Jewelry Auction Window Ends on a High

The fall jewelry auction season in Chicago and New York is drawing to a close with major dealers such as Hindman, Bonhams, Christie’s and Sotheby’s enjoying relatively impressive sales. Despite unfavorable global conditions and the extended ban on Russian diamonds, many players are satisfied with the fall season’s sales numbers.

Benjamin Goldberg from diamond dealer William Goldberg in New York says dealers saw “generally nice” sales and plenty of goods exchanging hands. He notes that diamond and diamond jewelry had a “pretty impressive market” and adds that while the season saw valleys and peaks, sales were on the upside by the end.

London-based Christie’s sold the majority of the products on its lot, and smaller diamonds, as well as fancy-colored diamond options, also fetched decent prices during the fall season, Goldberg says. The market is in a “pretty good place” overall, Goldberg concluded.

Although a much-anticipated lot was unexpectedly pulled without any explanation, the Magnificent Jewel’s Auction at Christie’s New York still netted more than $38.1 million and sold 90% of its 152 lots.

Sotheby sold more than $38.4 million worth of jewelry at its December 5 Magnificent Jewels sale and surpassed every other major auction house in monthly sales. Buyers purchased 75% of the 137 lots offered, with colorless diamonds and fancy-colored gems accounting for most of the top 10 sellers. Roskin Gem News Report gemologist Gary Roskin notes that colored diamonds enjoyed strong demand throughout the auction window.

Vintage jewelry pieces from respected jewelry houses attracted plenty of demand as well, especially pieces from the estates of famous entertainers such as Frank Sinatra, Tony Randall, Mary Tyler Moore and Richard “Red” Skelton.

At more than $5.5 million, a 133.03-carat, fancy-vivid-yellow diamond from Sotheby’s was the most expensive item at the auction. According to the jewelry house, the VS2-clarity gem is the largest diamond of its color to sell at auction. While Sotheby’s came out on top, Harry Winston’s performance wasn’t as impressive with a take home of $1.4 million from a pear-shaped, 23.65 carat D, VVS2 diamond.

David Doppelt from New York jeweler Jonathan Doppelt says a 123.27-carat diamond necklace from Leviev Diamonds also caught his eye. It featured 30 cut diamonds in colors ranging from D to G; the necklace sold for close to $2.4 million.

One piece of high-profile jewelry that failed to sell was a Wreath bracelet and a Wreath diamond necklace, which had estimated prices of $650,000–$850,000 and $700,000–$1 million respectively.

Given the way the auction season went, it is likely that jewelry makers such as GEMXX Corp. (OTC: GEMZ) could also be enjoying favorable market conditions overall as they serve consumers who may not be able to bid on prized pieces that were on sale during high-end auctions.

NOTE TO INVESTORS: The latest news and updates relating to GEMXX Corp. (OTC: GEMZ) are available in the company’s newsroom at https://ibn.fm/GEMZ

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