Laurence Graff Buys 50-Ct. Diamond for Third Time, Pays $8.3 Million

50-ct. Graff diamond. Photo credit: CHRISTIE'S IMAGES LTD.

A 50-carat, rectangular-cut, D-color, potentially flawless diamond ring by Graff sold for $8.37 million at Christie’s New York Magnificent Jewels auction Tuesday. The buyer? Laurence Graff.

“This is the third time that I have owned this beautiful diamond and I am as thrilled today as I was the first time. Diamonds of this exceptional caliber have a life and legacy that carries on beyond us all,” Graff said in a statement after the sale. “This is one of the finest D-color diamonds in the world and I am delighted to have it back again.”

The diamond’s estimated sale price was $7-10 million. It sold for $167,400 per carat.

3.15-ct. reddish-orange diamond. Photo credit: CHRISTIE'S IMAGES LTD.

The final lot of the auction was a rare fancy reddish-orange diamond of 3.15 carats. The stone is the largest reddish orange diamond ever graded at the Gemological Institute of America. Exhibiting two of the rarest hues in the world of diamonds, the price soared beyond its low estimate of $700,000 to sell for nearly $2.1 million, setting a new world auction record for a reddish-orange diamond and a new per-carat record price of $666,200.

 Earlier in the sale, Christie’s realized a new per-carat record for a Kashmir sapphire at auction, with the sale of an 8.91 carat sapphire for $1.37 million, or $154,000 per carat (pictured left).

The day-long sale realized a total of $32.5 million, with sell-through rates of 84 percent by lot and 86 percent by value. This sale result, combined with results from Christie’s New York jewels auctions in April, June and October, brings the 2012 New York jewelry auction total to more than $163 million, the auction house estimated. The full 2012 total for the jewelry category will be announced in January 2013 as part of Christie’s annual corporate figures release.

10.5-ct. ring set with a rectangular-cut diamond flanked on either side by three baguette-cut diamonds mounted in platinum. Gemological Institute of America report states that the diamond is D color, VVS1 clarity. Estimate $800,000 - $1.2 million. Price realized, $938,500. Photo credit: CHRISTIE'S IMAGES LTD.

For the year in New York, Christie’s said it sold 29 jewels over the $1 million mark, of which four jewels sold for more than $7 million. In April, Christie’s sold a collection of 17 Art Deco period jewels from the estate of the reclusive American copper heiress Huguette M. Clark. The sale realized $20.8 million and saw a new U.S. auction record achieved for The Clark Pink, the most expensive pink diamond ever sold at auction in the United States.

Art Deco sapphire and diamond Bracelet by Paul Flato. Designed as an openwork rectangular-cut sapphire and diamond bricklink band, mounted in platinum, circa 1935. Estimate $120,000 - $180,000. Price realized, $338,500. Photo credit: CHRISTIE'S IMAGES LTD.

Diamond and onyx cuff bracelet by Verdura. The wide onyx cuff set at the top with an old mine and rose-cut diamond plaque, mounted in silver and gold. Estimate $35,000 - $55,000. Price realized, $47,500. Photo credit: CHRISTIE'S IMAGES LTD.

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PPR Acquires Chinese Fine Jewelry Brand Qeelin

On Wednesday in New York, François-Henri Pinault, chairman and CEO of PPR, told me he was in the market for more jewelry and watch brands for the luxury portion of the international holdings company’s portfolio. In particular he was looking at the fast-growing Asian market (which almost always means China). What he didn’t tell me was how close he was to making a deal. Sunday, the French company said it acquired a majority stake in the Chinese fine jewelry brand Qeelin. The transaction is expected to be finalized in January 2013.

Qeelin describes itself as a company that “embraces the mythical essence of China’s cultural heritage with the excellence of French craftsmanship” through contemporary fine jewelry design. It interprets mythical and superstitious Chinese symbols as contemporary jewels. Founded in 2004 by Chinese designer, Dennis Chan, and French entrepreneur, Guillaume Brochard, the brand operates 14 boutiques (seven in Mainland China, four in Hong Kong and three in Europe). Its jewelry can also be found in trendy multi-brand stores, such as Colette in Paris, and Restir in Tokyo.

Pinault, said Qeelin “shows strong growth potential in China and beyond. We thus have great ambitions for the brand and will make it benefit from our expertise and know-how, so that it can speed up its development.”

PPR operates brands in the luxury and “Sport & Lifestyle” markets specializing in apparel and accessories. Distributed in more than 120 countries, PPR generated revenues of €12.2 billion ($15.7 billion) in 2011. Its brands are Gucci, Bottega Veneta, Yves Saint Laurent, Alexander McQueen, Balenciaga, Brioni, Stella McCartney, Sergio Rossi, Boucheron, Girard-Perregaux, JeanRichard, Puma, Volcom, Cobra, Electric, Tretorn and Fnac.

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PPR Shopping for Luxury Jewelry and Watch Brands

François-Henri Pinault. Photo credit: InDigital Media Group

NEW YORK — French holdings company, PPR, is on the lookout for luxury jewelry and watch brands to strengthen its portfolio and meet demands in the booming Asian region.

François-Henri Pinault, chairman and CEO of the company that owns brands in the luxury, sports and lifestyle markets, said PPR identified a weakness in its portfolio in the growing men’s luxury segment. To rectify this it took control of the Sowind Group, which owns the Swiss luxury watch brands, Girard-Perregaux and JeanRichard. Then it acquired the Italian men’s fashion brand, Brioni.

The company already owns the French luxury jewelry brand, Boucheron, which it purchased in 2000. However, Sowind and Boucheron are the only companies it owns in the “hard luxuries” segment of the market. PPR primarily operates internationally in the apparel and accessories sectors in the luxury market and what it identifies as the “Sports & Lifestyle” market. Its luxury brands include Gucci, Bottega Veneta, Alexander McQueen and Balenciaga.

He said PPR will pursue hard luxury brands. “We are looking to any opportunities in jewelry and watches, particularly in Asia,” he said. “It is very important in Asia.”

Pinault made these comments Wednesday following a breakfast presentation at the Consulate General of France. During the event, he gave his views on a range of topics, including the growth of Asian market, the strategy of his diverse holdings company, and e-commerce and digital media.

Pinault said that for 50 years the growth in population and wealth in the world (800 million consumers) was centered in the U.S. and Japan. However, in 2006 the company identified that economic growth has shifted to emerging markets—particularly China, India, Brazil, and more recently, Indonesia—bringing 3 billion consumers to the worldwide market, and that this trend will continue.

“It means that in the next 50 years the growth is amazing,” Pinault said. “We don’t have any idea what it will be. We are always referring to the past but it’s no use. We cannot compare 3 billion people with more and more purchasing power to 800 million in the past… The question is what should we do to take advantage of those opportunities of growth?”

The company already made a decision to enter the luxury market in 1999. However, in 2006, it began to drastically change its portfolio to enter the sports and lifestyle segments. In 2007, it purchased Puma as the centerpiece of this new strategy.

Then, he said, the company needed to identify two areas of growth in this segment that would not compete with the footwear and sportswear company. It chose action sports, which led to the 2011 acquisition in Volcom, and the outdoors market segment.

PPR then took a giant step toward shoring up its e-commerce and digital media strategy by forming a joint-venture with online retail specialist Yoox to administer the e-commerce operations of most of its luxury brands.

Pinault says PPR’s digital media strategy has two parts. First, it needed what acquire the skill set, which resulted in the partnership with Yoox. Now it will try to create an experience that is similar to what customers get from going to one of its branded stores.

“You cannot offer an experience to your customer in the stores that’s completely different from the experience that you’re offering online,” he said. “You go to a Gucci store for the experience rather than mainstream stores. You have to reproduce that online.”

He continued, “The next step is to transform the e-commerce experience, our luxury experience, like it is in the stores. It will show that we can reproduce this conversation online.”

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Breguet Sympathique Clock Sells for Record $6.8 Million

The Duc d’Orléans Breguet Sympathique clock set a new auction record for any clock and the second-highest price for any timepiece at auction when it sold for more than $6.8 million at Sotheby’s New York Important Watches & Clocks Auction on Tuesday.

The distinguished example of the exceptionally rare Sympathique clocks, which helped cement the fame and renown of French watchmaker Abraham-Louis Breguet, was last offered at auction in Sotheby’s 1999 when it sold for $5.7 million. This price has remained the auction record for any clock until Tuesday’s sale.

Invented by Breguet in 1795 and presented to the public for the first time at the Exposition Nationale des Produits de l’Industrie in 1798, the sympathique clock was a system consisting of a clock and a watch. The clock was designed to hold the watch in its cradle, where it was automatically adjusted and rewound. The term sympathique was chosen by Breguet to express the notion of harmony and concord.

The Important Watches & Clocks auction totaled more than $11.6 million marking the highest result for a various-owners sale of watches and clocks at Sotheby’s New York, the auction house said in a statement. In addition to the Sympathique, both vintage and modern wristwatches by Patek Philippe dominated the day’s top results, led by a rare 46 mm 18K Yellow Gold Center Seconds Wristwatch, 1955, Ref 2512/1 that achieved $962,500, more than five times its high estimate of $150,000.

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Vacheron Constantin Shares the Same Values as Matisse

Hugues de Pins of Vacheron Constantin addresses guests at the preview of a new Matisse exhibit at the Met. Photo credit: Anthony DeMarco

Vacheron Constantin has a long relationship with the Metropolitan Museum of Art. In support of this relationship the Swiss luxury watch brand is sponsoring the exhibit, Matisse: In Search of True Painting, which examines the process of how the world renowned artist, Henri Matisse, created his art and developed his skills by producing multiple works of the same scene in different painting styles.

Hugues de Pins, North American president of Vacheron Constantin, hosted a preview tour of the exhibit on November 29. Rebecca Rabinow, curator in the Museum’s Department of Modern and Contemporary Art, led a 20-minute tour of the exhibition where she detailed highlights among the 49 paintings. The exhibit will run till March 17, 2013.

Rabinow explained that Matisse took inspiration from traditional paintings and the work of his contemporaries. He painted the same scene twice in the different styles of those he was studying. Over the years his technique of painting the same scene twice produced wildly different affects that was not in the style of others.

Young Sailor I (left) and Young Sailor II provided a bold example of how Henri Matisse approached his work. Photo credit: Metropolitan Museum of Art

For example, his painting of a local teenager in Collioure, France, (pictured above) had all the hallmarks of the bright and expressive colors from his Fauvism period, a style of painting that he helped to create. He then painted a second version of the same image on an identically sized canvas, this time using flat color to produce a drastically different effect. Unsure of his new direction, Matisse told friends that the second painting was by the local postman. The exhibit includes many of these examples throughout his life (in particular two large paintings of a trio of bathers), his use of photography during his later years, and his paintings of a well-known Italian model named Laurette.

The exhibition gives the impression of a painter who was constantly getting better at his craft, even after the age where one might think he was past his prime.

“Matisse, in Search of True Painting I think corresponds very well with our company,” de Pins said during a lunch at the museum following the tour. “He was always looking, searching for perfection, excellence…. Our designers, our craftsmen, our watchmakers work in this spirit.”

De Pin said that even with the reputation Matisse had, it meant nothing to him as he continued to struggle with creating exceptional work. “You really need to keep on searching for excellence and perfection,” he said.

The event also gave a chance for de Pins to introduce Hyla Bauer as Vacheron Constantin’s new head of public relations in North America to the press members in attendance. Bauer was formerly the executive fashion editor of Conde Nast Traveler.

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NCDIA Industry Gala in New York

The Natural Color Diamond Association is hosting an industry gala Wednesday, December 5, at Reade Studio, 60 Reade St., New York.

The event, open only to jewelry industry professionals, will run from 6 p.m. till 9:30 p.m. and include awards, cocktails and a silent auction.

Admission is free for NCDIA members. For non-members, the cost is $15 in advance and $25 at the door. To RSVP or for more information contact NCDIA at info@ncdia.com or call 212-644-9747.

NCDIA is an international trade organization dedicated to increasing awareness of color as a unique and valuable attribute in diamonds.

UBM Asia Provides Scholarships and Grants for Jewelry Education in China

UBM Asia recently held an award ceremony for 26 students who received scholarships and grant money to further their jewelry education.

The tradeshow organization provided renminbi 50,000 yuan ($8,000) for the first ever UBM Asia Scholarship and 30,000 yuan ($4,800) for the annual UBM Asia Grant.

The UBM Asia Scholarship awards were presented to 13 students by Wolfram Diener, Senior VP of UBM Asia. The UBM Asia Grant was presented to 13 underprivileged students by Meng Yuanbei, party secretary of Guangzhou Panyu Polytechnic.

“Through the collaboration with the Jewelry Institute of Guangzhou Panyu Polytechnic, we hope to provide more practical learning experience to the students, and groom them to become jewelry professionals with international mindedness, thereby contributing to the development of jewelry industry in China,” Diener said.

UBM Asia will arrange its management teams to give lectures at the Jewelry Institute, and invite teachers and students to its jewelry fairs. In addition, UBM Asia will launch a special incentive program. Students winning awards in international and national jewelry competitions will be fully funded to visit the world's largest jewelry fair, the September Hong Kong Jewellery and Gem Fair organized by UBM Asia.