Jadeite Set Leads Phillips Hong Kong

RAPAPORT... A necklace-and-earring set comprising jadeite and diamonds was the top seller at Phillips's Hong Kong sale, garnering $2.5 million,the auction house said Monday. The original estimate for the matching pieces at theImportant Jewels and Jadeite auction was $2.4 million to $3.8 million (HKD 19million to HKD 30 million). Other notable lots included a 33.02-carat Burmese sapphire anddiamond necklace by Van Cleef & Arpels, which sold for $594,150 against itspre-sale estimate of $548,082 to $701,036 (HKD 4.3 million to HKD 5.5 million).A pair of pigeon's blood Burmese ruby and diamond pendant earrings, weighing3.50 carats and 3.24 carats, fetched $594,150. Their original estimate was$535,336 to $637,305 (HKD 4.2 million to HKD 5 million). Colored gemstones, including a Burmese ruby, Kashmirsapphire and Colombian emerald, rounded out the top 10. Signed jewels byBulgari, Cartier, Graff and Harry Winston also proved popular, according to TerryChu, head of jewelry for Phillips. "The results prove that the market for such jewels continuesto be robust," Chu said, adding that sales had increased in the two years theauction house had been operating in Hong Kong. The auction saw 63% of lots sold for a total of $10.5million.