Diamonds Disappoint at Sotheby's Australia Jewellery Sale
Sotheby’s Australia achieved mixed results with their Tuesday 3rd April Important Jewels auction held at their Melbourne saleroom.
A number of the top lots were passed in leaving Sotheby’s with a sale total of AUD$1,094,400 including buyer's premium (IBP) and sold-by-value rate of only 57%.
The top lot of the sale was Lot 84, a diamond necklace designed as a graduated riviére of forty six modified rectangular old mine cut diamonds together weighing approximately 65.00 carats, mounted in silver and gold, length approximately 440mm. Estimated to fetch AUD$160,000-$190,000, the necklace failed to find a buyer.
Also failing to sell was the second highest priced item of the night, a Tiffany and Co. Sapphire and Diamond Suite by Oscar Heyman and Brothers, which was estimated to sell for AUD$140,000 - $180,000.
Although 76% of the lots were sold, the majority of the top lots were passed-in with the exception of the highlight of the sale, a Diamond Ring by Harry Winston, which sold for AUD$151,200 IBP against an estimate AUD$130,000-180,000.
Another highlight was a bangle by Valentin Magro (Lot 66, Gold, Diamond and Ruby Bangle, Valentin Magro) which fetched AUD$98,400 IBP against an estimate of AUD$45,000-55,000. Also selling for well above estimate was a Diamond Necklace by Fererico Buccelati which made AUD $22,800 IBP against an estimate of AUD $7,000-$10,000.
The results of the Sotheby’s auction were disappointing and indicative of a demanding market that is spoilt for choice and only willing to spend big money on exceptional and rare objects.
According to Sotheby’s, “the sales results highlight the depth of the international designer collection available to the Australian market and a desire for unique and special jewels”. Hamish Sharma, Head of Jewels at Sotheby’s Australia, commented that “'our collectors are looking for quality and refined jewels that exude an element of their individuality”.
The full results of the sale can be viewed here: