The National Association of Jewellers
The National Association of Jewellers
05/30/2023 | Press release | Distributed by Public on 05/30/2023 08:03
MAN ON THE MOVE - Controversial Geneva gem sale under the spotlight in May
MAN ON THE MOVE - Controversial Geneva gem sale under the spotlight in May
30 May 2023
By David Brough
GENEVA - A controversial gemstone sale was the big talking point in high jewellery circles in May after the Sunrise Ruby sold for CHF 13.1 million ($14.6 million) at Christie's in Geneva, falling below estimate at an auction marred by concerns about Nazi links.
The 25.59-carat Burmese gem from the collection of Austrian billionaire Heidi Horten failed to reach its low estimate of CHF 14 million ($15.7 million) on May 10. In 2015, the same item sold for more than $30 million at a Sotheby's sale.
The auction captured headlines because the philanthropist's husband made his fortune in Nazi Germany, Rapaport reported.
The World Federation of Diamond Bourses (WFDB) wrote to Christie's objecting to the sale, claiming Helmut Horten had bought Jewish businesses at a fraction of their worth in forced transactions.
"On behalf of the Executive Board of the World Federation of Diamond Bourses, I would like to express the WFDB's objection to this sale, so clearly associated with Nazi plunder of Jewish businesses," WFDB President Yoram Dvash wrote in the letter.
Christie's specialists attending the sale in Geneva declined to comment about the auction result of the ruby.
Gemstone dealers participating in the separate GemGenève trade show, which followed the sale of the ruby, said privately that a number of high-level gemstone dealers had decided not to bid in the ruby auction.
Discussions of the ruby sale overshadowed the impact of other Magnificent Jewellery lots in Geneva in May, but the results of those lots were generally robust, underlining the continuing strength of the top tier of the jewellery, diamond and gemstone markets amid investor interest against a backdrop of high inflation in many parts of the world.
Signed items from maisons such as Christie's, Sotheby's and Bulgari outperformed, as did exceptionally rare and beautiful coloured gemstones and diamonds.
The 11.16 carat Laguna Blu, an exquisite rare fancy vivid blue diamond ring, the top lot in the Sotheby's May 16 Magnificent Jewels sale, achieved USD $25.2 million, the highest ever value for a Bulgari jewel offered for sale, the auction house said.
London-based Gem-A CEO Alan Harttoured GemGenève selecting his own gemstone and diamond highlights, in an Insta Live@jewelleryoutlookjoined by me.
The highlights included an exquisite, rare 6-carat green diamond seen at the stand of Scarselli Diamonds, exceptional no-heat Burmese rubies and sapphires seen at Caram, a Hong Kong-based dealer, and a sample of peridots seen at Fuli Gems prior to the expected launch of commercial production at a Chinese mine later this year.
Oroarezzo
After attending GemGenève, I flew to the Oroarezzo show in Tuscany to report on the Italian gold jewellery manufacturing sector, which is benefiting from the pickup of Chinese markets post-Covid.
The ongoing recovery of Chinese demand after the lockdowns is creating fresh opportunities for Italian gold jewellery manufacturers to sell their precision-made products to so-called "Place Vendome" jewellery retailers and other top brands.
Industry sources attending the May 13-16 Oroarezzogold jewellery fair said high-end Italian gold jewellery manufacturers were now focusing strongly on sales growth to the upper end of the Chinese market.
AUTOR
Earlier in May I attended a show in Bucharest featuring up-and-coming contemporary jewellery designers from around the world.
Sixty cutting-edge jewellery designers presented their work at the AUTOR Contemporary Jewellery Fair, displaying an array of inspirations and materials.
Two thirds of the designers at the May 6-7 show, which took place in a period building in Bucharest's cobbled Old Town, came from overseas, including the UK, Italy, Greece, Argentina, Turkey, Venezuela and Moldova.
All of the designers had been pre-selected to exhibit at the show by an international expert panel.
The designs at AUTOR were eclectic, with inspirations drawn from dreams, the home, childhood concerns, smells and sensations, and many more themes.
Materials used were also varied, comprising everything from silver, stainless steel and brass to reinforced coloured paper, resin and pigments.
Buyers were mainly European collectors and jewellery aficionados looking to express their own personalisation.
Designers exhibiting at the show, included Liverpool-based Deelyn Walsh, inspired by architecture and sculpture; Italian artist Fabiana Fusco, who says her inspiration includes the home, dreams and gender equality; and Romanian designer Cleopatra Cosulet, who has a very personal design inspiration, and crafts her pieces using resin and pigment.
(Disclaimer: any opinions expressed in this article are solely those of the author and are not intended as investment advice.)
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