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| May/June 2004 |
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Big Gem Sales at Christie's Posted: May 24, 2004 The recent Magnificent jewels auction at Christie's in Geneva saw the sale of two significant colored stones: more than $100,000 per carat was paid for a 9.35-carat unheated Burmese ruby (at left), and a private collector spent over $35,000 per carat for a 27.54-carat Kashmir sapphire. Interest in colored stones peaked, however, with the sale of a magnificent Burmese ruby and diamond necklace designed by Cartier in 1937 for the Maharaja of Nawanagar — selling for more than $2.3 million. The absence of a buyer for the 486.52-carat "Blue Giant of the Orient" sapphire caused temporary disappointment in the auction room, but Christie's was able to sell it immediately after the auction for $1 million. According to Christie's representatives, the auction's results — the sale of more than 88 percent of the lots offered at a total of $28.5 million — confirmed their pre-sale predictions that the market had strengthened. READ MORE: See a calendar listing of upcoming jewelry auctions at Christie's and other auction houses. |
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