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STORY ALPANA CHARIATTE
A look at some of the greatest auctions of our time, the memorable jewels that changed hands, and how it's all done.
IT was 1766 in Pall Mall, London. A young man by the name of James Christie had just auctioned off porcelain, furniture, a pair of sheets and four irons. It was his first auction, and certainly not his last. His saleroom quickly became the meeting place for Georgian society as well as the most knowledgeable collectors and dealers in the country. The auction house, Christie's, was born, and James Christie went on to conduct some of the greatest auctions of his time.
Ever since major auction houses such as Christie's and Sotheby's came into existence in the 18th century, jewellery has been part of general auctions of objets d'art or collectibles. It was not until the 1930s and 40s that Sotheby's and Christie's began to conduct dedicated jewellery auctions. Sotheby's, which began by auctioning books, gradually expanded in the 19th and 20th century to include art, prints, medals, coins and jewellery. One of its most memorable auctions was the sale of the jewels of the Duchess of Windsor in 1987. Attracting a worldwide audience, over USD50 million was raised, more than five times Sotheby's highest expectations.
Today, Sotheby's and Christie's each conduct sales worth over USD200 million a year. The thrill of a jewellery auction, like any other, hinges on uncertainty, and you never know whether you're going to get what you want at the price you've decided to pay, or not. Each auction presents both modern and period jewels, signed and unsigned, as well as a variety of precious stones, and caters to a vast network of international collectors, looking for anything from a pair of cufflinks to a large diamond necklace of several million dollars. Regular theme sales are also organised with special catalogue dedicated to specific periods of styles.
While London specialises in antiques and Geneva in 20th- and 21st-century jewellery set with fine gemstones and signed pieces, Hong Kong specialises in jade as well as fine gemstones.
Watch auctions, on the other hand, are of more recent origin, having taken off some time in the 1980s. Geneva-based Antiquorum lays the claim to being the driving force in promoting watch and clock auctions, and held the first wristwatch auction in 1980. Other auction houses soon picked up the threads.
So, how does it all work? Normally, a company accepts an item for sale up to 10 weeks prior to the auction date. As a seller, you can drop in at any of the outlets worldwide for a verbal appraisal and marketing advice. Alternatively, you can send the piece through registered mail or a specialised shipping agent and get advice on estimated reserve price. Today you can even send a digital image of the piece via email accompanied by measurements, the name of the maker or designer, and any other details. To get the most accurate assessment, examination by a gemological laboratory for a nominal fee may be conducted.
When buying jewellery at an auction, it's important to keep the following in mind:
Condition: Signs of wear on an older piece underscore the authenticity of the antique jewels. More extensive wear may require minor repairs though this may affect the integrity of the piece.
Craftsmanship: A well-made piece of jewellery is as beautiful in the front as in the back. Like the lining of a couture dress, the reverse of a jewel provides perhaps the best clue to craftsmanship. Check for a light and regular mount that uses minimum metal, with a smooth and careful finish. Check the flexibility and suppleness of articulation so that the jewel 'sits' well.
Design: The basics of good design are a good use of colour, balance of materials and attractive proportions. A piece should also be practical and wearable.
Gemological certificate: Today this is almost a prerequisite to the purchase of any important gem. This document describes the exact nature of the stone.
Hallmarks: The hallmark is the most obvious clue to the quality of the metal in a jewel. Look for hallmarks in clasps, tongue pieces, inside shanks, or discreetly stamped elsewhere on a jewel.
Maker's marks: These often provide further evidence of a manufacturer's identity. They take varying forms, usually including the initials of the maker and an identifying symbol.
Materials: The value of the gemstone hinges on its basic identity such as beauty, rarity, quality, and provenance. Quality is determined by the degree of the famous '4Cs' - colour, clarity, cut and carat.
Provenance: An illustrious ownership history adds premium to a jewel's value. Without the provenance, the diamond eternity ring given to Marilyn Monroe by Joe Di Maggio in 1954 would have been worth about USD3,000. Celebrity ownership ensured a price of USD772,000 at Christie's New York in 1999.
Signature: Owning a signed jewel is always an advantage as this provides further proof of quality and authenticity. Pre-eminent jewellers have presented their pieces in signed cases since the end of the 18th century.
The world of auctions has many legends to its credit and beautiful, rich and famous people that make the pieces in question all that more worthwhile to acquire.
Some of the jewels that had commanded top prices include the 100.10ct 'Star of the Season' diamond. An internally flawless, pear-shaped stone of D colour, it was sold for a record price of USD16,548,750 in 1995 by Sotheby's. Then there was the Rockefeller Sapphire, a magnificent Burmese sapphire ring of 62.02cts, that was sold for USD3,031,000 in 2001 by Christie's.
Another fabulous jewel was the Faberge Imperial 'Love Trophy Egg', which was sold for USD3,190,000 in 1992 by Sotheby's. Made of gold, enamel and diamonds, it was commissioned by Czar Nicholas II for his wife, Czarina Alexandra, for Easter 1905, to celebrate the birth of their son Alexei.
So the next time you want to buy jewellery, why not do it with a bit of thrill thrown in? Join the august gathering of collectors in an auction, and you may just acquire something of lasting value. |
