Sotheby's Rakes In $50M at Hong Kong Auction

RAPAPORT... Sotheby's garnered $50 million from its Hong Kong sale Tuesday, even as several big-ticket items failed to find buyers.A ring featuring an emerald-cut, 3.01-carat, fancy-vivid-blue, VS1-clarity, type IIb diamond  was the top seller, Sotheby's told Rapaport News Wednesday. That piece, which also contains two modified triangular brilliant-cut, fancy-pink and fancy-intense-pink diamonds, fetched $4.5 million, within estimates, at the October 12 Magnificent Jewels auction.A rare brilliant-cut, 30.88-carat, D-flawless unmounted diamond brought in $3.8 million, in the middle of its presale valuation. Meanwhile, a ring containing a pear-shaped, 5.29-carat, fancy-intense-green, SI1-clarity diamond surrounded by diamonds with a pink tint went for $3.1 million, within estimates.Several jade pieces were among the most valuable jewels the company sold at the auction, it noted. A carved jadeite pendant, called Fortunate Longevity, achieved $2.8 million, while a jadeite bead, diamond and ruby necklace garnered $2.6 million. A jadeite bangle sold for $2 million."International interest in fine jadeite continues to grow, with bidding from Asia, US and Europe," Sotheby's explained.However, two top lots remained unsold. The Queen Jos?(C)phine Necklace, a pearl and diamond piece from the royal house of Sweden, was estimated to fetch up to $3 million. That jewel was withdrawn from the sale at the consignor's request, the auction house said. An heirloom diamond brooch by Harry Winston featuring five marquise-cut, flawless diamonds and one pear-shaped diamond arranged in a floral pattern was also left unpurchased. Known as the Star of Sierra Leone, the brooch failed to meet the reserve price. It carried a high estimate of $1.4 million.Image: The top-selling blue and pink diamond ring. (Sotheby's)