17ct. Sapphire Smashes Estimate at Bonhams

RAPAPORT... It's not often that a jewel sells for almost double itspre-auction estimate, but that happened this week with a rare Kashmir sapphireat Bonhams. The 17.43-carat stone fetched GBP 723,062 ($944,713), or close to$54,000 per carat, beating its high valuation of GBP 400,000 ($521,440). The cushion-shaped, vivid-blue stone dates to the late 19thor early 20th century, and was formerly owned by a European noble family. Itheadlined Bonhams' London sale on Tuesday in its first appearance at auction. "We have a strong track record of selling Kashmir sapphiresat Bonhams, with our international clients eager to add an important gem totheir growing collections," said Emily Barber, director of jewelry at BonhamsUK. The piece wasn't the only one that exceeded expectations: Atransformable diamond and sapphire necklace by designer Grassy, which can bechanged around and worn in five ways, garnered GBP 287,562 ($375,713). The ensemble,which features a 34.59-carat detachable sapphire, beat its estimate of GBP120,000 to GBP 180,000 ($156,800 to $235,200). "To discover a necklace like this today, intact and neverbefore seen on the open market, offered with its original design drawings, isnot only rare, but illustrates the compelling stories that period jewels cantell," Barber added. Other notable items at the sale included a step-cut,9.07-carat, F-color, type IIa diamond ring with the potential for VVS1 clarity.Originally estimated at GBP 250,000 to GBP 350,000 ($325,900 to $456,260), thepiece sold for GBP 250,062 ($326,717). Additionally, a ring featuring a step-cut, 22.02-carat,Colombian emerald sitting on a mount formed by two marquise and brilliant-cutdiamond honeybees and two brilliant-cut diamond leaves brought in GBP 100,062($130,736). Its presale estimate ranged from GBP 65,000 to GBP 85,000 ($84,730to $110,810). The jewel, which is signed by both Tiffany & Co. and designerJean Schlumberger, was part of the collection of artist Andy Warhol. Image: The 17.43-carat Kashmir sapphire and diamond ring. (Bonhams)