNicolette Bianchi joins the wholesale provider with more than 15 years of cross-industry experience in marketing and product development.
CollectionsAug 14, 2025
In Midst of ‘Sardine Girl Summer,’ Pippa Small Looks to ‘Flounder Fall’Her new “Ocean” collection was inspired by Myanmar’s traditional articulated fish jewelry, with depictions of flounder, catfish, and more.
MajorsAug 14, 2025
Casio America Names New CEOLongtime Casio executive Yusuke Suzuki is the new president and CEO of Casio’s U.S. subsidiary.
SourcingAug 14, 2025
West Coast Orgs to Host Trading Event, Mixer in LAThe full-day sourcing and networking event, slated for Aug. 18, will be followed by the fifth annual Mega Mixer Summer Soirée.
TrendsAug 13, 2025
Cristiano Ronaldo Proposes With Gigantic Oval-Cut DiamondModel Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.
SourcingAug 13, 2025
ICA Names 2025 Board of DirectorsThe board elected 9 new directors at its recent ICA Congress in Brazil.
TrendsAug 13, 2025
Colorado Jeweler, Whiskey Maker Collab on Ring GiveawayThree winners will receive a custom ring from Honest Hands Ring Co. inlaid with a piece of history from Denver-based distillery Stranahan’s.
SurveysAug 13, 2025
These Are The 25 Hottest Retailers, Says NRFJD Sports and Wawa were among the fastest-growing retail companies in the U.S. last year.
SourcingAug 13, 2025
Columbia Gem House Launches Winza Sapphires, RubiesThe new inventory, all untreated, features vibrant hues and unique bicolor combinations.
SourcingAug 12, 2025
Gemfields Sells Fabergé for $50MAcquired by a tech investor, the historic brand will continue to focus on jewelry, accessories, and timepieces.
Policies & IssuesAug 12, 2025
Higher Tariff on Chinese Imports Paused for 90 Days, Trump SaysPresident Donald Trump issued an executive order extending the pause on higher tariffs to November as negotiations with China continue.
