Editor’s Note
This article offers a glimpse into the captivating world of high-stakes jewelry auctions, guided by insights from leading auction houses. It explores the stories and allure behind legendary gems that transcend their material value.
From the red diamond of the legendary Argyle mine to Princess Diana’s amethyst necklace, the world of jewelry auctions thrills with pieces whose names alone stir emotions. Guided by experts from Sotheby’s, Christie’s, and Phillips, we explored this beautiful and secretive realm.
On May 13th in Geneva, a Phillips auction featured a red diamond so rare that seeing it in person is a once-in-a-lifetime opportunity. Named ‘The Argyle Phoenix’, this red diamond was mined from Australia’s legendary, now-closed Argyle mine.
On January 18, 2023, at Sotheby’s London ‘Royal & Noble’ auction, the appearance of an amethyst cross pendant by the British royal family’s official jeweler, Garrard, left the gathered crowd breathless as if they had entered Buckingham Palace. Created in the 1920s, this was the jewelry first worn by Princess Diana to a charity event in 1987, which she then wore consistently, boosting its fame. With an estimated price of £80,000-£120,000 (approximately 140-200 million KRW), it ultimately sold for a staggering £163,800 (approximately 283 million KRW) to a new owner. While the hammer price exceeding expectations was a topic of discussion, the pendant became even more famous when the buyer was revealed to be Kim Kardashian. This amethyst cross, once owned by Princess Diana, notable for its bold size and vintage charm, became part of a celebrity collection through Sotheby’s auction.
Last year’s Christie’s auction in Geneva was no less impressive. Christie’s standout piece was the jewelry collection of billionaire Heidi Horten, tinged with a transparent green hue. Part of her estate following her death in 2022 at age 81, the collection comprised 700 pieces, including rare gems like diamonds and rubies, and luxury items from Van Cleef & Arpels, Cartier, and Tiffany. Horten was the widow of Nazi party member Helmut Horten, who amassed wealth through businesses exploiting Jews, and her collection bore the scarlet letter of ‘Nazi collaborator’s jewels.’ Nevertheless, the Heidi Horten Collection sold for a total of $202 million (approximately 270 billion KRW), setting a new record for the highest-priced private jewelry collection auction at Christie’s (the previous record was held by Elizabeth Taylor’s jewels sold in 2011).
We reached out to jewelry specialists at the forefront of the auction world. Yuni Kim, Sotheby’s first Korean auctioneer and Head of Jewelry, Asia, explained Sotheby’s consistent curation principle: maintaining an appropriate ratio of high-provenance jewels and rare pieces from specific jewelry brands.
She noted a recent trend of rising prices and popularity for pink diamonds and colored diamonds since the Argyle mine ceased operations in 2019. There’s also significant interest in vintage and antique pieces by specific, now hard-to-find artists. Works from the early 20th century, like Art Deco and Art Nouveau, with high artistic value, are also rare. For pieces with important provenance, like those from royalty or nobility, collector interest intensifies.
Ronny Hsu, Vice President and Specialist, Head of Jewellery, Asia Pacific at Christie’s, firmly believes in the positive function of jewelry auctions.
He notes recent auction trends focus on sapphires from Kashmir, Myanmar, and Sri Lanka, Paraíba tourmaline from Colombia, and other discontinued or limited-edition pieces.
Benoît Repellin, Global Head of Jewellery at Phillips, describes jewelry auctions as “an opportunity to receive very attractive estimates from the world’s most famous jewelers.” Beyond absolute value, auctions offer a chance to encounter a diverse range from antique jewels to modern works and pieces signed by various houses. Pricing is meticulous, considering quality, craftsmanship, design, signature, period, and origin.
Similar to Sotheby’s, Phillips has seen fervent interest in pink diamonds. A Fancy Intense Pink diamond sold last year for $13.2 million (approximately 18.2 billion KRW), setting a record for Phillips. The trend shows increasing popularity for colored gemstones, diamonds, and especially colored diamonds. Vintage pieces are also highly popular, much like in fashion. Iconic models from jewelry houses, such as Cartier’s Art Deco diamond bracelet or Bulgari’s Monete necklace, consistently receive strong responses.