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Sotheby’s Just Had a Very Successful Online Jewelry Auction
It boasted the best sell-through rate of any of the auction house’s online jewelry sales.
Sotheby’s recent Jewels Online sale boasted the auction house’s highest online jewelry auction sell-through rate. Pictured is the top lot from designer Michele Della Velle.
New York—While economic uncertainty is rife amid the coronavirus’ hold on the United States, consumers recently showed they’re still shopping for jewelry online.
Sotheby’s announced Friday that its“Jewels Online” sale, concluded last week, boasted the best sell-through rate of any of the auction house’s online jewelry sales, selling 97 percent of all lots.
Surpassing the $671,600 high estimate for the sale, Jewels Online garnered a total of $739,375.
Half of the lots sold for above their high estimates.
The sale’s top lot was a pair of ruby earrings designed by Michele Della Velle (pictured at top of article), which, at $25,000, sold for more than three times their $7,000 pre-sale high estimate.
David Webb proved to be a hot commodity, with all 11 available items selling for a total $112,000.
The top David Webb lot, and second-highest of the entire sale, was the above gold and enamel cuff bracelet, which sold for $21,250, well above its $6,000 to $8,000 estimate.
Consumers demonstrated a demand for signed jewels, with pieces from Verdura and Tiffany & Co. commanding attention.
From the latter, all 15 lots were sold, with a Paloma Picasso-designed peridot necklace eclipsing its $2,000 pre-sale estimate, going for $12,500.
Verdura, meanwhile, also sold each of its four lots for a total $42,500. A pair of “Byzantine” ear clips in citrine and rhodolite garnet were the top earners, garnering $13,750, though estimated to sell for between $5,000 and $7,000.
Sotheby’s Global Head of Online Jewels, Kendall Reed, noted in a press release: “In this unprecedented moment, collectors were determined to compete for beautiful jewels in Wednesday’s sale, which earned our best sell-through rate to-date for any online jewelry auction.
“Bidders—many new to auction—responded to our well-curated offering of signed jewels, including pieces from famed American makers like David Webb, Verdura and Tiffany & Co. that we offered at accessible price-points. Our global team looks forward to building on this momentum by sourcing more exceptional pieces for upcoming online sales.”
Sotheby’s indicated that 22 percent of buyers were new. Auction participants represented 32 countries and half of all bids were
placed on mobile devices.
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