A Van Cleef & Arpels diamond “Tie” necklace stole the spotlight at Sotheby’s Magnificent Jewels auction in New York. This necklace, dating back to around 1929, outstripped expectations, fetching a whopping $3.6 million. That’s three times its estimated value of $1.2 million, following a lively bidding war among seven interested parties.
Despite featuring only 95 lots, a relatively low number for such a major New York auction, the event proved successful. The auction realized a total of $30 million, coming close to its high estimate of $35 million. Impressively, 90% of the lots found buyers, with 62% of those selling for prices surpassing their estimated values. Participation spanned across 30 countries, with over 1,200 bids placed. Notably, seven of the top 10 valuable jewels fetched over $1 million each, showcasing the appeal of Art Deco pieces, Kashmir sapphires, and white diamonds.
Quig Bruning, Sotheby’s Head of Jewels for Americas & EMEA, attributes the auction’s strong performance to the new lower buying premium, set at 20%. Bruning emphasizes that this fairer fee structure not only entices more buyers to join auctions but also underscores Sotheby’s commitment to inclusivity and client satisfaction.
