Rubies and Alexandrites Show Out at Sotheby’s and Christie’s Jewelry Auctions
Jewelry auctions are in full swing for the holiday, and, in the spirit of the season, red-toned stones topped the lots for both Sotheby’s and Christie’s. Rubies, spinels, and Alexandrites raked in millions for the houses. Phillips, meanwhile, will host its jewelry sale tomorrow.
The crown jewel was a 10.33 Burmese ruby and diamond ring from Sotheby’s, which hammered for $5.5 million. Burmese rubies come from the Mogok Valley in Myanmar (formerly Burma) and are prized for their rarity and exceptional color. The best examples, like this one, have a hue often called “Pigeon’s Blood” with a strong fluorescence due to a high chromium concentration. Making the stone even rarer is the fact that the cushion-cut gem is unheated. It was also accompanied by extensive paperwork, including an SSEF, Gübelin, and two GIA reports. Furthermore, Burmese rubies are becoming more scarce as political and economic instability in the region has affected mining.
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Hot on its heels was a 16.53-carat alexandrite ring, also at Sotheby’s, which set a new world record price for the stone at $1.9 million. Alexandrites are special in that they change their hue depending on the light. They can move from purple to purple-ish red to a bluish-green. This Brazilian alexandrite is notable for its high transparency and lack of treatment, only accentuating its chameleon effect. The price of stone has been steadily rising for nearly a decade, and stones of this carat size are generally only found on the secondary market as new alexandrites rarely exceed 5 carats. This stone’s record price should indicate that alexandrites are becoming increasingly coveted.
Over at Christie’s, Harry Winston dominated the lots with an exceptional pair of spinel and diamond earrings. The no-heat, no-enhancement Tanzanian spinels weigh 22.42 and 21.87 carats, respectively, and are set in platinum and 18-karat yellow gold. While their Burmese cousins are still considered the MVP of spinels, seeing a nearly matching pair in this carat size is remarkably rare. Of course, having the Harry Winston signature also ups the ante for these earrings, and, as a result, they sold for $2,228,000. Right behind it was a stunning Cartier brooch that rocked the auction block. The platinum piece set with natural pearl, briolette-cut pink tourmaline, carved ruby, carved onyx, and old and single-cut diamonds from 1914 had a top estimate of $150,000 but sold for an incredible $1,381,000. It came from the collection of Mica Ertegun, the late interior designer and philanthropist, who also had a slew of desirable Belperron pieces in the sale.
If you’re planning to bid in Phillips upcoming New York Jewels auction, you might take note of what’s already outperforming at Christie’s and Sotheby’s. However, a rather covetable no-heat unmounted Kashmir sapphire is up for grabs with an estimate of $150,000-$300,000 should set tongues wagging for those in the market for blues.
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