Phillips Garners Nearly $10M at Hong Kong Auction

RAPAPORT... Phillips's Hong Kong sale brought in $9.6 million, with a ruby ring standing out as one of the top-selling items, the auction house said Tuesday. The 5.22-carat pigeon's blood Burmese ruby and diamond ring fetched HKD 6.2 million ($785,970), just over its low estimate of HKD 5.9 million ($753,736) at the Jewels and Jadeite auction. Meanwhile, a convertible ring, which can transform into a pair of ear studs, led a collection of 16 items featuring pink diamonds from the Argyle mine. The piece, which contains two heart-shaped diamonds weighing just over 1 carat each - one fancy intense purplish-pink and the second fancy vivid purplish-pink - earned HKD 6 million ($770,344) against an estimate of HKD 5.8 million to HKD 6.8 million ($739,860 to $867,423).An emerald-cut, 7.09-carat diamond ring by Cartier fetched HKD 4.6 million ($586,349), beating its high estimate of HKD 3.3 million ($421,558), while a marquise-shaped diamond ring by Van Cleef & Arpels also did well. The 7.08-carat diamond piece garnered HKD 3.6 million ($463,064) against a high estimate of HKD 3.5 million ($447,105). A colored-diamond bracelet by Graff sold for HKD 1.1 million ($135,727), more than double its high estimate of HKD 500,000 ($63,872). A rare Van Cleef & Arpels zip necklace with diamonds, sapphires and lapis lazuli brought in HKD 4.4 million ($555,683), just under its high estimate of HKD 4.5 million ($580,000). "Signed jewels by top jewelry houses ignited confident bidding," said Terry Chu, head of jewelry for Phillips Asia. Other notable items included a cut-cornered modified brilliant-cut, 16.08-carat, fancy-vivid-yellow diamond ring, which garnered HKD 5.2 million ($663,029), in the middle of its HKD 4.5 million to HKD 5.5 million ($580,000 to 705,000) valuation.  However, the most valuable item, a jadeite bead and diamond necklace,sold for HKD 7.5 million ($962,334), missing its low estimate of HKD 8.5million ($1.1 million), while nearly 60% ofthe remaining jadeite pieces on offer went unpurchased. Meanwhile, a pair of diamond pendant earrings and afancy-intense-blue diamond ring by De Beers, both estimated at up to HKD 4.5million ($574,844), also remained unsold. Phillips sold 70% of the lots on offer. Image: The 5.22-carat Burmese ruby and diamond ring. (Phillips)