Sotheby's Postpones Magnificent Jewels Auction

RAPAPORT... Sotheby's has rescheduled its Hong Kong Magnificent Jewels sale and other jewelry auctions amid new restrictions on public gatherings due to the coronavirus pandemic."We are closely monitoring the advice of government and health authorities in the countries and cities where Sotheby's is located and adjusting our business and operations accordingly," the auction house said Monday. The company has moved the dates of the Magnificent Jewels and Important Watches auctions, which had been set to take place the week of April 5 in Hong Kong, to the week of July 5. The Paris Joaillerie auction has been delayed from April 1, but a new date for that event has not been confirmed. Sotheby's has not yet issued guidance for any sales due to run later than April 30, including its Geneva Magnificent Jewels and Noble Jewels auction, which is usually in May."We plan to make final decisions about each event approximately 30 days prior to the existing sale date and will alert all relevant parties at that time," the company noted.The New York Magnificent Jewels auction, which last year occurred in April, is scheduled for June 9. Meanwhile, the New York Fine Jewels sale still appears to be slated for April 20, based on a calendar of events on the auction house's website.The company is also considering other avenues for its sales in the event the outbreak continues."Sotheby's is technologically equipped to operate in a variety of scenarios, and based on conversations with both consignors and bidders, we are considering a number of formats to provide for sales to proceed in the most effective manner," it added.The auction house has also closed all its global locations except Hong Kong, which will remain open by appointment only, and London, which is still fully operational. The London Fine Jewels sale, set for March 24, will take place as scheduled.Image: The 2018 Hong Kong Magnificent Jewels auction. (Sotheby's)