Sales at Christies Hong Kong auction exceed estimates at £41.2m.
A Kashmir 49.61 carat sapphire and diamond bracelet sold for £4.8 million at Christie’s Jewels: The Hong Kong Sale auction on Tuesday, the highest price ever achieved for a bracelet and £3.6 million more than it made in 1988.
The most expensive individual item sold was a single-strand jadeite bead necklace, which at £5m accounted for over 12 percent of the total £41.2 million raised. A total of 256 lots were sold, with the many of the most expensive going to Asian private or anonymous buyers. The auction was 89 percent sold by lots and 94 percent sold by value.
Christie’s Asia Jewellery and Jadeite Department director Vickie Sek said: “At more than US$60 million (£40.9 million), this auction is the most important ever organized by Christie’s anywhere in the world. This confirms the position of Hong Kong and Asia as a premier centre for the finest jewels and gems.”
“It is interesting to note that the Kashmir sapphire bracelet which sold for US$6.9 million had been sold by Christie’s previously in 1988 for US$902,000 (£615,000), which represents US$1.7 million (£1.2 million) in today’s currency. Kashmir sapphires, Golconda diamonds, natural pearls, and important jade are faring better than ever, with prices reaching new levels with which we are confident.”