Christie’s Geneva Magnificent Jewels Auction Results Beat Alibaba on 11.11
I can only assume you clicked on this story before even finishing reading the sentence, wondering how is it possible for an auction house to do better than Alibaba who just clicked in $9.3 billion on their biggest sales day of the year! Obviously, Christie’s did not sell that amount of jewelry last night, but the overall end results were significant. Alibaba had $9.3 billion pass via their corporate website, 60% higher than last year’s $5.8 billion on 11/11. Christie’s end result of the auction was $150.2 million compared to its approximately $88 million estimates, which is 70% better (as opposed to Alibaba’s 60%!) , so in a way, Christie’s did beat Alibaba!
Our own star of the evening as mentioned in my last article, was lot #392, a magnificent pair of earrings containing the miracle twins, a 6.95 ct Fancy Vivid Blue and a 6.79 ct Fancy Vivid Pink diamonds, both type IIA. They were acquired by world renowned Laurence Graff from Graff Diamonds for a sum of $16,138,292. The pair was estimated at between $12 million to $15 million. This was the second most expensive item sold, right after the 392.52 carat Sapphire, the 4th largest faceted sapphire in the world, which sold for $17,653,370, but was estimated to sell for a modest $10 million. I believe that the purchase that Graff chose to make was done, as always, with much wisdom. I believe that he purchased it with true value in mind, and did not overpay in any way. The question must be asked, why do I think it was not over paid?
If we analyze from the data of the prices paid for both Fancy Vivid Blues and Fancy Vivid Pinks on average in the past 5 years, I estimate that Graff has in fact paid about 8%-12% less than the average, and therefore I consider it a value acquisition. If I had to compare to the highest price paid, that discounted price would be larger. But a person must still have the financial capacity to pay such an amount.
Lot #311 smashed its estimates, and in fact surpassed the high estimate by a whopping 78%. A rare size of its own, 15.62 carats Fancy Pink but also with the benefit that it is a rare type IIA, it was estimated at $2.5 million to $3.6 million, but ended up selling for $6,232,009.