Question: did the evil covid-19, which blocked the world, also block the demand for luxury items? Looking at the result of Christie’s auctions in Geneva, postponed in July because of the pandemic, it would seem not. Starting from the success reserved for the sale of jewelry. In short, buying (and selling) very precious jewels still seems like a good investment. Here, however, is the result of the auctions.
Christie’s sales in Geneva achieved a combined total of $ 57.9 million for 195 jewels, 226 watches and 819 fine wines, with a combined sale of 81%. Bidders, reports the British auction house, have registered from 42 countries, on six continents. And the highest price lot was an elegant blue and colorless Reza diamond ring, sold for $ 9.3 million in the sale of Magnificent Jewels.
Our 102nd week of sales in Geneva took place under extraordinary circumstances with social distancing, not just at the pre-sale exhibition but also at all three live auctions. Nevertheless, collectors showed great resilience and confidence as they bid and bought all week long, starting with the Cartier clocks to fine wrist watches, rare wines to superb gems. The star of the week was a twin stone blue and white diamond ring by Parisian jeweler, Reza, which achieved $ 9.2m after spirited bidding between several telephones. A 100ct perfect D color diamond was purchased by Moussaieff jewelers who continue to acquire the rare and unusual gems of the world.
Francois Curiel, president of Christie’s Europe
As for jewelry, the auction totaled $ 42.5 million, 88% in value and 80% per lot. Colored and colorless diamonds have remained the main attraction. And they were not only sold by telephone, but also in the hall, limited to one hundred visitors. In addition to the Reza diamond ring, a large 100.85 carat D-colored diamond, IF diamond, sold for $ 6 million to Moussaieff.
Additionally, part of the sale were a pair of magical aquamarine cabochons and single-cut diamond earrings by Margaret Jewels, a Geneva-based private jeweler, which were sold for the benefit of the Swiss Children’s Foundation. The sum of the earrings will be donated in its entirety for the benefit of the foundation’s mission to help children and young people around the world.
Christie’s has been the Jewels market leader for 26 years. Our commitment to excellence combined with our strong personal relationships has built our reputation, which in turn has created trust; the most important factor for clients when buying at auction, might it be live or online. The Geneva sale season, which operated under strict sanitary guidelines, including reduced attendance in the auction room, saw strong participation of buyers from 42 countries over the phone and online. With a combined sale result of CHF 54.6 million and a sell-through rate of 81%, we are now looking forward to London and New York to conclude the July Luxury Sales month, which started in Hong Kong.
Aline Sylla-Walbaum, International Business Manager of the Luxury Cluster