Quality signed jewels, natural pearls and colour are key drivers of the high jewellery auctions market, Kate Flitcroft, Bonhams’ co-head of jewellery, UK, told Solitaire’s contributor David Brough after the auction house’s London Jewels sale on New Bond Street on December 5.
What were the top highlights of the London Jewels sale on December 5, and how did they perform?
The highlights from London Jewels included an exceptional coloured diamond and diamond ring, circa 1830.
The old pear-shaped diamond of light pink colour weighing 2.27 carats, was set within a heart-shaped surround of cushion-shaped and old brilliant-cut diamonds. The spectacular ring sold for £381,400, over seven times its pre-sale estimate of £50,000-70,000. The result is a combination of the desirability of coloured diamonds plus the charm of the old-cut stone.
Other notable lots included two natural pearl necklaces; natural pearls are currently fetching strong prices because of scarcity of supply. The first was a natural pearl, ruby and diamond necklace from a Private Collection. Featuring five strands of graduating natural pearls of white to creamy white in colour, accented by a pair of ruby and diamond floral spacers. The pearls were very well matched with excellent lustre. The necklace sold for £343,300 (estimate of £150,000-250,000).
Another favourite was a pair of Marianne Ostier (1902-1976) diamond-set mid-20th Century ear clips. The talented Austrian female goldsmith designed the ear clips as two stylish unfurling leaves set with diamonds, the sculptural design exemplifies her technical mastery as setting diamonds in seamlessly smooth and undulating settings is notoriously difficult to achieve. The marvellous jewel captivated bidders and sold for £25,600.
I particularly loved a highly articulated Carlo & Arthur Giuliano enamel and gem-set necklace, circa 1900, that was composed of swags decorated with black and white enamel, set centrally with green and blue-green sapphires, suspending a bouton-shaped pearl drop of grey tint, accented by cushion-shaped green sapphires, circular and French-cut garnets, terminating with seed pearl finial. The rare design was offered in its original fitted case and sold for £53,740 (Estimate £20,000-30,000).
What key market trends can you identify from the sale?
Demand continues for quality signed jewels, natural pearls and colour in the form of both coloured diamonds and certificated coloured gemstones.
Coloured diamonds are by far the most sought-after category in today’s market, commanding the highest prices with collectors vying to acquire the rarest stones.
Coloured gemstones and jewellery that combine signed jewels from notable firms or exceptional provenance, with coloured stones deliver higher prices at auction.
Natural saltwater pearls are also fetching strong prices. These miracles of nature take years to form. It can take even longer to gather sizeable pearls with uniformity of shape with even lustre and consistency in colour and quality to create a strand of pearls. Natural pearls are very rare occurrences individually, so when a necklace such as the natural pearl, ruby and diamond necklace comes to the market, it attracts significant international interest.
As 2024 wraps up, what is the overall health of the high-end jewellery auctions market, and what is the outlook for 2025?
In 2023, Bonhams global jewellery department had its most successful year to date. This year, we have continued to see ongoing success in bringing gems and jewels to our global network, achieving significant results for coloured diamonds at auction.
Notable examples include a Mouawad diamond and fancy coloured diamond ‘Toi Et Moi’ ring sold in London Jewels in June. Together the 5.03-carat fancy intense blue diamond and the 5.13-carat fancy purple-pink diamond sold for £2,952,400. In November’s Hong Kong Jewels & Jadeite sale, an exceptional very light pink coloured, round brilliant-cut diamond of VVS2 clarity, weighing 30.10 carats, classified as type IIa, sold for HK$20,419,000 (US$2,623,190).
Consumer confidence is at an all-time high in terms of making jewellery purchases both online and in live sales and we expect this to continue in 2025.
Breaking this down further, what types of coloured gemstones are outperforming, and why?
There is a current increase in appetite for coloured gemstones with rubies leading the way, followed by emeralds and sapphires. Premiums are paid for old-cut stones, or stones sourced from mines that have long since closed. This adds to the scarcity and allure of the stone. The value and commercial appeal of coloured gemstones depends almost entirely on the gemstone’s geographic origin.
For example, the most desirable emeralds come from Colombia. The mines there were founded by the Spanish Conquistadors, and date back to the mid-1550s. The stones from these mines were of exceptional quality and made their way to the courts of India, Egypt and Persia and are termed ‘old mine’ stones, making them in high demand.
What types of “high” diamonds outperform?
By high diamonds, I believe you mean rare or significant stones. Coloured diamonds are the rarest types. The most desirable are blue and pink diamonds, followed by greens and yellows. Furthermore, there is a charm to old-cut stones, adding another layer of desirability. Unlike the coloured diamonds which are mined today, mostly in South and East Africa, old-cut stones could originate from India, for example, the legendary Golconda mines. This rich history continues to capture people’s imaginations.
Which so-called “signed” jewels fare best in the high jewellery auctions market, and why is this?
Signed pieces by Cartier, Van Cleef and Arpels, Boucheron, Chopard and Bulgari are enduringly popular at auction. These firms have an established history of choosing exceptional gemstones, working with the best designers, and using cutting-edge techniques to produce jewels which were often unique designs of sensational quality. When a singular signed jewel is presented on the international auctions market, it all comes down to the moment the gavel is raised – collectors have a few exciting moments to decide if they want to compete to be the next owner to cherish that jewel for decades to come. As an auctioneer, it is a very exciting moment for me too.
What eras or time periods of jewellery are most sought-after by collectors?
Art Deco jewellery is highly sought after, predominantly because of the revolutionary designs. The designers of the period were working in a brand-new modern style with an enduring appeal. Additionally, Art Deco jewels often incorporate diamonds in different cuts, or other gem materials such as jade and onyx.
Artist Jewels from the 1960s and 1970s are currently in style and therefore in demand. An example of this was seen in our last London Jewels sale where a selection of Kutchinsky jewels fetched very strong prices. We are also seeing Antique Georgian jewellery and Victorian revivalist jewellery performing very strongly, driven by singularity of design and rarity.
What types of jewellery would Bonhams love to offer in 2025?
Any jewellery coming from a private collector is a pleasure to work with. We are fortunate to be able to offer such a vast array of designs from antique to contemporary designs across our global sales. Personally, it is a joy to rediscover a jewel and to be able to shed light on a particular period of history and bring it to life for a new audience. I can’t wait for the next year of auctions – I never know what will come through the doors of Bonhams. I’d love to bring more stories to light in 2025.