![]() ![]() At the time, experts chalked it up to two major factors: the closure of Hong Kong, where many of the buyers of these big stones are located, and market fatigue caused by a number of similar items hitting the block in succession. ![]() Others just barely eked past their low estimates. The renewed attraction for the auction scene follows a challenging second half of 2022, when a number of big-ticket items - such as the 5.53-carat blue from De Beers that Sotheby’s Geneva offered for $15 million in November - didn’t sell. We had a huge amount of interest, and I think we had the highest registration that we’ve ever had for our New York auction.” “We certainly saw that with our sale when we exhibited in Hong Kong. “I think the opening of Hong Kong will have a positive effect,” says Jean Ghika, global director of jewelry for Bonhams. After a mixed autumn, market participants are cautiously optimistic that the April, May and June events will mark a rebirth of the bidding frenzies the industry enjoyed in the past. Sentiment in the auction sector is upbeat ahead of the spring sales as the big houses plan to offer a wide variety of jewels and are benefiting from Hong Kong’s reopening.Ī record-breaking ruby, the “most significant” pink diamond ever, and a collection amassed over years by an Austrian billionaire are expected to bring in strong prices at Christie’s and Sotheby’s. Despite a poor showing at the fall sales, large colored diamonds and historical jewels look like they will gain steam this spring.
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