This article first appeared in the JNA March/April 2025 issue.

Rarity and colour were the sweet spot for luxury jewellery auctions in 2024, with one-of-a-kind investment jewellery alongside signed pieces and single-owner collections gaining favour among seasoned and aspiring collectors alike.

The buyer demographic has also become more dynamic. Younger clients continued to make their presence felt at auction circles while highly discerning and more sophisticated Asian bidders actively participated in
overseas sales.

Auction houses intensified their digital offerings, combining live and online events to expand their market reach. Meanwhile, several auctioneers strengthened their business strategies in Asia by opening bigger headquarters and aimed to offer rarer, more exquisite jewellery pieces.

Not all is rosy though as companies faced headwinds that could continue well into 2025. The most pressing challenges include sourcing valuable private collections as well as pricing difficulties, ongoing macroeconomic and geopolitical instability, evolving consumer demand and heightened competition.

Vivid and unique

Colour was the clear winner at last year’s luxury jewellery auctions, led by fancy pink diamonds, rubies, sapphires and emeralds, to name a few.

At Christie’s New York, a 10.20-carat fancy intense round brilliant-cut pink diamond ring in 18-karat rose and white gold fetched US$13.29 million, becoming the most expensive jewellery sold at auction in 2024.

Demand for top-quality Kashmir, Burmese and Ceylon sapphires along with Colombian emeralds and Burmese rubies was equally robust, according to Ronny Hsu, head of sales, Jewellery Department at Christie’s Asia Pacific.

At Christie’s Hong Kong, clients eagerly vied for a Burmese ruby and diamond ring that fetched close to HK$50 million (around US$6.42 million), and a 7.70-carat Kashmir sapphire and diamond ring, which was bought above estimate for over HK$8.6 million (approximately US$1.1 million).

Bonhams shared this observation. Jean Ghika, Bonhams’ global head of Jewellery, noted, “The focus for buyers in 2024 has been colour. We have achieved strong results for both fancy colour diamonds as well as coloured gemstones in our global salesrooms.”

In June 2024, Bonhams auctioned off the “Toi Et Moi” ring adorned with fancy intense blue and fancy purple-pink diamonds by Mouwad for US$3.76 million in London. This growing penchant for colours became more pronounced during subsequent auctions.

At a single-owner sale in Bonhams New York in September 2024, a buyer snapped up an 8.68-carat emerald and diamond ring by Oscar Heyman for US$508,500 while a Paraiba tourmaline and diamond ring achieved US$533,900.

Another pink diamond made it to the list of top-performing lots last year – a 6.21-carat fancy vivid pink diamond ring, which attained US$12 million at Phillips Geneva. Appetite was likewise steady for red diamonds, the rarest of all fancy diamond colours, according to Janet Lam, senior specialist at Phillips Jewels. Phillips achieved a world record price for “The Argyle Phoenix,” a 1.56-carat fancy red diamond ring, which raked in US$4.2 million.

Coloured gemstones also enjoyed the limelight. A 280.84-carat emerald, called “The Amazon Queen,” which sparked a 30-minute bidding war, sold for over US$3 million at Phillips Geneva.

Auction houses similarly observed mounting fascination for signed jewels at last year’s auctions.

“There is strong demand for discontinued, one-of-a-kind and limited-edition signed pieces,” said Hsu of Christie’s. “For example, an ‘India Tutti-Frutti’ necklace by Cartier realised HK$67.7 million (around US$8.7 million) in Hong Kong after over 10 minutes of competitive bidding.”

Over at Sotheby’s, fancy colour diamonds and signed jewels were major growth drivers. Uni Kim, co-head of Sale and specialist, Jewellery at Sotheby’s Asia, explained, “Works that showcase uniqueness and rarity, both in terms of design and history, are highly coveted, with a special focus on single-owner collections.”

At its Magnificent Jewels sale in Hong Kong last April, Sotheby’s offered a 7.01-carat fancy vivid yellowish-orange diamond ring, which attained HK$29.5 million (around US$3.7 million) and a Jacques Timey for Harry Winston sapphire and diamond ring, which was purchased for HK$19.81 million (about US$2.53 million).

Kim also highlighted The Phillips Family Collection from Japan offered in April 2024, which achieved a 100 per cent sell-through rate, with 60 per cent of the items surpassing high pre-sale estimates.

Bucking the colour trend was the Fortune Five Unmounted Diamond, a 55.55-carat Type IIA oval brilliant-cut white diamond that generated US$5.8 million at Sotheby’s Hong Kong in April last year.

Apart from signed pieces, antique and vintage jewellery were also winners, having exceeded pre-sale valuations at Sotheby’s October auctions, added Kim. A few notable examples were a “Zip” diamond necklace and a “Bals de légende” turquoise, onyx and diamond clip brooch from Van Cleef & Arpels.

Evolving landscape

Despite a steady level of bidding enthusiasm observed in 2024, buyers remained cautious due to economic instability, noted Fung Chiang, head of the Jewels, Watches and Handbags Department of Poly Auction Hong Kong.

And while demand for natural colourless diamonds was down, fine coloured gems and luxury signed pieces with investment and collection value were highly sought after, he added.

Kim of Sotheby’s agreed, adding that this preference for rarity reflects a broader consumer desire for special pieces that tell a story.

Another rising phenomenon is younger buyers, or those under 50, becoming more active participants at auctions, which Kim attributed to the emergence of online platforms.

The number of buyers under 20 years old has grown exponentially in the past five years while online participation of those in their 20s has surged by over seven times within the same period. Similarly, the number of buyers in their 30s has more than tripled.

“This trend indicates a shift towards diversification in the market, with younger collectors showing interest in a wide range of items – from traditional luxury pieces to contemporary designs,” added Kim.

Hsu of Christie’s noted that both upcoming and seasoned collectors are willing to invest within their budgets while seeking high-quality gemstones.

Younger buyers, for instance, are interested in understanding gemstones and once they have a better grasp of a gem’s intrinsic value and beauty, their willingness to invest more time and money also rises.

To better resonate with the younger generation, Christie’s incorporates online auctions that coincide with its live events. “This meets the diverse needs of clients across various price ranges and attracts more younger buyers,” remarked Hsu.

Kim is anticipating stronger participation in online auctions moving forward as well as continued interest in one-of-a-kind pieces. The auction business is also evolving as it continuously adapts to changing consumer preferences, with a notable shift towards online sales and hybrid auction models that combine live events with digital participation.

“These changes are advantageous as they broaden the market reach and engage new demographics, particularly younger collectors who value both tradition and innovation,” she added.

Bonhams is likewise at the forefront of this digital evolution in the auction space. According to Ghika, consumers have become more confident in making jewellery purchases online and offline, even at higher price points.

In fact, Bonhams’ global registration numbers have risen by 29 per cent year on year. Online auctions and the introduction of the Bonhams App made it easier for clients to place bids.

“As a direct result, we have seen strong results with each sale made up of both local and international buyers with clients bidding in auctions outside of their local region. Additionally, we are seeing the Asian consumer actively participating in our European and US sales,” remarked Ghika.

Asia strategy

Ghika also said appetite for fine jewellery in the Asian market remains strong, especially for rare stones and innovative designs from established jewellery houses. Bonhams recently opened its new Hong Kong Headquarters at Six Pacific Place in Wanchai, which spans over 19,000 square feet and three floors. The new premises also feature flexible gallery spaces alongside a permanent salesroom.

Christie's also inaugurated its new Asia Pacific headquarters at The Henderson in Central, which Hsu described as instrumental to advancing Christie’s business strategies in Asia and fostering the region’s unwavering demand for art and luxury.

Presenting exquisite collections alongside providing educational experiences to inspire the next generation are at the centre of Christie’s new year-round calendar of sales and events, according to Hsu.

“Our business strategy emphasises the importance of consigning private collections, allowing us to offer exclusive pieces that cater to discerning collectors,” added Hsu.

Asia is also a key focus for Sotheby’s, revealed Kim. The auction house unveiled Sotheby’s Maison in Central in July last year, further enhancing client experience.

Since its opening, the maison has welcomed over 400,000 visitors, 10 times more compared to 2023, as Sotheby’s was able to interact with existing and potential clients more conveniently and regularly.

While physical presence is critical to growing the market, digital transformation remains a high priority for Sotheby’s too. These include stronger engagement strategies that leverage social media and influencer partnerships to attract younger buyers.

Kim explained, “The jewellery auction market is poised for continued growth as it embraces technological advancements and shifts in consumer behaviour. Luxury spending remains strong.”

Meanwhile, the year 2025 marks a significant milestone for Phillips as it celebrates its 10th anniversary in Asia.

Lam of Phillips said the goal this year is to offer a diverse range of items to attract different buyer segments and tailor auction offerings to satisfy local preferences.

Echoing the need to tap into new markets, Chiang of Poly Auction revealed that the company will focus on branding and expanding its customer base in mainland China and Hong Kong in 2025.

The year ahead

Lam said the auction market faced volatility in 2024 arising from economic and geopolitical instability, and fluctuating consumer demand. However, the key to mitigating potential headwinds was securing top consignments from seasoned collectors.

Fine gems and investment-grade jewellery remain resilient to business uncertainties as these are always highly favoured by connoisseurs, shared Lam. Additionally, the auction market is increasingly becoming more competitive, with several auction houses vying for prominent consignments and buyers.

Other stakeholders echoed this sentiment. Chiang remarked that 2025 will continue to be a challenging year due to macroeconomic uncertainties. More and more people, however, are viewing jewellery as a valuable investment. This also brings to the fore the importance of consigning high-quality jewellery for buyers, which is a major priority for Poly Auction.

Hsu, for his part, noted that sourcing private collections with unique pieces at competitive prices remains a significant challenge. High-quality collections that come to auction and are meticulously curated often lead to remarkable results, he added.

As such, Christie’s is focusing on consignment strategies critical to building an exceptional sale.

“Jewellery and gemstones have an enduring appeal and, following the demand witnessed at Christie's throughout 2024, we enter 2025 with cautious optimism,” stated Hsu. “Securing extraordinary pieces at competitive estimates will be vital for our auction success in 2025. This strategy not only attracts bidders but also enhances our reputation as market leader.”

Hsu added that robust pricing trends in the gemstone market over the past year, which indicates strong demand and limited supply, are likely to persist, reinforcing the stability of gemstone investments.

Meanwhile, Ghika of Bonhams remains upbeat about further growth in 2025, adding that the market is buoyant for fancy colour and antique, old-cut diamonds as well as rare period jewellery, particularly from major houses.

“In our December New York Jewels sale, we saw early indications of a return to white diamonds with the top lot being a 10.22-carat heart-shaped diamond pendant, which sold for US$343,400,” revealed Ghika.