Friday 11 April 2014

Sotheby’s Hong Kong Auction Generates Sales of $107M

Sotheby’s Hong Kong Auction Generates Sales of $107M

(April 9, '14, 3:12 Albert Robinson)

(IDEX Online) – Sotheby’s Hong Kong Magnificent Jewels and Jadeite Spring Sale generated a total of $106.6 million and was 82 percent sold by lot.

The highlights of the auction were the purchase of the Hutton-Mdivani necklace by the Cartier Collection for $27.4 million, a world record for a Cartier jewel, according to Sotheby’s.

Sotheby’s said another world auction record was set with the sale of a 29.62-carat cushion-shaped oval Burmese Mogok ruby and diamond ring by Cartier for $7.34 million.

Sotheby’s Asia, said, “Sotheby’s offering of the greatest jadeite bead necklace in the world, The Hutton-Mdivani Necklace, in today’s Magnificent Jewels and Jadeite sale enters the annals of auction history as one of the most thrilling saleroom competitions ever.

“Eight bidders in the room and on the phones competed for 20 minutes driving the price to double the estimate and achieving a world auction record for any Jadeite jewelry and a Cartier jewel, a price which fully lives up to the storied past of this captivating work of art, which had caused enormous excitement among jewelry cognoscenti.

“Sotheby’s is pleased to confirm that the necklace was acquired by The Cartier Collection.”