Whether you have inherited a single piece of jewelry or an entire collection, there has never been a better time to sell at auction. Driven by client demand and limited supply, the prices of high quality colorless and fancy diamonds, rubies, sapphires, and emeralds have increased significantly over the past two years. Pieces by Harry Winston, Graff, Bulgari, Tiffany, Verdura, and Cartier, the worlds most luxurious and exclusive jewelry houses, are in great demand and bring enthusiastic bidding at auction.
Buyers are particularly excited by jewelry and watches that come from estates and private collections. Fresh to the market pieces create buzz and generate extremely spirited bidding. The history of a piece, also known as the provenance, gives buyers confidence when bidding and maximizes value for the seller. In January 2021, Doyle was honored to sell the Estate of Mrs. Henry Ford II. This landmark auction showcased furniture, art, books, gentleman’s accessories, and costume jewelry from the Ford’s Palm Beach mansion. Amid frenzied international bidding, the sale totaled $1,123,857, more than tripling the pre-sale estimate of $242,480 – 371,820! Other Palm Beach estates have had similar results. Barbara Wainscott’s extraordinary jewels were estimated at $1,275,450 – 1,855,650 and sold for a staggering $2,663,156; the Estate of Aileen Mehle, also known as society columnist Suzy, sold for $903,362 with a pre-sale estimate of $346,095 – 509,760.
The market for colorless diamonds is currently very strong at auction. One of the leading factors in rising diamond prices is the disruption Covid-19 caused in India. Although Russia, Australia, and Botswana hold the world’s largest diamond reserves, over 90% of the world’s diamonds are cut and polished in India. The diamond industry suffered from multiple lockdowns, curfews, and workforce shortages. As the pandemic ravaged India, many diamond industry workers returned to their rural hometowns and have not returned. Meeting demand is further hindered with the rise of lab-grown diamond manufacturers. These newer firms are luring vital cutters and polishers away from the natural diamond industry. Although salaries have risen; there is still a significant labor shortage. These market conditions have converted retail buyers into auction enthusiasts and pushed diamond prices upwards at auctions.
Colorless diamonds may be the most popular at auction, but colored diamonds command the highest prices. Colored “fancy” diamonds can be yellow, orange, pink, blue, green, purple, brown or black. Unlike a colorless diamond which is priced according to its absence of color, the value of a colored diamond is determined by the intensity and purity of color. Recently, Doyle was honored to sell several blue diamonds for very high prices. A Fancy Blue, 1.80 carats, sold for $975,000 and a smaller Fancy Blue, 1.52 carats sold for $855,000. Natural red, green, purple, and orange diamonds are exceedingly rare and attract competitive bidding from gem connoisseurs and investors.
High quality rubies, sapphires, and emeralds often bring the most attention at auction. Apart from colored diamonds, rubies command higher prices per carat than any other gemstone. Burmese rubies are considered the very best and are among the most coveted gemstones. Stones exhibiting the highly desired “pigeon-blood” color can bring $1 million per carat. Historically, sapphires have symbolized truth, faithfulness, nobility, and romance. They are a popular alternative to diamonds for bridal jewelry. The most prized sapphires are mined in Kashmir, Burma, and Ceylon and prices are determined by origin and treatment. Kashmir sapphires are the rarest and prized for their velvet “cornflower” blue color. They bring the highest price per carat at auction. Burma sapphires are also rare and characterized by an intense blue color with a slightly violet hue. Ceylon sapphires are an electric blue color. Although not as valuable as Kashmir and Burma stones, high quality Ceylon sapphires have significantly risen in value. Emeralds are also sought after by collectors. Value is determined by size, purity, color, and brilliance. The most valuable emeralds are found in the Muzo mines of Colombia.
Perhaps the most profound impact on buying and selling jewelry at auction is the convenience. Auction house websites have evolved and become increasingly dynamic and user-friendly. Clients can easily submit photos for valuation by Doyle’s specialists and bid through our online platform. Bidders can also buy through alternative websites such as LiveAuctioneers or Invaluable. High-value art and jewelry can be confidently sold online, and we expect this trend to continue. Strict auction categories are evolving as auction houses are mixing genres to encourage both seasoned and new bidders to think outside their traditional buying habits.
Collin Sherman Albertsson is Senior Vice President and Florida Regional Director for Doyle Auctioneers & Appraisers, a full-service auction house headquartered in New York City with gallery in Palm Beach. She received her B.A. in Art History and History from Southern Methodist University and her M.A. in European Decorative Arts from Parson’s School of Design. She is a candidate for the Graduate Gemologist Degree from the Gemological Institute of America. Ms. Albertsson regularly travels throughout Florida to provide private collectors, heirs, families and fiduciaries advice on the sale of a single item, estate or collection