Phillips Hong Kong Auction Garners $6M

RAPAPORT... A Colombian emerald and diamond ring was the top seller at Phillips in Hong Kong, leading the $6.1 million auction.The piece, which features a step-cut, 21.52-carat emerald flanked by two half-moon diamonds, fetched $1.2 million against a presale estimate of $960,000 to $1.2 million at last week's Hong Kong Jewels and Jadeite sale. The total achieved is a 54% increase over the same sale last year, despite the coronavirus pandemic, according to Graeme Thompson, the company's worldwide head of jewelry, and Terry Chu, head of jewelry, Asia."The results prove that the market for top-quality gemstones and signed jewels remains resilient," they noted.A rectangular step-cut, 12.55-carat, D-color, internally flawless, type IIa diamond ring by Harry Winston fetched $1.1 million. The signed piece was valued at $850,000 to $1.1 million. Meanwhile, a Bulgari ring set with a cushion-shaped, 6.38-carat emerald, surrounded by 10 pear-shaped diamonds, went for $403,125.The price was within the estimate of $300,000 to $480,000.Other notable items included signed pieces by Harry Winston, Bulgari and Graff. However, two top items failed to sell at the event: a pair of oval jadeite cabochon earrings, which had an upper value of $1.1 million, and a modified brilliant-cut, 7.01-carat, fancy-light-orangey-pink, VVS1-clarity diamond ring with a $650,000 high estimate. Phillips sold 68% of items on offer, it said. The number of online bidders was a record for the auction house and was 163% higher than a year earlier. Interested buyers hailed from 20 different countries. Image: The 21.52-carat Colombian emerald and diamond ring.