Unique large and color diamonds are poised to fetch strong prices on the auction circuit again this year. The Sotheby’s Hong Kong jewels sale taking place on April 7 and the Christie’s New York jewels sale on April 16, are well timed to carry on the momentum for these goods from the Basel shows this past week – or more correctly, the momentum from last year.
Exceptional diamonds consistently broke records at various Christie’s and Sotheby’s auctions in 2013 and competition rose between the two houses to source the most exciting goods that they could place under the hammer. Subsequently, demand at both The Diamond Show in Basel and the Baselworld fair signaled continued robust demand for unique diamonds and jewelry, with a still growing appetite for high-end goods that the auction houses can build upon. (See report about the show here).
At a glance, the upcoming auctions don’t have standout individual stones that are expected to break records, as was offered last year. However, they still have an impressive lineup of lots.
Sotheby’s is anticipating to fetch $7.3 million to $8.3 million for a diamond necklace consisting of 17 brilliant cut, D, IF diamonds with a combined weight of 85.33 carats. The top lot at the Christie’s auction is a pair of ear pendants from round, 22.60-carat and 22.31-carat, D, IF diamonds, that is expected to sell for between $7 million and $10 million. An oval, 40.43-carat, D, potentially flawless diamond was given an upper estimate of $7.8 million, or 192,926 per carat, by Christie’s.
[two_third]While some argue that the auctions have developed into an unsustainable bubble, dealers note that the high prices achieved at auction reflect what is happening in the market – albeit very specific high-end large and fancy color segments of the trade.[/two_third][one_third_last]
“Dealers note that the high prices achieved at auction reflect what is happening in the market – albeit very specific high-end large and fancy color segments of the trade.”
Picture Graff Diamonds and Christie’s.