‘Kelly Sapphire’ And 16-Ct. Diamond Necklace Each May Fetch $2 Million

Art Deco necklace with 16.24-carat D-color, internally flawless, VS2, pear-shaped diamond

The jewels of business woman and philanthropist, Margaret Adderley Kelly, will lead Christie’s final jewelry auction of the spring season in New York on Tuesday. The 28 lots in the private collection include a Cartier Kashmir sapphire ring and an Art Deco diamond pendant necklace along with large diamond and gold suites, a variety of pearls and several ruby and sapphire pieces.

Ms. Kelly along with her husband, the late William R. Kelly, and their son, Mr. Terence E. Adderley, shaped the national employment agency and recruitment firm, Kelly Services, Inc., into a Fortune 500 company that now employs more than 550,000 people globally. 

One of the top lots is called “The Kelly Sapphire,” (pictured above) a Cartier signed ring centered with a 21.71-carat Kashmir sapphire with no traces of heat enhancement. The stone is flanked by two trapeze-shaped diamonds. Its estimate is $1.5 million - $2 million. 

The other item of note in the Kelly collection is an Art Deco necklace that features a 16.24-carat D-color, internally flawless, VS2, pear-shaped diamond pendant (top photo). Its estimate is $1.6 million to $2 million.

The diverse offering of more than 200 lots at Christie’s New York Important Jewels sale on Tuesday includes a group of colored and colorless diamonds, rare gemstones, and signed designer jewels.

Other auction highlights include:

* An 80.73-carat cushion-cut, K-color diamond with an estimate of $3 million - $5 million

* A 9.97-carat, cushion-cut, Kashmir sapphire with an estimate of $950,000 - $1.25 million

* A 28-carat cushion-cut Intense Fancy Yellow, VS2 diamond with an estimate of $700,000 - $900,000

* A 25.82-carat cushion-cut, K-color, VS2 diamond with an estimate of $600,000 - $700,000

* A 15.54-carat cut-cornered step-cut diamond by Cartier with an estimate of $330,000 - $450,000

* An Art-Deco diamond bracelet by Cartier with an estimate of $380,000 - $450,000

* A necklace with a 5.06-carat, pear-shaped D-color diamond and a 1.68-carat, pear-shaped fancy purplish-pink diamond, with an estimate of $280,000 - $350,000

* A 14.5-carat cut-corned fancy yellow diamond by Graff with an estimate of $250,000 - $350,000

* A 7.27 oval cut Colombian emerald with an estimate of $260,000 – $300,000

Historic Pink Diamond And 25-Carat Cartier Ruby Could Each Fetch $18 Million At Sotheby’s Geneva

The Historic Pink Diamond

Sotheby’s auction of Magnificent Jewels and Noble Jewels in Geneva will likely serves as a test of the strength of the auction market for jewelry, which has had some lackluster sales recently. The May 12 sale at the Hôtel Beau-Rivage includes an historic pink diamond, an important ruby, several significant Cartier pieces and five bejeweled tiaras. 

The sale is led by two gems. The first is the 8.72-carat “Historic Pink,” which the auction house describes as an “extremely rare and highly important” Fancy Vivid Pink diamond. According to the Gemological Institute of America, it’s believed to have been part of the collection of Princess Mathilde, the niece of Napoleon Bonaparte. The stone, which has VS2 clarity, is also distinguished by its classic non-modified cushion cut, unusual in a pink diamond, Sotheby’s said. 

The pre-sale estimate is $14 to $18 million. 

The Sunrise Ruby by Cartier

The 25.59-carat “Sunrise Ruby” by Cartier is described as a “unique treasure of nature” by the Swiss Gemmological Institute. The ruby has not received any heat treatment and the color is described by that famous auction moniker for exceptional rubies, “pigeon’s blood” red: the rarest and most sought-after of hues.

Its estimate is $12 million to $18 million.

Diamond necklace by Cartier 

It is one of four jewels by Cartier from the same private collection. The other statement piece is a diamond necklace of more than 190 carats. Custom-made for the owner, it is designed as a cascade of diamonds, the front accented with a floral motif and suspending a fringe of nine pear-shaped stones. Its estimate is $6 to $10 million. 

Kashmir sapphire and diamond brooch, Cartier

The other pieces are a brooch set with a 30.23-carat Kashmir sapphire (estimate: $3.5 million - $6 million); and sapphire and diamond earrings, made with two Burmese Mogok sapphires of 15.77 and 16.90 carats (estimate: $800,000 - $1.2 million). 

Diamond Cartier tiara, 1930s 

Provenance is a constant theme of this sale and one of the most important items of Noble ownership is a collection of jewels that includes three tiaras from the Estate of Mary, Duchess of Roxburghe. They are led by a piece created by Cartier in the 1930s (estimate: $300,000 – $500,000); and intricate tiara/necklace composed of fleurs de lys and confronting scroll motifs, swing-set with a graduated row of twenty superb pear-shaped diamonds (estimate: $300,000 – $500,000); and a delicate ruby and diamond creation (estimate: $80,000 – 100,000).

Mary, Duchess of Roxburghe is the granddaughter of Rothschild heiress Hannah and British Prime Minister the Earl of Rosebery, whose wedding to the Duke of Roxburghe brought together two of Britain’s great aristocratic families, according to the auction house. 

In addition to the three tiaras from the Roxburghe Estate, the auction will offer a two other tiaras for a total of five very fine pieces in a single sale, which is extremely rare, according to the auction house.

Diamond tiara necklace, 1880s

From the Collection of the Earl of Mar and Kellie, a diamond tiara/necklace, designed in the style of a “tiare russe,” dating back to the 1880s and drawing inspiration from the Russian kokoshniks—traditional fan- shaped head ornaments inspired by the cockscomb. This tiara was worn by the 12th Countess of Mar at the coronation of King Edward VII in 1902 (estimate: $150,000 – $295,000).

The fifth tiara is one made of emeralds and diamonds dating to the early 20th century. The piece is designed as two lines of circular-cut diamonds, surmounted with scroll and fleur de lys motifs, the scrolls topped with drop-shaped emeralds (estimate: $40,000 - $60,000).

No auction is complete these days without at least one signature natural pearl necklace. In this case the jewel is composed of two graduated rows strung with 78 natural pearls ($3 million - $5 million).

There was a noted decline in the number of lots being sold along with their value during auctions in April. For example, Sotheby’s Hong Kong Magnificent Jewels & Jadeite sale saw nearly a third of its lots go unsold—unheard of in recent years. Christie’s New York Magnificent Jewels sale fared a little better with 77 percent of the items sold by (meaning nearly a quarter of the lots went unsold) and 77 percent sold by value, compared with estimates.

A large diamond at Christie’s New York in April was pulled halfway through the auction and several other items didn’t make the reserve price.

Most recently, Sotheby’s New York Magnificent Jewels sale bucked the negative trend with 80 percent of items sold by lot and nearly 85 percent sold by value with 10 jewels selling for more than $1 million. In a nod to the modern way of doing business, four of the top 10 items were sold to online bidders.

The Geneva jewelry auctions are often the most highly anticipated sales on the calendar and Sotheby’s and Christie’s are presenting highly sought after pieces in all categories. So next month will determine whether the slowdown was a temporary occurrence or here to stay. 

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Jacqueline Kennedy Onassis Ruby Jewels Among Highlights of Christie’s Geneva Auction

Van Cleef & Arpels ruby and diamond ear pendants and a matching ring from the property of Jacqueline Kennedy Onassis will be one of the signature items at Christie’s Geneva Magnificent Jewels sale on May 13. 

The jewels were presented as a wedding gift by Aristotle Onassis in 1968. Its estimate is $250,000 – $350,000.

A piece with even more historical significance and a higher price tag is the Maria Christina Royal Devant-de-Corsage brooch. Another item that was presented as a wedding gift in November 1879 from King Alfonso XII of Spain to his wife, the Archduchess Maria Christina of Austria, soon to be Queen Consort and then Queen Regent of Spain. The brooch, currently in the collection of Baroness Thyssen-Bornemizsa, is expected to fetch $1.5 to $2 million, according to the auction house.

Maria Christina wearing the Royal Devant-de-Corsage brooch

While these two items have historical significance, they are by no means the most expensive of the auction of 351 jewels and gems that is expected to achieve more than $80 million.

The sale includes a number of statement diamonds and gems led by a 55.52-carat pear shaped D-color, Flawless diamond that has an estimate of $8.5 million to $10.5 million (pictured above); a 5.18-carat rectangular-cut Fancy Vivid Pink diamond (estimate $9.5 million – $12.5 million) (pictured below); and a 21.75-carat Ashoka-cut D-color Flawless diamond ring (estimate: $2.8 million – $3.5 million).

Gemstone highlights include “The Pride of Burma,” a 6.25-carat cushion shaped Burmese ruby and diamond ring (estimate: $1.8 million – $2.5 million), a pair of antique emerald Indian bangles (estimate: $1.5 million – $2 million) (both pictured below), and a 35.09-carat, cushion shaped Kashmir sapphire (estimate: $3 million to $4.2 million).

Another highlight includes a large single-strand natural saltwater pearl necklace with an estimate of $2.5 million to $3.5 million (pictured below).

Among signature jewels is an early example of JAR’s work: a pair of tourmaline and agate camellia brooches, circa 1985 with an estimate of $140,000 – $170,000 (pictured below).

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Christie’s, Sotheby’s Combine for $1.35 Billion in 2014 Jewelry Sales

The Zoe Diamond, 9.75-ct fancy vivid blue sold for $32.6 million at Sotheby’s

Wealthy investors, jewelry lovers and businesses continue to place their money into collectible jewelry, buying up statement diamonds, gems and pearls as well as signature jewelry collections.

The world’s largest auctions houses, Christie’s and Sotheby’s, reported record 2014 results in their jewelry departments, combining for more than $1.35 billion in total sales.

The results speak of the demand for high-quality baubles as well as the economic uncertainty and geopolitical tensions throughout the world. Jewelry seems to be one of the few places where the wealthy feel comfortable placing their money.

Christie’s year was the most impressive as the auction house reports a record total of $754.7 million in 2014, saying it is the highest annual result ever achieved for jewelry at any auction house. The total also represents an 11 percent year-over-year increase. Christie’s Geneva led the company’s jewelry sales with $304.4 million total.

The results for the year included 149 jewels that sold for more than $1 million, including seven jewels that sold for more $10 million, 24 jewels that sold above $5 million and 72 jewels that sold for more than $2 million.

The Winston Blue, 13.22-carat pear-shaped fancy vivid blue flawless diamond sold for nearly $23.8 million

Christie’s most valuable sale in 2014 was The Winston Blue, a 13.22-carat pear-shaped fancy vivid blue flawless diamond, sold at Christie’s Geneva in May for nearly $23.8 million, or nearly $1.8 million per carat. It was acquired by the luxury jewelry brand, Harry Winston.

Its other biggest sale also occurred at Christie’s Geneva—this time during the November sale. The Blue Belle of Asia, a 392.52-carat Ceylon sapphire, sold for nearly $17.3 million, a record for any sapphire ever sold at auction.

Meanwhile, Sotheby’s reports that 2014 jewelry totaled $602.5 million—the third consecutive year of record sales for the auction house. The total represents a 13.8 percent year-over-year increase.

The results for the year include 77 jewels that sold for more than $1 million, with 69 percent of all sold lots exceeding their high estimates.

Among the two largest sales for 2014 was the Zoe Diamond, a 9.75-carat fancy vivid blue diamond from the collection of Mrs. Paul Mellon, which sold for $32.6 million at Sotheby’s New York in November. The stone set world auction records for any blue diamond and for the price-per-carat for any diamond, at more than $3.3 million per carat.

The other large sale was the Graff Vivid Yellow, at 100.09 carats, one of the largest fancy vivid yellow diamonds in the world. It sold for $16.3 million at Sotheby’s Geneva in November, setting world auction records for any yellow diamond and for any jewel by Graff.

The Cartier Hutton-Mdivani Necklace sold for more than $27.4 million.

Jadeite also did well for Sotheby’s Hong Kong. Its best sale in this category for the year was the Cartier created Hutton-Mdivani Necklace, which sold in April for more than $27.4 million, setting auction records for any jadeite jewel, for any non-diamond jewel and for any Cartier jewel and the second highest auction price for any jewel in 2014. It was purchased by The Cartier Collection.

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Christie’s Enters the Contemporary Jewelry Market with 7 Curated Jewels For Online Sale

Opal and Diamond Starburst Ring by Maiyet Fine Jewelry set with a circular cabochon opal within a rose-cut diamond and 18k gold starburst mount. $42,500

Christie’s auction house has added to its online offerings with seven jewels created by four contemporary jewelry designers.

The one-of-kind pieces were curated by Dalia Oberlander, founder & CEO of Latest Revival, a luxury jewelry website, and sold exclusively on Christie’s e-commerce site, www.Christies.com/OnlineOnly.

Fossilized Dinosaur Bone and Diamond Ring By Monique Péan set with an irregularly shaped black fossilized dinosaur bone, within a micro pavé-set circular-cut diamond and 18k white gold mount. $31,640

The creations by contemporary jewelry designers, CompletedWorks, Maiyet, Monique Péan, and Pamela Love, range in cost from $3,000 - $132,680. The sale began Wednesday.

Oberlander, said she wanted the collection to have a broad representation of the contemporary jewelry available.

Marble and Diamond Ring by Completedworks set with column-shaped Breccia di Massa marble, surrounded by a circular-cut diamond and 18k gold vine motif, mounted in 18k gold. $15,000

“I wanted to feature a mix of designers with established presence as well as younger designers,” she said. “Each of them are innovators in their field, whether they are working with unusual materials or introducing unique designs to the marketplace.”

John Auerbach, Christie’s International managing director, eCommerce, said the collection of custom pieces offers its clients a “compelling” reason to shop online.

Diamond Earrings by Deborah Pagani designed as a baguette-cut diamond openwork chandelier set with circular-cut diamonds and black diamond detail, suspended from a similarly-set top, mounted in 18k white gold. $19,360

“We’re always looking to offer clients access to the best and most exquisite property,” he said. “Latest Revival’s relationships with contemporary jewelry designers allowed us to curate a truly unique assortment of custom pieces.”

Oberlander added, “It's the perfect moment for a cohesive showcase of estate and contemporary jewels worn in unison.”

Diamond Necklace by Monique Péan, the open collar designed as a cascade of pear-shaped rose-cut diamonds, mounted in 18k white gold. $132,680

Highlights from the seven piece collection include an 18k gold ring by CompletedWorks that features a column-shaped Breccia di Massa marble surrounded by a circular cut diamond and 18k gold vine motif; a ring set with an irregularly shaped black fossilized dinosaur bone within a micro pavé-set circular-cut diamond and 18k white gold mount by Monique Péan; and 18k white gold baguette-cut diamond openwork chandelier earrings by Deborah Pagani.

The most expensive piece is an 18k recycled white gold necklace in an open-collar design, also by Monique Péan, featuring a cascade of 24.06 carats in pear-shaped rose-cut diamonds. It’s priced at $132,680.

Opal, Diamond and 10k Gold 'Frida' Earrings by Pamela Love designed as a circular opal stud, with an earring back jacket suspending three 10k gold feathers set with circular-cut diamonds, mounted in 10k gold. $3,000

Each item will include a signed sketch from the designer.

Auerbach said clients in New York who wish to view the jewels can make an appointment with a Christie’s eCommerce specialist for a private showing.

Diamond and Platinum Ring by Monique Péan set with a marquise-cut diamond within a micro pavé-set circular-cut diamond surround, to the micro pavé-set circular-cut diamond hoop, mounted in platinum. $36,060

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Two Blue Sapphires Fetch Big Prices at Christie’s London Sale

A sapphire and diamond brooch, circa 1890s, centered with a 14.66-carat, Kashmir sapphire (pictured above) sold for nearly $2.2 million (150,000 per carat), nearly triple its 783,499 high estimate. It was the top lot at Christie’s London Important Jewels sale. 

The cushion shaped sapphire is surrounded by an old-cut diamond cluster raised on a scalloped gallery mounted in silver and gold. The auction house said the jewel was from the collection of the late Clive Behrens, and before that part of the collection of the late Evelina Rothschild. 

In addition, a sapphire and diamond pendant, circa 1880 (above), centered with a 41.54-carat Burma sapphire sold for more than $1.6 million ($39,000 per carat), more than triple its high estimate of $470,099. The sapphire on the gold plated pendant has an old-cut diamond line border and is further surrounded by cushion shaped diamonds. 

Both sapphires show no indications of being heat treated, according to the accompanying reports. 

Colored diamonds continue to demand high prices as a ring featuring a crossover design, set with two opposing pear shaped diamonds, a 1.54-carat fancy deep blue and a 1.78-carat fancy intense pink, sold for nearly $1.2 million, well above its $783,499 estimate.

The November 26 auction totaled $22.75 million in sales with 75 percent sold by lot and 89 percent sold by value. 

“The London sale of Important Jewels showed that quality, rarity and provenance continue to be the key factors sought by collectors worldwide,” said Keith Penton, head of Christie’s London Jewellery Department. 

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Jewelry From Empress Eugenie and Duchess of Windsor Headlines Christie’s Geneva Sale

Empress Eugenie's Feuilles De Groseillier brooch

The “Feuilles de Groseillier” brooch, commissioned in 1855 by Empress Eugenie of France (1826-1920) to French jeweler Alfred Bapst, is one of two statement lots of jewelry with royal provenance to be offered at Christie’s Geneva Magnificent Jewels sale on November 11. Once part of the French Crown Jewels, of which very few examples in original condition have survived, it has an estimate of $2 to $3 million.

The jewel is designed as a cluster of three gold and silver openworked currant leaves with three tassels. It is set throughout with old mine diamonds and is centered with a cushion-shaped mine diamond.

The Parure de Feuilles de Groseillier was originally designed as a guirlande (garland) and worn in multiple ways. In 1870, at the fall of the Second Empire, Empress Eugenie and her husband Napoleon III moved to England, leaving behind most of the Crown Jewels. Seventeen years later, the French government conducted a 12-day auction where all the belongings of the French Royal Family were offered for sale, including the jewelry. Several of the larger pieces were broken up prior to the auction so the stones could be sold individually. The guirlande was sold as eight parts and the present brooch was acquired by Tiffany & Co. The jeweler then gifted the brooch to the Metropolitan Opera of New York as a tribute to the famous opera singer Madame Lucrezia Bori (1887-1960).

Duchess Of Windsor's Cartier Tiger jewels

The other lot is of British royal provenance. They are two pieces of tiger jewelry by Cartier, formerly from the collection of the Duchess of Windsor. They were given to Sarah Brightman, the world’s best selling soprano, by her then husband Andrew Lloyd Webber, composer and impresario of musical theater. They were a present to her to celebrate the London and Broadway success of “The Phantom of the Opera,” which he wrote and she starred. They were purchased during the legendary sale of Duchess of Windsor’s collection in 1987.

The two tiger pieces comprising of an onyx and diamond clip brooch and bracelet, with emerald eyes, were both made in the 1950s and will be sold as one lot with a combined estimate of $1.8 million to $2.5 million.

The Cartier Tiger Collection has been a highlight of 20th Century jewelry design since it first appeared in 1928. These pieces were bought by the Duke and Duchess of Windsor from Cartier between 1956 and 1959.

Brightman will offer a portion of the proceeds from the sale to The Andrew Lloyd Webber Foundation, which supports the arts, music in schools, The Architectural Heritage Fund and awards 30 performing arts scholarships annually.

Bulgari diamond ear pendant

While the two items of monarchial heritage are impressive, the top lot for the upcoming sale at the Four Seasons Hotel des Bergues goes to a sparkling pair of Bulgari pear-shaped colored diamond ear-pendants with a pre-sale estimate of $12 million to $15 million.

The ear pendants, which the auction house is calling “A Bulgari Masterpiece,” have marquise and pear-shaped diamond cluster tops weighing approximately 19.28 carats. Suspended from the clusters are a 6.95-carat, pear-shaped fancy vivid blue diamond and a 6.79-carat, pear-shaped fancy vivid pink diamond. Both statement diamonds are detachable. The diamonds are mounted in platinum and gold.

This auction of 390 lots has several other significant colored gems, signature jewels and important natural pearls. Among them are:

The "Blue Belle of Asia"

* The fourth largest faceted sapphire in the world, the “Blue Belle of Asia,” a cushion shaped Ceylon sapphire of 392.52 carats. It has an estimate of $7 to $10 million. The gem was discovered in 1926 at Pelmadula, Ratnapura (‘The City of Gems’), in Ceylon and was sold to British motor magnate Lord Nuffield (1877-1963), founder of Morris Motors Limited in 1937, according to the auction house. It was rumored that he purchased the sapphire to present to Queen Elizabeth the Queen Mother, on her Coronation Day on May 12, 1937. The gem is suspended on a diamond tassel pendant and attached to a diamond neckchain mounted in gold.

* A 23.66-carat Burmese ruby mounted by Cartier, known as “The Queen of Burma,” was purchased at Cartier in London on November 1937 by the Maharao of Cutch (1866-1942). Its estimate is $5.5 - $7 million. The auction house says the gem “combines all the most sought-after qualities in a ruby: an attractive vivid pinkish red color, an excellent purity, an impressive size and the finest origin.”

* Seven jewels by JAR, some of which were recently on display at the ‘Jewels by JAR’ exhibition at the Metropolitan Museum of Art in New York. Among the group of jewels offered for sale are the ‘Gardenia’ ring, formerly in The Collection of Ellen Barkin ($330,000 - $390,000), the sculpted gold Parrot Tulip cuff ($210,000 - $310,000) and a pair of diamond ‘String’ ear pendants ($140,000 - $200,000).

Art Deco diamond and pearl necklace

* Formerly in the collection of Baroness Edouard de Rothschild, an Art Deco diamond necklace, suspended with two natural pearls, measuring 16mm each ($700,000 - $1 million).

Harry Winston diamond ear pendants.

* Diamond ear pendants by Harry Winston with two drop-shaped natural pearls weighing more than 100 grains each ($2.8 - $3.5 million).

* A two-strand natural pearl necklace with rose overtones by Cartier ($530,000 - $850,000).

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101-Carat Diamond Fetches $5 Million

The top lot at Christie’s Important Jewels auction held Wednesday was a 101.36-carat, cushion-cut, L-color, VS2 diamond that sold for $4.98 million, or $49,100 per carat. The diamond, worn as a necklace, is suspended by a black silk cord with pavé-set diamonds mounted in platinum (pictured above).

In a slight turn of events, seven of the top 10 lots from the sale were colorless diamonds with five of the items selling for more than $1 million (including commission and fees). In recent years, fancy colored diamonds have been stealing the spotlight, achieving record-breaking sales.

Other top lots in the sale included the following:

* A diamond necklace featuring a detachable pendant K-color faint brown VVS1 Potentially Internally Flawless diamond pendant weighing 81.38 carats that sold for $3.19 million. Two other detachable diamonds weigh 15.30 and 7.04 carats, spaced by circular-cut diamonds. The necklace is designed as a line of 17 circular-cut diamonds, the largest weighing 15.46 carats, spaced by rectangular and square-cut diamonds, mounted in 18k white gold (pictured above).

* A 23.89-carat rectangular-cut, H-color, Potentially Internally Flawless diamond mounted in platinum ring that sold for $1.56 million, or 65,500 per carat.

* A 16.07-carat rectangular-cut F-color, Potentially Internally Flawless diamond on a ring set within a circular-cut and pear-shaped diamond surround, to the pear-shaped diamond shoulders, mounted in platinum, with maker's mark that sold for $1.5 million, or $93,700 per carat.

* In addition to diamonds, a Ceylon sapphire and diamond of 63.65 carats on a ring, flanked on either side by a half-moon diamond, mounted in platinum by Tiffany & Co. sold for $587,000, smashing its high estimate of $150,000.

All totaled, the sale of 347 lots fetched $33.7 million, with 75 percent sold by lot and 77 percent sold by value.

“Fine quality colorless diamonds achieved strong prices with international bidding,” said Rahul Kadakia, International Head of Christie’s Jewelry. “Collectors also bid competitively for natural pearls and special jeweled objects such as the Art Deco fish bowl clock, by Black, Starr, and Frost, which realized $137,000 against a pre-sale estimate of $15,000.”

Necklace With Two Golconda Diamonds Could Fetch $10 Million

The Eye of Golconda

“The Eye of Golconda,” A necklace featuring two statement Golconda diamonds will be the top lot at Christie’s Hong Kong Magnificent Jewels auction on May 27.

The diamond pendant and emerald necklace has a 40.05-carat pear-shaped diamond and a 6.76-carat cushion-shaped diamond, both graded by the Gemological Institute of America as D color with internally flawless clarity. The former, the necklace’s pendant centerpiece, is the largest Golconda diamond ever available for auction in Asia. The necklace has a pre-auction estimate of $8.5 - $10 million.

Both diamonds are graded as Type IIa, which are a trait of diamonds from mines in the historic Golconda area of India. Type IIa diamonds represent less than 2 percent of the world’s production of gem-quality diamonds and are considered the purest form of diamonds and show exceptional optical transparency.

Golconda diamonds are often described as “Diamonds of First Water,” according to the auction house, because they are characterized by “an almost indefinable water-clear appearance that attest to their diaphanous quality and a degree of transparency rarely seen in stones from other localities.” Some of the most famous diamonds in the world are believed to have come from mines in the Golconda region including the Koh-i-noor, Darya-e Nur, the Nur-Ul-Ain, and The Hope Diamond.

The auction will have more than 300 lots with a combined estimate of more than $100 million. It includes several rare colored diamonds, colorless diamonds, rare Jadeite jewels, Burmese rubies and sapphires, and Colombian emeralds. Exclusive vintage jewelry pieces from Bulgari, Harry Winston and Van Cleef & Arpels complete the sale.

Other highlights of the auction include:

* A 9.38-carat pear-shaped fancy intense pink diamond on a ring with an estimate of $5.8 - $8.3 million.

* Two unmounted 26.08 and 26.20 carats D color flawless, Type IIa brilliant-cut diamonds. Each diamond has an estimate of $4 - $6.5 million. They have been awarded "Excellent" for polish, symmetry and cut grade, meaning that they exhibit perfectly aligned facets with an accuracy of up to 1/200th of an inch, while each of the facets is worked to the greatest possible smoothness.

* It wouldn’t be a Hong Kong jewelry auction without statement jadeite pieces. The top lot in this category is a jadeite bangle with an estimate of $3.8 - $6.5 million. Christie’s says it has the “perfect balance of the ideal color, texture and translucency” displaying a “vivid emerald green color with a saturation and tone that are neither too dark nor too light.”

* A Burmese “pigeon’s blood red” ruby and diamond jewelry suite by James W. Currens for Faidee has an estimate of $4 - $6.25 million.

The auction will be held at the Hong Kong Convention and Exhibition Centre with public viewings beginning May 22.

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Who Bought What at the Elizabeth Taylor Auction and Why

 I’ve never thought of my jewelry as trophies. I’m here to take care of them and to love them – Elizabeth Taylor

After viewing one of the most complete and magnificent private collections of jewelry, art, memorabilia, accessories and other articles ever amassed by a single person during The Collection of Elizabeth Taylor exhibition at Christie’s New York, I wrote the following:

This collection represents a life well spent. Christie’s presentation of the exhibit makes it seem as if her life’s work was complete.

It’s almost a shame that these items will soon be separated.

However, after attending the two days of the fine jewelry sales (part of the four-day Elizabeth Taylor auction at Christie’s New York along with an “online only” component), my mind has changed.

I met friends of Taylor and those who never knew her. I met people who purchased the product because of their ties to Taylor, because of their fascination with a particular piece, or to use what they purchased in their business. It was auction that attracted some of the world’s wealthiest people, celebrities, top professionals in the jewelry and gems industries, and those of modest means.

Bidders prepare for the opening night auction to begin. Photo credit: Anthony DeMarco

The jewelry and other items amassed will be used in all sorts of ways. The important part is that it appears that the jewelry will be used and that’s the way Taylor, it seems, would have wanted it. After all, this is a woman who wore a 33-carat diamond ring almost every day and who was filmed wearing a priceless ruby jewelry collection by the pool. Taylor didn’t put her baubles away for special occasion, she wore them. And her collection showed an appreciation of priceless pieces along with far less expensive items because she either admired the work or they had personal meaning.

Photo credit: Christie's

Jewelry designer to the stars Lorraine Schwartz bought back the fringe diamond bracelet that Taylor bought from her for her 70th birthday.

“I was wearing it for her party at the Bel-Air Hotel, and she kept calling me over to look at it and to try it on,” Schwartz wrote on her facebook page. “Finally, the next morning she called me and said “‘I know who’s buying that bracelet for my birthday … I’m buying it for my birthday!’”

Photo credit: Christie's

Schwartz also bought a pair of earrings that Taylor’s third husband, Michael Todd, created just for her.

“I could feel Elizabeth nudging me telling me to buy them,” Schwartz said on the auction floor during the second day. “That’s what she used to do. She used to say, ‘go ahead buy it.’ She’d be kicking me under the table (saying), ‘Go ahead. You know you want it.’”

Photo credit: Christie's

Schwartz was very busy for the two days. In addition to what she purchased she lost a bid for one of her pieces and purchased a lot of three of her own bangles for Kim Kardashian, who paid $64,900, well above the high $8,000 estimate. “If you have a piece of jade, the energy goes into the piece and you absorb the energy,” Kardashian said by phone. “So I can feel Elizabeth in the piece.”

Photo credit: Christie's

Companies of course got into the act for the larger pieces. The 33.19-carat Elizabeth Taylor Diamond (also known as the Taylor-Burton diamond and formerly called as the Krupp diamond), a gift from Richard Burton, was reportedly bought by South Korean businessman Daniel Pang for $8.8 million. He was bidding on behalf of E-land World, a South Korean concern. The company plans to exhibit the diamond ring at “E World,” an amusement park in Daegu, according to reports.

Photo credit: Christie's

Bulgari, the Italian luxury jewelry house, bought back $20 million worth of jewels, including a 52.72-carat sapphire-and-diamond sautoir for $5.9 million and an emerald-and-diamond necklace for $6.1 million, according to the New York Post.

Photo credit: Anthony DeMarco

Then there’s the paper jewelry. The gag gift from Malcolm Forbes to Taylor has garnered a great deal of media attention—much of it from me. The suite of paper jewelry had a high estimate of $300. It sold on the second day for $6,875. It was purchased by Jenny and John Caro, owners of Jewelry By Design, an independent jewelry store in Woodbridge, Va.

The couple came to the auction with a $50,000 line of credit and in a few minutes it was obvious they were being priced out of buying any real jewelry. So when the paper jewelry came up on the second day, they went all out to win the lot. The couple is using the paper jewelry along with two jewelry pieces they purchased on the online only auction to create an Elizabeth Taylor display for their customers. The jewelry was chosen because they had pictures of Taylor wearing the pieces in books that will be used in the display.

“We’re a good example of a business doing things, being different and taking risks to help our business grow,” Jenny said in a phone interview.

“You couldn’t go by the intrinsic value of jewels, because the truth is everything was selling so high that what you bought you couldn’t turn around,” she added. “The South Korean who bought the Burton diamond bought it for a business reason. What is $8.8 million when it comes to advertising worldwide? What’s $6,800 when it comes to local advertising?”

Using the Forbes gift as inspiration, Christie’s created its own full-color paper jewelry book with recreations of 15 of Taylor’s most iconic jewels. It ran as a limited edition of 5,000 and was available for purchase in person at Christie’s headquarters during the New York exhibition, which was held December 3 -12. It was sold for $25 each, $5 of which went to the Elizabeth Taylor AIDS Foundation.

Los Angeles jewelry designer Sandra Müller had her own unique story. She first met Taylor as a child while living in Europe and credited the actress with inspiring her to build a life in the jewelry field. Taylor was a friend of her parents. As an adult working and living in Los Angeles, she said she would visit Taylor’s house often as a friend and to show her work. In 2001, Taylor bought three of her pieces.

Müller was already planning to go to the auction to bid for a client. While looking through the auction catalog, she discovered that those pieces were being sold as part of the fashion and accessories auction, held on the third day. Her pieces didn’t include her as the creator. She contacted Christie’s and the auction rectified the error.

The high estimate for the jewels was $300. Müller e-mailed me to let me know that her pieces sold for $15,000. With commission the total was actually $18,750.

“The 18k gold value alone would be about 10,000.00 if melted,” she added. “I think it was one of the few good deals in auction.”

I asked her how it felt to sit in the auction room and watch her pieces being sold at the historic event. Her reply was brief.

“Thrilled”