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‘Circle of Heaven’ Jadeite Bangle Fails to Sell at Sotheby’s
The highlight of the Hong Kong jewelry sale was expected to garner between $10.2 and $12.8 million.
This jadeite bangle was the highlight piece of the Sotheby’s Hong Kong Magnificent Jewels and Jadeite auction, but failed to find a buyer on Tuesday.
Hong Kong--Though Sotheby’s called it a “highly important” piece, the “Circle of Heaven” jadeite bangle didn’t find a buyer in Hong Kong.
The rare bangle was expected to sell for $10.2 to $12.8 million at the Magnificent Jewels and Jadeite sale on Tuesday but failed to reach the reserve price.
The auction house described the piece as having a full, emerald-green color with “fine texture.” It was named as such for its circular form and for the ancient Chinese belief that jade is the “stone of heaven.”
When contacted by National Jeweler for comment, a Sotheby’s spokesperson said that while the jewelry and diamond markets continue to “enjoy solid support” across price tiers, the jadeite market remains price sensitive.
Some of the other notable lots sitting at the top of the pre-auction estimates didn’t sell, including an unmounted D color, flawless brilliant-cut diamond weighing 17.63 carats, expected to sell for up to $2.8 million; a signed Monture Cartier ring featuring a 14.72-carat step-cut Colombian emerald and brilliant-cut diamonds that Sotheby’s thought could sell for up to $1.4 million; and a ring with a 14.18-carat step-cut fancy blue diamond with pink-tinted brilliant-cut diamonds, expected to go for between $5.9 and $7.6 million.
The top lot of the sale turned out to be a ring, pictured below, featuring a cushion-shaped Burmese ruby weighing 24.70 carats, set within a surround of pear-shaped diamonds. The shank is pavé-set with brilliant-cut diamonds with a pink tint.
It garnered $11 million, falling within its pre-sale range estimate. 
After that, there was a large gap between the No. 1 lot and those that followed.
Falling at No. 2 was a pair of earrings featuring pear-shaped diamonds weighing 13.01 and 12.97 carats hanging from surmounts with 1.03- and 1.01-carat diamonds. They sold for $3 million.
There also was a 30.16-carat cut-cornered rectangular step-cut fancy vivid yellow diamond ring that went for $2.8 million and a 5.01-carat cushion-shaped fancy vivid purplish pink diamond with shield-shaped diamond shoulders that sold for $2.5 million.
A ring with a square emerald-cut fancy vivid orangey-yellow diamond weighing 10.30 carats set between two tapered baguette diamonds garnered $1.4 million.
Tuesday’s Magnificent Jewels and Jadeite auction sales totaled $48.6 million. For all results, visit Sothebys.com.
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