HONG KONG – The recent jewelry auction held by Sotheby’s in Hong Kong failed to meet anticipated results, as several top items either remained unsold or achieved prices below their estimated values.
Sotheby’s reported that a necklace featuring a 74.48-carat cushion modified brilliant-cut, fancy-vivid-yellow, internally flawless diamond was sold for HKD 19.8 million ($2.5 million). This sale fell short of its low estimate of HKD 29 million ($3.7 million) during the Magnificent Jewels auction on October 6. Similarly, a jadeite and diamond parure, consisting of a necklace, earrings, and a ring, was sold for HKD 20.4 million ($2.6 million), significantly below its low estimate of HKD 26.8 million ($3.4 million).
Notably, a Harry Winston ring featuring an 18.18-carat Kashmir sapphire, bullet-cut diamonds, and a high estimate of HKD 30 million ($3.8 million) failed to find a buyer. The same fate befell a necklace adorned with 29 jadeite beads and a diamond-set clasp, which had an upper estimate of HKD 28 million ($3.6 million).
Among the items that went unsold was the Crown Jewel of Kashmir, a ring showcasing a 12-carat Kashmir sapphire flanked by diamonds and estimated to reach up to HKD 20 million ($2.6 million).
Despite these disappointments, there were some successful sales. A marquise-shaped, 21.03-carat D-flawless, type IIa diamond ring by Van Cleef & Arpels achieved HKD 15.6 million ($2 million), slightly surpassing its high estimate. Additionally, a pair of pendant earrings by Harry Winston, featuring emerald-cut D-flawless diamonds weighing 10.35 and 10.32 carats, respectively, sold for HKD 13.2 million ($1.7 million), falling within the expected price range.
The auction highlighted both the challenges and successes in the current jewelry market, with some pieces exceeding expectations while others failed to capture buyers’ interest.
