MARKET INTELLIGENCE 市场情报 48 | JNA March/April 2024 Other highlights from last year were an 11.87-carat cushion-cut sapphire of Burmese origin, which sold for US$660,900 – three times its pre-sale estimate; and a 1.37carat fancy intense purplish-pink diamond of VS2 clarity grade, which fetched US$279,900. To further bolster engagement with digital customers, Bonhams hosted more online jewellery auctions in 2023. In total, Bonhams staged 87 auctions across seven sales locations, representing a 50 per cent year-on-year increase in the overall number of jewellery sales held across Bonhams’ global network. Of these, 58 were online sales. Worldwide Head of Jewellery at Phillips Benoît Repellin also attested to the continued strength of the luxury market amid a challenging environment. In fact, Phillips launched its inaugural Geneva jewellery auction in November 2023 and ended the year with a 40 per cent increase in total jewellery auction sales over the previous year. Repellin noted, “There is global demand for rare and captivating jewels and, at our sales events, we continue to offer a meticulously curated selection of gems and jewellery pieces. Strategic pricing, digital engagement as well as the presence of new and younger participants at our auctions contribute to our high sell-through rates and growth.” Among Phillips’ most remarkable lots in 2023 was a sapphire and diamond necklace by Bulgari, which attained HK$26.83 million (about US$3.42 million) in Hong Kong. The necklace is set with an unheated Royal Blue Ceylon sapphire weighing 118.35 carats, one of the largest faceted sapphires ever to be sold at auction. In the second half of 2023, Phillips’ autumn sales results reaffirmed the market’s voracious appetite for rare fancy colour diamonds across the board. The top three lots sold in Hong Kong were fancy colour diamonds while Phillips’ maiden Geneva auction was led by a 20.19-carat fancy intense pink diamond – one of the largest fancy pink diamonds to ever appear at auction. This realised CHF11.9 million (around US$13.2 million). Signed jewels likewise performed strongly in 2023. Phillips sold a fine Kashmir sapphire and diamond ring by Schlumberger for Tiffany & Co for HK$3.3 million or US$423,000 and an iconic Van Cleef & Arpels Zip necklace. “Demand for high-quality coloured gemstones, diamonds and fancy colour diamonds will remain strong, with clients continuously training their sights on the best,” noted Repellin. “We see more collectors looking for iconic signed pieces, exceptional signature or period jewellery such as Belle Epoque or Art Deco, among others.” Meanwhile, Heritage Auctions Director of Jewelry Jill Burgum said last year’s auction results demonstrated luxury buyer preference for rarity, quality, condition and refinement. The US-based auction house reported strong results, led by exquisite diamonds and gems. Some highlights of its 2023 auctions included a fancy light blue diamond and platinum ring; and a Burmese spinel and diamond ring in 18-karat gold. Other top-performing lots included a 13.87-carat no-heat sapphire from Madagascar and a 2.64-carat Paraiba tourmaline as well as designer jewellery pieces such as a Van Cleef & Arpels Zip necklace with sapphires and diamonds in white gold. “The Zip necklace was the showstopper of the season. It held all the right interest factors to attract luxury buyers – brand name, rare design, pristine condition, original presentation box and book and was sold to benefit a charity. It was perfection,” revealed Burgum. While opportunities abound in the jewellery auction sector, sourcing fine materials is becoming more difficult, the company official said. “The year 2023 was impacted by global geopolitical and socioeconomic factors. Buyers were more selective in utilising their purchasing power,” she noted. “Opportunities for growth and expansion arose in social media outreach. At the same time, sourcing fine and rare materials proved to be more of a challenge.” The struggle to find better-quality materials and convert these into top-tier results could very well persist in the first quarter of 2024, according to Burgum. Road ahead Sek of Christie’s is cautiously optimistic about 2024, citing 2023 auction results as having demonstrated jewellery’s steadfast appeal amid a tough global market. “Our role will continue to be centred on presenting the most magnificent jewellery, gemstones and jadeite at appropriate price points to collectors, ensuring our sales are meticulously curated with a diverse array of superb pieces to cater to the demand in the Asia Pacific region and beyond,” she added. Bonhams’ Ghika, meanwhile, highlighted the auction house’s hybrid business strategy in 2024. She said Bonhams will continue to offer both live and online sales across its global sale locations, with the digital aspect of the business focusing on “The Weekly: Jewelry” – an initiative first introduced in the US in 2022. The concept offers over 100 daily-wear jewellery items added online on a weekly basis, creating a wider selection of jewellery for Bonhams’ global network. Asia will also play a crucial role in the continued growth of the jewellery auction sector. Ghika stated, “There is continued growth and appetite for fine jewels within the Asian jewellery market, especially for impressive stones and notable designs from established jewellery houses. We will continue to offer both live and online auctions to further grow the market.” For his part, Repellin of Phillips said the year 2024 will likely see strong competition for signed jewels, as well as exceptional jewellery pieces and gemstones as more clients view jewellery as a collectible category similar to art. ‘Bulgari Laguna Blu’ diamond 宝格丽的Laguna Blu钻石
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