Marie Antoinette Pendant Sells for $36M

RAPAPORT... A natural pearl and diamond pendant belonging to MarieAntoinette smashed its price estimate and capped off a record-breaking sale atSotheby's Geneva auction. The jewel went for $36.2 million, beating its presale valuationof $1 million to $2 million, and setting a new auction record for a naturalpearl, Sotheby's said Wednesday. All jewels on offer at the auction found abuyer, including 10 belonging to the French queen. The entire collection soldfor $53.1 million, more than seven times the total presale high estimate of $7million. "Tonight we saw the Marie Antoinette factor work its magic,"said Daniela Mascetti, Sotheby's jewelry chairman for Europe. "No other queenis more famous for her love of jewels, and her personal treasures, pearls anddiamonds that survived intact the tumults of history captivated the interestof collectors around the world." A monogrammed diamond ring with the initials MA, containinga lock of Marie Antoinette's hair, garnered $443,786, 50 times its presaleestimate of $8,000 to $10,000, while a three-strand pearl necklace went for$2.3 million against its original valuation of $200,000 to $300,000. The Frenchqueen's white and yellow diamond brooch also well exceeded its estimate of$50,000 to $80,000, selling for $2.1 million. The auction was also the highest-value sale of royal jewels in history, Sotheby's said. The previous record was set in 1987, when the jewels of the duchess ofWindsor, Wallis Simpson, sold for $50.3 million at Sotheby's. "More than 30 years ago, I was part of the specialist teamentrusted with the landmark sale of the jewels of the duchess of Windsor - asale that has held a legendary status ever since," said David Bennett,worldwide chairman of Sotheby's international jewelry division. "Tonight a newbenchmark was established in the sale of royal and noble jewels." The sale also included jewels belonging to the Royal BourbonParma family, to whom Marie Antoinette sent her jewels for safekeeping beforebeing taken into captivity. Some 90% of those lots sold above their high estimate. Image: Marie Antoinette's record-setting natural pearl and diamond pendant. (Sotheby's)