CollectionsSep 11, 2026
A Sapphire ‘Stardust’ Ring From Greenwich St. Jewelers The Latine-owned New York jeweler is marking two milestones this year: its 50th anniversary and the 25th anniversary of the 9/11 attacks.
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
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
ColumnistsSep 11, 2026
Sherry Smith: Stop Waiting for December to Save Your ChristmasThe stores that have a great December are the ones that made good decisions in August, September, and October, Sherry Smith writes.
MajorsSep 11, 2026
The Wishing Place by JTV OpensThe jewelry retail broadcast network has sponsored a new space for Make-A-Wish East Tennessee on its campus in Knoxville.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
Events & AwardsSep 11, 2026
The Edge Awards Scholarships to 2 Young Jewelry ProfessionalsThe recipients were recognized at the 24 Karat Club of the Southeastern United States’ annual banquet.
Weekly QuizSep 10, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsSep 10, 2026
Lagos Founder Steven Lagos Steps Down as CEO Keith Rolfe, CFO and COO of Lagos, is now at the jewelry brand’s helm while Steven takes on the role of executive chairman.
CrimeSep 10, 2026
FBI Offers $50K Reward for ‘Most Wanted’ Fugitive in $1M Jewelry HeistAlberto Perez-Elias is one of four men charged in the armed robbery of a Cape Coral, Florida, jewelry store and remains at large.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
AuctionsSep 10, 2026
Massive Matched Pair of Paraíba Tourmalines Head to Sotheby’sThe “Kat Florence Luminas” will be offered together as one lot and could fetch up to $637,000.
SourcingSep 10, 2026
AGTA Announces 4 Newly Elected DirectorsFour directors were elected to the AGTA board and will serve three-year terms beginning in February.
AuctionsSep 10, 2026
Former Sotheby’s, Christie’s Exec Appointed CEO of Julien’s Auctions Ken Citron joins the celebrity memorabilia-focused auction house ahead of its first week-long series of events in Abu Dhabi.
FinancialsSep 09, 2026
Signet Jewelers to ‘Double Down’ on Blue Nile Amid Strong SalesThe jewelry retailer said it sees opportunity at higher price points, particularly in natural diamonds for bridal and fashion.
IndependentsSep 09, 2026
Sarah Leonard Fine Jewelers Closes After Nearly 80 YearsThe Los Angeles-based, family-owned jeweler was founded by Lenny and Sunny Friedman in 1946.
SourcingSep 09, 2026
Fura Gems Notes ‘Remarkable’ Interest in Larger Rubies at Latest SaleThe auction, held in Bangkok, was 96 percent sold by lot, with nearly 411,000 carats of Mozambiquan rubies sold.
MajorsSep 09, 2026
Stuller’s Latest Catalog Includes Its New Demi-Fine CollectionFine Jewelry 2027-2028 has more than 900 new styles, including silver, gold-filled, gold-plated sterling silver, and vermeil jewelry.
Policies & IssuesSep 09, 2026
8 Key Changes the FTC Made to the Jewelry Guides: A Refresher Learn more about the new terms for lab-grown diamonds and composite gemstones, and the major changes in store for precious metals jewelry.
IndependentsSep 08, 2026
Ricky Bromberg, Longtime President of Bromberg & Co., Dies at 67 Bromberg is remembered as a Southern gentleman who always wore a suit and tie and treated others with kindness.
TrendsSep 08, 2026
Amanda’s Style File: A Hot Take on September’s Birthstone With high durability and a wide range of colors to choose from, sapphires may be the ultimate birthstone, Gizzi claims.
ColumnistsSep 08, 2026
Peter Smith: Humor Is No Laughing MatterLaughter is often considered a distraction in the workplace, but it has benefits for both staff and management, Peter Smith writes.
MajorsSep 08, 2026
Former Tiffany & Co. Exec Joins Exemplar Luxury GroupGretchen Koback Pursel is the new chief people officer at the company formerly known as Saks Global.
IndependentsSep 04, 2026
Orloff Jewelers Will Soon Unveil a Bigger, Better LocationThe California jeweler is renovating its store in Fresno, with plans to show off the new space in December.
CollectionsSep 04, 2026
Chelsea Gabrielle Transforms Pilates Reformer Springs Into Ring A lifelong practitioner of Pilates, Gabrielle looked to the springs’ tension and suspension when creating this ring, our Piece of the Week.
Events & AwardsSep 04, 2026
JCK Industry Fund Accepting 2027 ApplicationsThe deadline to apply is Nov. 13.
AuctionsSep 04, 2026
Christie's Names New Global Head of WatchesThe auction house has promoted Remi Guillemin, formerly its head of watches for the Americas and EMEA, to the role.
Events & AwardsSep 03, 2026
Here Are the First Recipients of Nina Pugliese Memorial Scholarship Jewelers of America also revealed the recipients of the Seymour & Evelyn Holtzman Bench Scholarship and its own scholarship programs.
WatchesSep 03, 2026
Robert Pattinson Joins Jaeger-LeCoultre as Brand AmbassadorThe British actor, known for his roles in “Twilight” and “The Odyssey,” will star in a campaign for the Master Control Chronometre.
CollectionsSep 03, 2026
Sydney Evan Celebrates 25 Years With 4 New CollectionsThe “Confetti Disco,” “Champagne Cheers,” “Tuxedo,” and “Classic Punk” jewelry collections each capture a distinct spirit of celebration.
