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2013 was a phenomenal year for antique jewellery and precious stones

Posted on: 12/07/2018
 

Author: Martin Cinolter

Last year was marked by record-breaking prices for precious stones. At a time when certainties are collapsing, the investment icon known as gold plummeted in value by thirty percent, banks are printing money relentlessly, and tax havens are imposing progressive levies on deposits to avert state bankruptcy (in collaboration with politicians). The French President promised to tax capable individuals at a rate of 75%. Property prices, at best, stagnate. In contrast, the prices of precious stones and antique jewellery once again demonstrate that they are a safe haven for conservative investors.

Prices of unique antique jewellery and quality antiques have shown consistent steady growth. This growth is supported by the trust of discerning customers and primarily by their quality, proven over time.

Precious stones broke one record after another last year. In April, a 25.5-carat blue diamond was found at the Cullinan mine in South Africa and sold for $16.9 million (approx. 344 million CZK). Blue diamonds are rarer than colourless ones, with their hue caused by a boron atom in the crystal lattice.

That was just the beginning. At the end of the year, competing auction houses Christie's and Sotheby's seemed to engage in a race to bring the greatest sensation to market. Christie's was first, auctioning a 14.82ct orange diamond on 12 November. The next day, its long-time rival Sotheby's auctioned a 59.60ct pink diamond. Both diamonds were found in South Africa.

Christie's Strikes First

The orange diamond was discovered 31 years ago and originally weighed about 32ct. It was cut into a pear shape. Its rarity lies mainly in its highly intense fancy vivid colour and weight. Notably, orange diamonds are extremely rare, and this gem is considered the largest orange diamond in the world. The orange colour is due to nitrogen and oxygen in the crystal lattice. The last orange diamond was auctioned by Sotheby's in 2011, weighing 4.11ct and selling for an astounding $2.9 million.

The orange diamond auctioned last year had an estimated value of $15-20 million, according to experts. In the end, it shattered all predictions, selling for a record-breaking $32.6 million, an almost unimaginable amount of approximately 705 million CZK.

It is worth noting that two necklaces with emeralds and diamonds belonging to Egyptian princess Faiza (1923–1994) were auctioned. Their estimated value was $5–10 million, and the necklaces were created by Van Cleef & Arpels.

Another highlight of the auction was three jewellery pieces from the Patinó collection. This collection was created by Bolivian entrepreneur Simón Itturi Patinó (1862–1947), known as the Tin King, a passionate jewellery collector. Over his lifetime, he assembled a renowned jewellery collection. The first item was a necklace with emeralds and diamonds purchased from Cartier in 1938, originally owned by Spanish Queen Eugenie Victoria in 1937.

The second item was a pair of earrings created from the aforementioned necklace, which had been shortened.

Lastly, the collection included a ring with a cushion-cut clear diamond weighing 32.54ct, graded as F in colour and VS2 in clarity, by Chaumet. All three pieces eventually sold for $17.4 million. The Christie’s auction totalled $125 million, including pieces from Helena Rochas, the Egyptian princess, and the orange wonder.

Sotheby's Strikes Back

The following day, 13 November, Sotheby's auctioned a pink oval-cut diamond named Pink Star, with an estimated value of $60 million, making it the most expensive diamond in auction history. This valuation was due to its weight, flawless clarity, and vivid fancy colour saturation.

It was mined by De Beers in 1999 with a rough weight of 132.5ct. Cut in 2003 after 52 design considerations, the cutting process took two years and was completed by Steinmetz, who also named the diamond. It was sold in 2007, with the buyer remaining anonymous.

The final price reached $83.1 million, including the auction premium ($83,187,381). Auctioneer David Bennett declared: "Ladies and gentlemen, $68 million is the highest bid ever made for a diamond, right here." He brought down the gavel to thunderous applause, concluding a highly successful 2013.

Martin Cinolter