Editor’s Note
This article previews Sotheby’s upcoming Hong Kong jewelry auction, highlighting a selection of jade pieces and offering insight into the accessible nature of the auction world.
SOTHEBY’S JAPAN (hereinafter referred to as Sotheby’s) held a Tokyo preview for its Hong Kong Jewelry Auction in mid-March. Sotheby’s, founded in London in 1744, is the oldest auction house. While auctions might seem exclusive, in Europe and America, a wide range of items from high-value to more affordable pieces are put up for auction.
At the preview, approximately 50 out of the 300 lots to be offered at the jewelry auction in Hong Kong starting April 3rd were displayed. The collection featured rare jewelry, including a diamond bracelet by CARTIER from the 1920s and an “Egyptian” revival bracelet by VAN CLEEF & ARPELS. Given the Hong Kong venue, there seemed to be many jade jewelry pieces, which are less commonly seen in Western auctions recently.
At the preview, Yvonne Chu, Deputy Director of the Jewelry Department at Sotheby’s Hong Kong, spoke about Sotheby’s and the experience of buying jewelry at auction. Sotheby’s started with book auctions but now handles over 70 categories, including paintings, gems, and wine. Sotheby’s holds 16 jewelry auctions worldwide annually. Among these, the high-end “Magnificent Jewels” auctions are held in Hong Kong in April and October, followed by New York and Geneva. In Hong Kong, jade jewelry constitutes about 20% of the lots. Meanwhile, the largest-scale auctions in Geneva gather jewelry formerly owned by nobility and royalty, with some pieces reaching prices in the billions of yen. The “Fine Jewels” auctions, featuring highly design-oriented pieces, are held in Hong Kong in October, offering many items priced from hundreds of thousands to millions of yen.
Brands like Cartier are known for buying back their own masterpiece jewelry at auction to add to their archives or to rework into modern designs.
Sotheby’s held auctions of jewelry owned by the Duchess of Windsor in 1987 and 2010. Similarly, some pieces reportedly sold for several times their initial hammer price in the second auction. Jewelry with famous provenance often increases in value with each subsequent auction. Rare items like fancy-colored diamonds and pieces popular with collectors also appear at auction. For instance, Van Cleef & Arpels’ ballerina clips from the early 1940s, which lifted spirits during wartime, remain highly sought after by collectors looking for pieces no longer available in stores.
While the “Magnificent Collection” might be a distant dream, auctions featuring fine jewelry at more accessible price points are certainly worth exploring.