Industry Outlook with David Brough: November
02 Dec 2024
By David Brough
The Magnificent Jewels sales, staged by leading auction houses, returned to Geneva in November, where a superb emerald brooch with royal provenance fetched a world record price for an emerald sold at auction.
Some of the world’s top collectors gather in the Swiss city twice a year, in May and November, for the so-called Magnificent Jewels auctions staged by Christie’s, Sotheby’s and, more recently, Phillips.
On November 12, after a flurry of intense bidding, Christie’s sold the Aga Khan Emerald for USD $8.86 million, a world record price for an emerald sold at auction.
Auctioneer Max Fawcett brought down the hammer to a large round of applause as the brooch, which features a magnificent, 37-carat Colombian emerald, fetched a price exceeding its USD $6.1-8.1 million estimate.
Christie’s had sold the same brooch, which belonged to British socialite Nina Dyer (1930-69) in 1969, for USD $75,000.
“The market for signed vintage jewels and coloured gemstones of the highest quality, is as strong as it has ever been, and we are very proud to have set a world record for the most expensive emerald ever sold at auction,” Mr Fawcett, Christie’s Head of Jewellery Europe, said.
Five unrecorded jewels from the Sassoon family, dating from the Art Deco period, sold for USD $7.76 million at Christie’s Geneva Magnificent Jewels sale, double their estimate, including a splendid Cartier Indo-Persian diamond necklace, circa 1935, which more than trebled its upper estimate, netting USD $5.09 million.
Nowadays it is very rare to encounter a group of family jewels purchased during the 1920s and 1930s to have remained in the same family since originally acquired. Many jewels from the early 20th century containing large diamonds and fine gemstones have been dispersed, sold or remodelled.
These superb jewels were originally acquired by the current owner’s great-grandparents who were well known for their passion for fine sapphires, emeralds, rubies and diamonds.
Family history relates that they would regularly visit Cartier on Bond Street to discuss the mounting of their gems.
Sotheby’s sells highly important 18th century necklace for nearly USD $5 million
The top lot in Sotheby’s Royal and Noble Sale in Geneva, a rare and highly important 18th century diamond necklace, formerly in the collection of the Marquess of Anglesey, sold for 4,260,000 CHF / USD $4,837,060 , against an estimate of 1,600,000 – 2,200,000 CHF.
The anonymous winning bidder is now in possession of perhaps one of the most talked about necklaces of the year – an extraordinary piece of jewellery history emerging miraculously intact from an important private Asian collection, which made its first public appearance in 50 years when it was unveiled by Sotheby’s in London earlier in September.
This spectacular antique jewel is an incredible survivor of history, boasting 500 diamonds and weighing over 300 carats of likely Golconda diamonds from the Golconda mines in India.
An extraordinary piece of jewellery from the Georgian era, composed of three rows of diamonds finished with a diamond tassel at each end, such an important antique jewel could only have been created for royalty or a high-ranking aristocrat at one of the glittering courts of the “ancien regime” – most likely the French or English court.
Its precise origin story is not recorded, and existing evidence points to several possibilities, one of which being the Affair of the Necklace and its diamonds, some of which may have been used in the necklace sold in November 2024.
It is known, however, that the diamond jewel belonged to the Marquesses of Anglesey, a leading Anglo-Welsh aristocratic family with close ties to the British Royal family in the early 20th century.
In 1937, Marjorie Paget, Marchioness of Anglesey (eldest daughter of Henry Manners, 8th Duke of Rutland), wore the jewel to the coronation of King George VI, together with the Anglesey tiara.
She was immortalised wearing her coronation robes and diamond jewel by society photographer Cecil Beaton.
In 1953, her daughter-in-law attended the coronation of Queen Elizabeth II wearing the same ensemble of heirloom jewels.
The seventh Marquess of Anglesey parted with the piece around the 1960s.
In 1976, it was exhibited in the Bicentennial Exhibition at the American Museum of Natural History, before being acquired by an important private collector.
London Gem & Mineral Show showcases eclectic variety of minerals and gemstones for collectors and trade
The second edition of the London Gem & Mineral Show, which took place at Sandown Park Racecourse, Esher, on November 23-24, presented an eclectic variety of minerals and coloured gemstones for collectors and trade, and was supported by an extensive programme of talks.
The event featured mainly minerals and fossils, as well as coloured gemstones ranging from East African alexandrite and emerald to Brazilian citrine.
Talks included gem cutter Justin Prim discussing painted jewels and gemstones from the history of art; “gemstone detective” Kim Rix presenting her gemstone travels; and a panel discussion, moderated by Jewellery Outlook Editor David Brough, about the outlook for coloured gemstone markets.
This panel featured consultant Kristian Spofforth, former head of jewellery at Sotheby’s London; Ed Johnson, Corporate Responsibility Director of miner Gemfields; Hatton Garden-based gemmologist Eric Emms; and Hove-based jewellery designer Pearl Ng.
Lisbon Royal Gems and Jewellery International Colloquium mulls future of craftsmanship
The inaugural Royal Gems and Jewellery International Colloquium, which gathered industry leaders from around the world in Lisbon on November 8-9, discussed how to drive forward craftsmanship for future generations.
The event attracted gemmologists, gemstone valuers, educationalists and museum curators who listened to presentations about topics such as the Hope Diamond; gemstone-set jewellery worn by the Nizams of Hyderabad; the English Crown Jewels and the 2023 Coronation of King Charles III; and magnificent royal jewels sold by auction house Christie’s.
The Colloquium, curated by distinguished gemmologist Rui Galopim de Carvalho and by management at the Ajuda National Palace and the Royal Treasure Museum in Lisbon, staged a panel discussion exploring ways to safeguard craftsmanship for future generations.
Many jewellery industries around the world face the challenges of an aging workforce of skilled craftspeople.
The panel featured a presentation about L’ÉCOLE, School of Jewelry Arts, and the Colbert Team (Comité Colbert), representing France’s luxury industry, discussing how to encourage crafts skills among future generations.
The guests and delegates at the Colloquium visited the Royal Treasure Museum and learned about the Portuguese royal family and their royal jewels, before the establishment of the Portuguese republic in 1910.
The next edition of the Colloquium will take place in November 2026.
Source: David Brough