Phillips New York Auction Nets $5.4M

RAPAPORT... A blue diamond ring by Tiffany & Co. was the top sellerat Phillips' New York sale, leading the $5.4 million auction. The cut-cornered square modified brilliant-cut, 3.02-carat,fancy-intense-blue, VS2-clarity diamond ring fetched $1.6 million, against apresale estimate of $1.5 million to $2.5 million at Monday's New York Jewels sale. A fancy-color diamond and gold necklace featuring a pearmodified brilliant-cut, 3.01-carat, fancy-blue-grey diamond sold for $500,000,beating its high estimate of $450,000. Meanwhile, a cut-cornered squarestep-cut, 16.23-carat, fancy-intense-yellow, VS1-clarity diamond ring by DeBeers brought in $275,000. That piece was estimated at $220,000 to $400,000. Other notable items included a 1925 Art Deco ring bySpaulding & Co., featuring a modified marquise brilliant-cut, 7.69-carat,D-color, VS2-clarity, type IIa diamond, which went for $200,000, in the middleof its $150,000 to $250,000 presale valuation. A pair of earrings, together setwith two old mine-cut diamonds weighing 9.12 carats and 8.18 carats, fetched$175,000, just shy of its $180,000 upper estimate. "After reintroducing our jewels auctions to New York lastDecember, we are delighted to see such continued enthusiasm in the market,"noted Susan Abeles, Phillips' head of jewelry for the Americas. "We saw stronginternational participation, with collectors bidding across the globe." In total, the auction house sold 73% of its lots, noting strong participation from bidders. "The December auction...saw the highest number of bidders forany Phillips jewels auction, a testament to the continued investment in thisspace," said Graeme Thompson, worldwide head of jewelry at Phillips. Image: The 3.02-carat Tiffany & Co. blue diamond ring. (Phillips)