Sotheby's Unveils New Online Auction Series

RAPAPORT... Sotheby's will launch a new series of weekly online sales that will enable it to capitalize on the "unprecedented results" it has seen in its digital offerings.The auctions, which will take place in a rolling sale format, will see Sotheby's debut a new selection of pieces each week, including antique, vintage and contemporary jewels. The company's Geneva, Hong Kong, London, Milan, New York and Paris offices will take it in turns to curate the sales, Sotheby's said last week."The past eight months have been transformative for our luxury division, and in particular for our online jewelry sales, which have grown exponentially," said Josh Pullan, Sotheby's managing director of the global luxury division. "The launch of weekly sales is a continuation of the long-term strategy to make Sotheby's the destination to buy rare and high-quality jewels all year round."The first sale, which began September 2 and ends September 7, features a pair of pendant earrings by Graff, set with a variety of diamonds, including brilliant-cut 1.50-carat and 1.52-carat stones. The piece is estimated at CHF 150,000 to CHF 180,000 ($164,215 to $197,058).The auction house has achieved $31 million from its online jewelry auctions to date this year, seven times higher than the previous year, with three pieces selling for over $1 million, it noted. Customers from 73 countries have taken part, with 31% of those being new buyers.Sotheby's will hold the London-curated sale from September 7 to 11, followed by a September 12 to 17 auction in Paris. Image: The Graff diamond earrings. (Sotheby's)