Published: October 18, 2011
Sotheby’s jewelry department set its fifth consecutive record sale result on September 20, when its auction of jewels achieved $16,489,625 against an estimate of $12.9/17.8 million. This marks the highest total for a fall sale of jewels at Sotheby’s New York, exceeding last September’s auction result that was also a record at the time.
“We are very pleased with the results of this sale, which brought another record auction total for Sotheby’s jewelry,” commented Lisa Hubbard, chairman of Sotheby’s international jewelry department. “And we are particularly thrilled by the extraordinary price achieved by our cover lot, the Cartier ”Tutti Frutti’ bracelet that achieved $842,500 †nearly triple its presale high estimate. Thirteen bidders chased after the piece, which had not been attributed to Cartier for some time until Sotheby’s rediscovered the faint signature of the legendary jeweler.”
The “Tutti Frutti” carved colored stone, diamond and enamel bracelet, circa 1928, was the sale’s top lot, going to the international trade. A platinum pear-shaped fancy intense blue diamond and diamond pendant necklace weighing 2.59 carats went to the New York trade for $782,500, and a platinum and emerald-cut diamond ring, Van Cleef & Arpels, weighing 9.19 carats realized $56,500.
Gary Schuler, head of Sotheby’s jewelry department in New York, added, “This auction saw an incredible 99 percent of sold lots meet or exceed their presale estimates. Diamond prices in the sale reflected a solid market that appeared void of speculation, and there were strong prices for colored stones as well, led by the purplish-pink sapphire brooch that brought $254,500, above a high estimate of $120,000.”
Prices reported include the buyer’s premium. For information, 212-606-7000 or www.sothebys.com .
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