Good Prices at Christie’s Hong Kong Magnificent Jewels

Christie’s Autumn 2008 sale of magnificent jewels held in Hong Kong sold only 63 percent of the lots Tuesday, but the top items sold at good prices, fetching 79 percent of the auction house’s estimates.

The top item, a pair of round-cut D/FL diamonds weighing 16.11 carats and 16.08 carats, sold for HK$43.78 million (US$5.65 million) or an average of US$175,000 per carat. Christie’s estimated it at HK$40-60 million.

A diamond necklace set with a pear-shaped, D/FL 17.97carats diamond sold for HK$18.58 million (US$2.4 million), an average of US$133,379 per carat.

According to Vickie Sek, director of the jewelry and jadeite department at Christie’s Asia, the diamonds brought “exceptional prices” despite the challenging financial environment.

“The Asian market showed its resilience and appetite for jadeite, fine diamonds and jewels,” Sek said. “This auction demonstrates that when the right selection is offered for sale at the correct price buyers are still very active.”

The total outcome of the auction was HK$260 million (US$33.5 million).

Three top diamond lots failed to find a buyer at Sotheby’s November 11 auction in Geneva, which brought CHF 17.9 million ($14.84 million). Only 225 of the 371 lots offered at the auction, or less than 61 percent, were sold.

The top item at the Sotheby’s auction was a ring set with an 8.02 carats fancy pink, SI2 clarity diamond that sold for $1.32 million. The seller was Antwerp based Pejmani.