Emeralds, rubies, diamonds as investments: the jewels of divas and rich philanthropists sold at auctions have often exceeded their estimates beyond all expectations, so much so that since 2009 the value sold by Sotheby’s and Christie’s has tripled. So is it really true that jewels as a safe haven (almost) never disappoint? Confirmation will come from the next auctions. In the meantime, here is the analysis by art expert Paolo Manazza for the Corriere della Sera.
Kissing your hand makes you feel great, but a “diamond and sapphire bracelet lasts forever”, the beautiful American writer and screenwriter Anita Loos (1889-1981) loved to say. This pseudo-philosophical relationship between precious objects and temporality has an exquisite and constant feminine conjugation. After all, it could be one of the elements underlying the belief that jewels are the safe haven par excellence.
In these years of severe economic and identity crisis in our civilization, the jewelry market has grown steadily. As demonstrated by the auction sales dedicated to them. The location par excellence chosen by the majors for this type of sales has always been Geneva. Every year, in May and November, the most important European event for a sector that still seems to have not exhausted a strong upward push takes place on the shores of the lake of the same name. In November last year, the sum of the two Geneva auctions by Christie’s and Sotheby’s was 221.7 million Swiss francs. A value that has more than tripled compared to 2009. The exceptional result of 2013 is also due to the award, for over 45 million, of a very rare and magnificent 24.78-carat pink diamond, which achieved a new world record for the sector. The stone, purchased by Laurence Graff (hence the name The Graff Pink) – emerald cut – and mounted in a ring, was part of the extremely rare Ila group, a classification that includes less than 2% of all diamonds in the world. Often, the credit for exceptional results is given by the presence in auction sales of entire private collections, or jewels that belonged to divas with curious stories. How can we forget the now legendary sale – which took place at Christie’s in New York in December 2011 – of Elizabeth Taylor’s jewelry collection, which brought in $156.7 million, setting a new world record for a jewelry auction? 100% of the lots offered were sold to buyers from all over the world. Pre-auction expectations were completely swept away and some lots exceeded their estimates by five, ten and even fifty times the initial one.
More recently (May 2013), in Geneva, the sale of Gina Lollobrigida’s collection caused a stir at Sotheby’s, with a series of Bulgari jewels that belonged to the actress that brought in 4.7 million Swiss francs. A pair of the diva’s pearl pendant earrings were sold for 2.3 million dollars, more than double the estimated value, setting a new world record for pearl pendants sold at auction. Also in the Swiss city, but at Christie’s and the year before (May 2012), the collection of philanthropist and art collector Lily Safra was snapped up. Totaling 35.1 million francs, thanks to the 69 lots all sold, with average hammer prices almost double the pre-auction estimates. The highlight of the evening was The Hope Ruby, a ring with a 32.08-caral Burmese ruby by Chaumet, purchased by diamond dealer Amer Radwan for 6.2 million francs. What will happen next this week? In Geneva, Christie’s is offering 390 lots tomorrow, with colored and white diamonds, jewels of illustrious provenance and natural pearls. For an overall estimate of over 80 million dollars. Leading the auction is a pair of Bulgari earrings with colored pear diamonds estimated between 11.5 and 14.5 million.
Historic jewels
Of great historical importance is the brooch of Empress Eugenie, wife of Napoleon III, which has not been seen on the market for 125 years (1.9-2.9 million). The brooch, which was part of a set, was commissioned by the empress herself from the Bapst jewelry store in 1855. Wednesday 12th is the turn of Sotheby’s which offers a catalog of 470 lots. Among the gems, the collection of Dimitri Mavrommatis, an all-round art enthusiast and admirer, as well as an expert collector of contemporary art and eighteenth-century furniture. The highlight of the collection is the exceptional Graff Ruby, of 8.62 carats, 6.3-8.4 million francs). A cushion-cut stone of Burmese origin that is characterized by the very rare “pigeon blood” red color. In the same collection, a rare sapphire of 2.54 carats is valued at 2.8-5.6 million francs. The stone, certified of Kashmir origin, shines with a velvety and intense blue color, and has a very high degree of purity. Underlining the great eye of Mavrommatis, the selection includes three exquisite examples of jewelry by JAR, known for being one of the most talented jewelers of his generation. In addition to this collection, there will be many other dream jewels for sale. Beautiful, as well as of illustrious provenance, a necklace of natural pearls that belonged to Josefina, Queen of Sweden and Norway (1807-1876), offered at 765 thousand-1.3 million francs. Paolo Manazza
