Patek Philippe Timepieces to Lead Offerings at Sotheby’s Hong Kong Watch Auction

Patek Philippe Platinum Minute Repeating Retrograde Perpetual Calendar Tourbillon Wristwatch Ref. 5016P

Several Patek Philippe timepieces with custom-made dials, extremely limited editions of creations by renowned independent watchmakers, and a selection of 50 enamel and complicated pocket watches spanning the late 18th to early 20th centuries are among the items that will be placed on auction at Sotheby’s Hong Kong Important Watches Spring Sale 2011, April 7 at the Hong Kong Convention and Exhibition Centre. More than 300 lots are estimated to bring in about $6 million. (All figures are in U.S. dollars and does not include buyer’s premium.)

Leading the sale are two Patek Philippe complications, each bearing the personal imprint of their respective collectors. The Patek Philippe platinum minute repeating perpetual calendar tourbillon wristwatch with retrograde date and moon-phases (top photo) is accompanied by three additional dials, Circa 2004, Ref. 5016P (auction estimate, $460,000 – 700,000). With more than 500 minuscule parts, the watch held the title of the most complicated Patek Philippe wristwatch ever produced. 

Being offered at auction for the first time, a Patek Philippe platinum and diamond-set perpetual calendar chronograph wristwatch with register, moon-phases and leap year indication, Circa 1996, Ref. 3990P (estimate, $210,000 - 250,000). It is one of four Ref. 3990 in platinum to appear in public to date. The watch is accompanied by an extract from the archives of Patek Philippe confirming its production in 1996 with ardoise or slate grey dial, diamond indexes and 40 baguette-cut diamonds weighing approximately 2.97 cts. and its sale on Dec. 17, 1996.

Also available is a Patek Philippe platinum split seconds chronograph perpetual calendar wristwatch with register, moon-phases and leap year indication, Circa 2003, Ref. 5004P (Est. $190,000 – 250,000) It was introduced in 1995 and contains 407 individual parts.

Another Patek Philippe timepiece is the platinum and pink gold automatic astronomical wristwatch with sky chart, phases and position of the moon and time of meridian passage of Sirius and the moon, Circa 2010, Ref. 5102PR Celestial (Est. $220,000-280,000).

 Recently discontinued, the Patek Philippe platinum and diamond-set perpetual calendar chronograph wristwatch with register, moon-phases and leap year indication, Circa 2010, Ref. 5971P, is expected to fetch an estimated $210,000 - 250,000.

Another highlight of the sale is a Breguet white gold and diamond-set skeletonised tourbillon wristwatch, Circa 2002, Ref. 3356 (Est. $170,000 - 230,000). It boasts a hand-engraved manual winding tourbillon movement in full skeletonisation.

Launched at the turn of the millennium by German watchmaker A. Lange & Söhne, is the limited edition pink gold tourbillon wristwatch with oversized date and power reserve indication, Circa 2000, Lange 1 Tourbillon No. 74/250 (Est. $70,000 – 100,000).

 F. P. Journe’s Tourbillon Souverain, debuted at BaselWorld 1999, was discontinued in 2003, despite its immediate success, to maintain exclusivity. In this sale Sotheby’s is offering a more sophisticated version of this iconic timepiece—the F. P. Journe limited edition titanium and pink gold tourbillon dead beat seconds wristwatch with power reserve indication, Circa 2007, Tourbillon Souverain (Est. $100,000 - 140,000). It was awarded the esteemed Aiguille d’Or at the Geneva Watchmaking Grand Prix in 2004. The present lot was produced in a special limited edition of only five pieces for the first anniversary of the F. P. Journe Hong Kong boutique in 2007 and is numbered 1.

Also on sale is the Franck Muller yellow gold tourbillon perpetual calendar split seconds chronograph wristwatch with register and leap year indication, Circa 1992, No. 1 World Premier (Est.$40,000 - 60,000). It was created entirely by hand by Franck Muller himself, taking him more than 14 months.

Catering to Asian collectors, this season Sotheby’s will present a selection of pocket watches, highlighted by a Patek Philippe yellow gold open-faced minute repeating perpetual calendar keyless chronometre watch with moon-phases, 24-hour indication and earnshaw-type spring detent escapement, retailed by Beyer, Circa 1990, Ref. 961 (Est. $100,000 – 150,000). Introduced in 1989, it is one of the most complex movements created by Patek Philippe for a modern pocket watch. Very few pieces of the Ref. 961 are believed to exist and only three are currently known to the public.

Swatch Group Sales So Strong it’s Having Trouble Meeting Demand

Swatch Group, the world's largest watchmaker, enjoyed double-digit sales growth in February, continuing the strong trend seen the month before, Reuters and other media outlets report. Even the immediate issue facing the Swiss-based company is show of its strength. It needs to hire more people and expand its production facilities because it’s facing difficulty meeting demand.

Swatch is looking to boost its workforce by up to 6 percent as it struggles to meet surging demand in most of its markets, the Financial Times reports (subscription required). The group, which employs more than 25,000 people, is looking to create 1,500 new jobs in production and distribution in Switzerland to address bottlenecks across its business.

“All segments see extraordinary demand and all markets, with the exception of Greece and Japan, are growing,” Hayek reportedly said Thursday at the group's annual results media conference. “Stock levels are very low at the moment.”

The big challenge in 2011 will be to satisfy the high demand for all its products, Hayek reportedly said, while acknowledging its hiring plans might be thwarted by a lack of qualified labor, the FT reports.

ETA, the group’s main maker of watch movements, needed 500 additional staff, the FT reports Hayek saying. It produces parts for many group brands, notably Omega, and third parties. The company will invest between 200 million and 250 million francs this year to extend its production capacity to meet demand from its core affordable Swatch product to its Breguet timepieces, according to reports.

Hayek has set a medium-term target for the company to achieve annual sales of 10 billion Swiss francs ($10.7 billion) and said he expected to reach this within three years without acquisitions, Reuters reports. The group’s sales in 2010 were 6.44 billion Swiss francs.

Last week, Hayek reportedly said in a newspaper interview the group was aiming for record sales of more than 7 billion francs in 2011, Reuters reports.

Pink Diamond Could Fetch $15 Million at Auction

A10.09 fancy vivid purplish-pink diamond will be the highlight of Christie’s Magnificent Jewels sale being held April 12 in New York. The gem is expected to fetch from $12 to $15 million.

“Collector demand for large colored diamonds has never been stronger, especially where pink diamonds of this size and quality are concerned,” said Rahul Kadakia, head of Jewelry at Christie's New York. “Fewer than 10 percent of all pink diamonds mined weigh more than 0.20 carats, and even fewer exhibit the exceptional color saturation and brilliance of this exceptional gem. In all my years at Christie’s, I have never seen such vivid color in a stone of this size.”

Large pink diamonds have been very popular on the auction market. In the last 15 months, four pink diamonds have fetched more than $1 million per carat at auction. The Vivid Pink, a 5-ct. cushion-cut diamond, sold for more than $2.1 million per carat at Christie's Hong Kong in December 2009—a record price per carat for any diamond sold at auction.

“At Christie’s New York this past December, jewelry collectors competed for a 6.89 ct. fancy vivid purplish-pink diamond, which ultimately sold for $6.9 million or $1 million per carat,” Kadakia said. “This larger stone, with its richer, deeper hue of pink and electrifying purple tone is positioned to become one of this season’s top-selling diamonds.”

Gemfields Becomes Debt-Free as Emerald Sales Shine

An increased demand for emeralds has resulted in a huge turnaround for Gemfields Plc. The emerald company reported that it earned $15.5 million for the six-month period ended December 31, 2010, compared with a $5.8 million loss for the same period of the prior year. Revenue from rough and finished emerald sales more than doubled year-over-year to $29 million for the period. The company also declared that it is debt free, with $15.5 million in cash available.

The London-based company’s primary businesses is the ownership and operation of the Kegem emerald mine in Zambia and a gemstone cutting and polishing facility in Jaipur, India.

The company reports that gemstone production in the first six months of the current financial year was 18.7 million carats, exceeding the entire prior year’s production of 17.4 million carats. In addition, per-carat prices for Kagem mine emeralds rose for the period as a result of the continuing increase in demand for consistently supplied ethical emeralds across all major markets.

The mine is producing 567 carats of emerald per ton, significantly above the average over the past years. In addition, the cost of mining emeralds fell by nearly half to 35 cents per carat.

The company is currently hosting an emerald auction in Jaipur, India, that will run until March 14.

“Gemfields has enjoyed an excellent six month period in which our output from the Kagem mine exceeded the entire prior year’s production,” said Ian Harebottle, Gemfields CEO. “In addition, we are seeing a significant increase in global demand for Gemfields’ ability to provide a consistent supply of well graded and ethically sourced emeralds, as is clearly demonstrated by the record sales of USD 19.6 million achieved at the December 2010 auction. Following the encouraging results reported at our previous year end, the group has continued to enjoy stronger margins, leaving us with a robust and debt free balance sheet. In line with our ongoing inventory and market building initiatives, we do not intend to host a further high grade auction in the coming half year, meaning that revenues during the second half will be derived ostensibly from the upcoming lower grade auction on 10-14 March 2011.”

Sotheby’s Sees Red in Upcoming Hong Kong Jewelry Auction

1.92-carat VS2 fancy red diamond ring.

China now has 115 billionaires, according to Forbes magazine, and it appears Sotheby’s is making every possible effort to attract these super-rich residents as well as other high-net-worth individuals from the Asian countries with its Magnificent Jewels and Jadeite Spring Sale 2011 in Hong Kong.

The international auction house is presenting a display of colored diamonds, colored gemstones, jadeite and luxury jewelry from several periods for its April 6 sale at the Hong Kong Convention and Exhibition Centre—promising that buyers will be seeing plenty of red. The sale will offer 329 lots, with an estimated value of more than $60 million. (All prices are in U.S. dollars and don’t include the buyer’s premium.).

“This auction provides a colorful variety for Asian and global collectors who have discerning taste for truly exceptional gems,” said Quek Chin Yeow, Sotheby’s deputy chairman and head of its jewelry department.

Despite all the color, the top two lots of this sale are expected to be for white diamonds. The first is a pair of D color internally flawless diamond pendent earrings totaling 36.48 cts. by Harry Winston (left), each suspending a pear-shaped diamond weighing over 14 cts., surmounted by an oval diamond weighing 4.01 cts., all D color and internally flawless (auction estimate $4.1 – 4.8 million).

This is followed by a 25.50-ct. brilliant-cut unmounted D-color flawless diamond (auction estimate $3.8 – 4.8 million) with excellent cut, polish and symmetry and Type IIa chemical purity (left). 

 

The third big item being offered is a jadeite bead necklace (Est. $3.8 – 4.5 million) comprising 53 graduated fine natural jadeite beads of luscious translucency, imperial emerald green color and great consistency. Measuring approximately 12.36 to 9.92 mm, the necklace is further adorned with a clasp set with rubies, sapphires and diamonds.

The Hong Kong auction is introducing what it calls the “Red Sale,” led by three stunners. The first is a 1.92-carat VS2 fancy red diamond ring (top picture). It is among the most unusual and rarest color in diamonds, Sotheby’s said. Few red diamonds exist in the world, most are of SI or below in clarity and rarely weigh more than 1 carat (auction estimate $2.5 – 3 million).

Next is a 27.67-ct. Burmese ruby and diamond ring from Bulgari (left). The auction house says its “pigeon’s blood” color “is the largest gem-quality unheated Burmese ruby from the legendary mines of Mogok, famous for producing the world’s best rubies to appear at auction in recent years.” Rubies exceeding 10 carats without thermal enhancement are extremely rare and are irreplaceable as the mines no longer produce rubies of such a significant size and quality (estimate $1.5 - 2.5 million).

Finally, there’s a Burmese ruby and diamond necklace, and pair of matching pendent earrings, totaling 29 rubies weighing 75.56 cts. (left), also from the Mogok mines (estimate $1.4 - 1.9 million).

The top colored diamond being offered is a 12.72-ct. pear-shaped internally flawless fancy pink diamond and diamond ring by Indian jewelry designer Nirav Modi (Est.$3.2 – 4 million). Also featured in the sale is a 25.26-ct. fancy vivid yellow diamond and diamond ring (Est. $1.7 - 2 million); and a 1.13-ct. fancy vivid yellowish green diamond ring (Est. $500,000 – 580,000).

Colored gemstone offerings are led by a 23.19-ct. Brazilian cat’s-eye alexandrite on a diamond ring (Est. $1.3 – 1.6 million). The color changes from reddish purple in incandescent light to bluish green in daylight (pictured left). This combined with a well-centered and pronounced chatoyancy (or cat’s-eye effect), makes the gem is extremely unusual and among the finest to exist in the current market in both quality and size, Sotheby’s said.


 
Other natural gemstones include a 29.20-ct. Burmese sapphire and diamond ring ($400,000 – 600,000) and a pair of 9.10 and 8.56-ct. Burmese sapphire and diamond earrings ($190,000 – 230,000), both natural, unheated and of noble “Royal Blue,” color, the most desirable in Burmese sapphires, Sotheby’s said. In addition, there’s a pair of 10.73 and 9.52-ct. Colombian emerald and diamond pendent earrings (pictured left) with natural untreated Colombian emeralds ($800,000 – 1 million).

Chinese and Chinese inspired jewelry designs include a 7.31-ct. cushion-shaped F-color diamond, amethyst and pink Sapphire ring, by renowned Hong Kong contemporary jewelry, Wallace Chan (Est. $85,000 - 120,000). Another highly sculptural piece is a diamond and gem-set “Azalea” solstice cuff by Cindy Chao (pictured left). Centering on a 7.02-ct. fancy light yellow diamond, the bangle is modeled as a blooming azalea and adorned with diamonds and gemstones of more than 30 colors, together weighing approximately 124 carats (Est. $150,000 – 190,000). There’s also the "endless-cut" diamond bangle by Nirav Modi (Est. $60,000 – 80,000), weighing approximately 16.80 cts. (pictured left) It features Modi’s signature diamond cutting and setting technique known as “Enigma setting.” It requires diamonds of a particular shape substantially different from ordinary diamond cuts. The result is an endless ring of brilliance, without beginning or end.

Classic period jewels include a Burmese ruby and diamond “Foliage” bracelet from Van Cleef & Arpels, circa 1959 (Est. $400,000 – 480,000), made of natural and unheated Burmese rubies weighing approximately 29.60 cts. and diamonds weighing about 20 cts., mounted on a lithe and graceful bracelet that curls naturally around the wearer’s wrist (left). There’s also a Kashmir sapphire and diamond clip brooch from Cartier London (Est. $50,000 – 60,000). The Art Deco creation centers on a 3.04-ct. hexagonal natural unheated Kashmir sapphire, surrounded by sapphires totaling approximately 7.50 cts. 

Then there’s a Jadeite “Huaigu” ruby and diamond necklace and pair of matching pendent earrings by American jewelry designer Carvin French, circa 1996. The Chinese-inspired suite comprises 33 highly translucent jadeite “huaigus”—one of the most iconic forms in traditional Chinese jewelry – each centering on a cabochon ruby. The necklace is accompanied by pendent earrings each set with two jadeite “huaigus” (Est. $490,000 – 640,000).

Finally, there’s a pair of Jadeite “8” and diamond pendent earrings (Est. $320,000 – 380,000), of vivid emerald green color and outstanding translucency. The number 8 is an auspicious symbol in traditional Chinese culture that bestows good fortune upon its wearer.

Double-Digit Growth Expected For Online Retail in U.S., Western Europe

Online retail in both the U.S. and Western Europe will continue on a double-digit growth trajectory over the next five years, according to two recently released forecasts by Forrester Research, Inc.

Both U.S. and European online retail will grow at a 10 percent compound annual growth rate from 2010 to 2015, reaching $279 billion and €134 billion ($185.1 billion), respectively, in 2015. The forecasts include business-to-consumer sales excluding travel and financial services.

“The online retail market in both the U.S. and Western Europe remains strong, despite the challenging economy,” said Patti Freeman Evans, Forrester VP and Research director. “In fact, with consumer purchasing behavior returning to normal, U.S. Web sales in 2010 actually accelerated over 2009 compared with the prior year, growing 12.6 percent. In Europe, very strong growth in 2010 was fueled by new online buyers and higher-spend per capita on the demand side, as well as the launch of transactional websites by established offline players.”

Retailers are supporting consumers' increasing use of the Web in the U.S., helping to drive growth with new business models, such as flash sales and group buying, as well as improved merchandising to provide a broad selection of products available online, Forrester says. However, this growth comes at the expense of brick-and-mortar stores, as consumers increasingly spend on the Web.

In Western Europe (which consists of 17 Western European nations), the online retail market grew 18 percent from 2009 to 2010 and is projected to grow 13 percent from 2010 to 2011, but growth rates will then slow as the market matures and buyer penetration begins to level off, Forrester says. By 2015, 68 percent of online adults will have made a purchase online; however, northern European countries will see 80 percent or more of their online population buying on the web, versus less than 50 percent in southern countries.

Jewelry of a Feather and Other Materials and Techniques that Flock Together

Candy colored bracelets by Carol Martin Jewelry.

The thing about jewelry is that creativity and art doesn’t have to be restricted to precious materials or a structured ways of doing things. Individuality was clearly evident and prevalent among the jewelry designers at the recent Buyers Market of American Craft show held in Philadelphia, held Feb. 17-21. 

Carol Martin Jewelry

The Durango, Colo., resident specializes in pate de verre and kiln cast glass methods. Kiln casting involves the preparation of a mould that is filled with solid glass granules or lumps that's heated to a high temperature to fill the mould. Pate de verre is a form of kiln casting that uses finely crushed glass mixed with a binding material to create a paste that is applied to the inner surface of a negative mould forming a coating. The coated mould is fired and the glass is fused creating a hollow object. Needless to say these are labor intestine techniques so it is rare in jewelry design. She also does precious metal fabrication in sterling silver, 14k gold and gold fill, a solid layer of gold bonded with heat and pressure to a base metal such as brass. The result of all this work is serious jewelry with a playful appearance. It includes candy-colored bracelets (top picture) in round, square and triangular shapes; rings with center glass pieces that look like colored gemstones; pendants that appear like colorful glow sticks; and bracelets built of glass beads fitted with a sterling silver clasp (pictured above).

Volver A Volar

The first booth I stopped at during the BMAC jewelry preview, Feb. 17, was showcasing earrings made of rooster feathers and silver. Totally natural, the multi-colored feathers, which included orange, yellow and white in various natural designs, stood out boldly mixed among the black feathers, which were the most common. They are the work of Sonia Lub, a Napa Valley resident who began the business last year. The name of the company is Spanish for, “To fly away.”

 Sergio Lub

Sharing the booth with Sonia was her father, Sergio, who was showing his hand-crafted copper and magnetic bracelets, which the native of Argentina has been making since 1969. They come in various designs and of course these types of bracelets have been popular in recent years because of possible added health benefits. For example, being near a magnetic force may result in increased circulation. Meanwhile, small amounts of cooper absorbed through the skin may have benefits for those who suffer from arthritis.

Gerhard Herbst

The German native is a metalsmith works primarily with 14k to 18k gold, sterling silver and platinum that he occasionally matches with various gemstones and pearls. He does bring an unusual perspective to his designs. He seems to enjoy stretching the metals into loops and other curved shapes of varying degrees of thickness. It’s most evident in his double-looped oversized bracelets that crossover a person’s arm. 

Terri Lindelow

Among the items that the jewelry artist was displaying, was a group of colorful flat earrings made of hand-pigmented resin and sterling silver. The different colors and shades swirl and blend in circular patterns like water. They come in several shapes, including round, teardrop, oval and marquis.