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| Gems & Jewelry |
Beauty on the Auction Block
Jill Newman
12/01/2003
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Priceless by Design
"The value of diamonds and colored stones is easier to measure than jewelry designs," observes Teakle of Christie’s, "since most important stones have lab certificates verifying their quality, and a buyer can look at comparable auction sales of similar stones over the past several years for a benchmark on its value."
 Buying jewelry for its design rather than the value of its gems can be an unpredictable investment. Certain houses and designers are perennial favorites. Still, a Verdura or Fouchet signature does not necessarily make a bracelet either desirable or valuable: Even the best designers are subject to an aesthetic blunder. Generally, though, a signed piece of jewelry from the likes of Boucheron is likely to fetch a higher price at auction than a similar unsigned piece of jewelry. Furthermore, a signed piece from a particular house during its heyday—such as Art Nouveau designs from Lalique or Fouquet, Art Deco pieces by Cartier, or Forties pieces using the mystery setting from Van Cleef & Arpels—will always command top prices. "A signed Cartier Art Deco bracelet may have sold for $15,000 in the ’20s," remarks Chris Del Gatto, chief executive officer of Sell Jewelry, which buys high-end gems and jewelry from private clients. "But now that same bracelet could command perhaps $300,000." (Click image to see partial close-up)
Other factors, too, can elevate the desirability of designer jewelry; these include an interesting provenance or a specific period or style that enjoys current vogue. The perfect alignment of beautiful design with a prominent signature and a prestigious provenance occurred at Sotheby’s last April in an auction lot that fetched nearly three times its estimate. Verdura’s "Mermaid" brooch, circa 1945, features a gold mermaid perched atop a crystal wave rippling with blue sapphires. The piece, from the estate of philanthropist Barbara Pauley Pagen, had an estimated value of $10,000 to $15,000; it sold for $42,000.
Exceptional contemporary designs also attract collectors’ attention at auction. JAR by Joel Arthur Rosenthal in Paris, for instance, generates significant buzz at auction. The designer creates very few one-of-a-kind pieces each year, and often refuses to see new clients. The appearance of one of his pieces at auction—such as the dramatic diamond ear clips with an estimate of $125,000 to $150,000 that graced Christie’s sale in October—sends anxious collectors clamoring to snap up these heirlooms-to-be for future generations.
Future value aside, however, in the end, beauty is what most buyers behold. "In the final analysis," concludes Teakle, "disregard the magnifying glass and statistics, and look at the pure beauty of the gem or design. Beauty is a great pleasure, and it’s the best investment."
Photos courtesy Christie’s
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