Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
Philanthropist’s Lapidary Collection Heads to Auction
The highlight of the sale: a carousel crafted in gemstones and gold that took thousands of hours to make.

Los Angeles—On Tuesday, a number of masterfully carved lapidary pieces from the personal collection of a businessman and philanthropist will hit the auction block.
Bonhams is selling “100 Lapidary Treasures from The Estate of Gerard L. Cafesjian” in Los Angeles, showcasing a collection that reflects Cafesjian’s love of gemology, color and form, the auction house said.
Born in 1925 in Brooklyn, New York, to Armenian immigrants, Cafesjian served in the Navy during World War II before attending college, graduating with joint degrees in geology and economics from Hunter College and, later, a law degree from St. John’s University School of Law.
He began a decades-long career with West Publishing Company, one of the largest publishers of legal materials, in 1952. Rising through the company’s ranks, he eventually became executive vice president of marketing and advertising and a member of the board, and it was here that he amassed his wealth.
Cafesjian, who died in 2013 at the age of 88, was known for his philanthropic pursuits.
During his time at West Publishing, he started an annual art exhibition called “Art and Law,” for which he received the prestigious Business in the Arts Award.
Cafesjian also founded the Scottsdale Museum of Contemporary Art in Arizona, dedicated to the exhibition of modern works of art, design and architecture, and established the Cafesjian Family Foundation, donating millions to various Armenian charities.
In 1988, Cafesjian led the effort to save a 1914 merry-go-round that had been at the Minnesota State Fairgrounds for 75 years. According to local news reports, he contributed more than $2 million to keep the piece from being broken up and auctioned off.
It’s fitting, then, that the highlight of his collection headed to auction is an illuminated and automated gemstone and gold carousel by Andreas von Zadora-Gerlof, circa 1991, which Cafesjian commissioned from the artist.
Bonhams said it took 960 hours of stone sculpting and cutting, 3,250 hours of goldsmithing and 210 hours of stone setting to make the carousel.
Featuring stones such as ruby, emerald, sapphire, white opal, lapis lazuli, rhodonite, Cacholong opal, malachite and gray agate, the carousel is estimated to sell for about $150,000, Bonhams said.
The sale also features the “Bleeding Hearts” gold flower study (seen above) by renowned lapidary artist Manfred Wild.
Its blossoms are comprised of 15 ruby flowers weighing 152 total carats, with white Cacholong opal from the Caspian Sea forming the
The piece is decorated with 109 pave-set diamonds weighing 1.10 carats, and the vase is formed of carved rock crystal with four sapphire slabs inset to the side as well as two marquise-shaped ruby cabochons and two triangular-shaped emerald cabochons.
Bonhams said it expects the piece to garner between $30,000 and $50,000.
Another notable piece in the sale is a carved agate falcon (pictured above) by another well-known lapidary artist, Gerd Dreher.
The bird’s wing edges and tail feathers are made of highly transparent banded agate set into speckled agate, with solid colored agates used for his throat, head and beak. The feathers on his back, meanwhile, are carved hawk’s eye quartz.
The falcon sits on top of a copper specimen with some traces of quartz, designed to mimic a mountainous outcropping, and is raised on a circular rock crystal quartz base.
The piece is estimated to sell for between $15,000 and $25,000.
In addition to the carved gemstone works, Bonhams also is holding two online-only sales—“Gemstones from The Estate of Gerard L. Cafesjian” and “Minerals from The Estate of Gerard L. Cafesjian”—both of which are currently open for bidding. Bidding closes March 16.
The Latest

Mohr had just retired in June after more than two decades as Couture’s retailer liaison.

Shekhar Shah of Real Gems Inc. will serve as president of the Indian Diamond & Colorstone Association in 2026.

How Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.

This year’s good luck charm features the mythical horse Pegasus, and is our first Piece of the Week of the new year.


Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.

As part of the leadership transition, Sherry Smith will take on the role of vice president of coaching strategy and development.

Roseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.

It marks the third time the country has headed the Kimberley Process. Ghana will serve as vice chair.

The new Bulova x Stetson designs highlight two animals often associated with the American West—the bison and the Texas Longhorn.

Its residency at Yamron Jewelers will run through May 2026.

From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.

The retailer is expanding into areas with large Indian and South Asian populations.

The Italian brand has opened its first flagship amid the peaks of the Dolomites in Madonna di Campiglio, Italy.

The new curation at the Natural History Museum of Los Angeles County showcases rare gem and mineral specimens in their uncut, natural state.

The couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.

Consumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.

The new show will take place Jan. 23-25, 2026.

The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.

The LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.

The luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.

The company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.

In the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.

Helzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.

Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.

The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.

Laura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.



















