Sotheby's Hong Kong Sale Yields Mixed Results

RAPAPORT... Sotheby's garnered HKD 304.3 million ($39.3 million) from its Hong Kong Magnificent Jewels auction, even as several big-ticket items failed to find buyers.An "imperial green" jadeite and diamond necklace was the top seller, fetching $8.1 million, the auction house said Wednesday. Sotheby's did not provide a presale estimate for the piece. Meanwhile, a cut-cornered rectangular modified brilliant-cut, 5.22-carat, fancy-intense-blue diamond ring, mounted by Cartier, went for $4.5 million, beating its $3.9 million high estimate.A cushion-shaped, 6.41-carat, pigeon's blood Burmese ruby ring surrounded by French-cut white diamonds also performed well. The piece, which was designed and mounted by Hong Kong-based jeweler Forms, brought in $2.8 million, at the upper end of its estimate."We are encouraged by this season's jewelry auction results," said Wenhao Yu, deputy chairman of jewelry for Sotheby's Asia. "Travel restrictions were no impediment to this October sale, with two-thirds of our buyers participating from outside Hong Kong, a result that is testament to our digital platform and outreach. Collectors' taste in the region remains selective, with eyes focusing on rare, top-quality, investment-grade jewelry - whether diamonds, gemstones or jadeite - and pieces with a strong design appeal, whether antique, period, contemporary or signed."However, despite the positive sentiment, a number of high-value goods went unsold. A cushion-shaped, 118.88-carat, royal-blue, unheated Burmese sapphire, which Sotheby's expected to go for about $5 million, and a pear-shaped, 4.84-carat, fancy-vivid-blue, internally flawless diamond ring with a high estimate of $8.5 million were both withdrawn from the sale, the auction house told Rapaport News. A pair of pendant earrings featuring brilliant-cut, fancy-intense-blue diamonds with a value of up to $4.6 million, as well as a very rare jadeite bangle with very good translucency and emerald green color, streaked with intense emerald green, failed to find buyers. The bracelet was expected to fetch up to $3.4 million.In total, Sotheby's sold 77% of goods on offer at the October 7 sale, it said.