Phillips' First NY Jewelry Sale Brings in $2.4M

RAPAPORT... A Bulgari necklace fetched $200,000 at Phillips auctionhouse's first New York sale, exceeding its presale estimate of $120,000 to$180,000. The piece includes 39.35 carats of oval-shaped rubiesand 6 carats of round brilliant-cut diamonds. It was the top-selling lot at theauction, which earned $2.4 million overall, Phillips said. A ring featuring an emerald-cut, 4.91-carat, faint-pink center diamondwent for $168,750, beating its estimate of $80,000 to $100,000. Meanwhile, anecklace by Van Cleef & Arpels, comprising South Sea cultured pearls and 65carats of round brilliant-cut diamonds, garnered $162,500 against its estimateof $120,000 to $150,000. However, a number of lots did not find buyers at the December 6sale, including a round brilliant-cut, 1.17-carat, fancy-intense-blue diamond,which had a valuation of $600,000 to $800,000. Other pieces that didn't sellwere a pear modified brilliant-cut, 14.14 carat, fancy-intense-yellow diamondring estimated at $350,000 to $550,000, and a heart-shaped, 5.39-carat diamondnecklace signed by Graff, which had been expected to fetch $160,000 to$260,000. The auction - the first led by Susan Abeles, the company's newhead of jewelry for the Americas - sold a total of 65% of lots on offer. Phillips has only recently set up a jewelry department in New York,and hired Abeles from Bonhams in February. In May, Eva Violante joined assenior specialist and vice president of jewelry for the Americas, and Anne Mockstarted in her role as associate jewelry specialist. Image: The Bulgari Burmese ruby and diamond necklace. (Phillips)