2023 In Review: Jewelry

F rom heart-stopping, rare, one-off gems shattering auction records worldwide to familiar favourites from prestige houses, whichever way you cut 2023, there was a sparkle and sizzle in the jewelry market over the past twelve months across our international network. Here, our New York, Geneva and UK teams look back at the year and select their most appealing pieces from our sales calendar.

Sotheby’s June Auction of Magnificent Jewels achieved a total of $95.9 million, the highest ever total for any jewelry auction ever staged at Sotheby’s New York. The sale was headlined by two outstanding gemstones – the Estrela de FURA: 55.22 and the Eternal Pink diamond, each of which achieved record-breaking prices.

The Estrela de FURA: 55.22, a 55.22-carat Mozambique ruby, sold for $34.8 million, establishing a new auction record for a ruby, as well as for any colored gemstone ever sold at auction. The Eternal Pink, a 10.57-carat Fancy Vivid Purplish Pink diamond, also earned $34.8 million, a world auction record for a Fancy Vivid Purplish Pink diamond, and a new price per carat record for the color grade. The auction notably featured a selection of jewels from Constance Prosser Mellon and Constance Barber Mellon, of which 100% sold, including a stunning 33.51-carat Burmese sapphire ring by Cartier, which soared to $3.3 million, after a prolonged five-minute battle between multiple bidders.

December in New York also featured a record-breaking jewel, this time in the form of a 133.03-carat Fancy Vivid Yellow diamond, which became the largest diamond of the color grade ever to sell at auction, ultimately bringing $5.5 million. The auction also featured jewels from four legendary Hollywood icons – Richard “Red” Skelton, Frank Sinatra, Mary Tyler Moore and Tony Randall. Leading this group of distinguished jewels was an exceedingly rare Burmese pink sapphire and diamond ring of approximately 17.55 carats, which achieved a price of $1.1 million – over seven times its high estimate.

2023 Jewelry Highlights: New York

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2023 Jewelry Highlights: New York

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  Cartier Emerald and Diamond Clip-Brooch

  “This charming retro Cartier brooch was a favorite among our specialists leading up to the auction. The vibrant emeralds in various shapes and sizes and the exceptional craftsmanship led this piece to achieve a price of more than double its low estimate.”
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  Estrela de FURA: 55.22

  The largest gem-quality ruby ever to come to auction, the Eternal Pink sold for $34.8 million at Magnificent Jewels in New York this June, a world record for a ruby and any coloured gemstone.
  
  “It’s difficult to express the range of emotions I felt when I first laid eyes on the ‘ Estrela de FURA: 55.22 ’, but to put it simply, I was entranced. With its unprecedented size, piercing color and rare degree of optical transparency and clarity, it truly deserved the record-breaking price today, as it now joins the ranks of the world’s most legendary gemstones.” Quig Bruning, Head of Sotheby’s Jewels, Americas & EMEA
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  Pink Sapphire and Diamond Ring

  “This outstanding gemstone is the finest pink sapphires we have seen in recent years. Its rich fuschia color, combined with its notable provenance, led the ring to soar past its high estimate, ultimately achieving one of the highest price per carats at auction for a pink sapphire.”
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  The Eternal Pink

  The most Vivid Pink Diamond ever to have come to market, The Eternal Pink achieved $34.8 Million in June - a world auction record for a purplish pink diamond - with its new record price per carat ($3.3m).
  
  "It was an honour to have handled a diamond as breathtaking and exquisite in nature as ‘The Eternal Pink,’ and its price today reaffirms that Sotheby’s is the premier destination for the world’s rarest diamond creations.” Quig Bruning, Head of Sotheby’s Jewels, Americas & EMEA

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Sotheby’s Geneva achieved its highest sale total in over five years with its May auction of Magnificent Jewels and Noble Jewels, led by the ‘The Bulgari Laguna Blu’ which soared to CHF22,625,100 ($25,189,429). The stunning 11.16-carat Fancy Vivid Blue diamond became not only the largest blue diamond ever to grace a Bulgari jewel, but also the most valuable gemstone mounted by Bulgari sold at auction. Its journey from a workshop in Rome to Sotheby’s Geneva saleroom reached a thrilling crescendo when it appeared on the red carpet at New York’s Met Gala, the centerpiece of a laurel wreath-inspired necklace – designed especially for the event by Bulgari – shining on the neck of actress Priyanka Chopra.

The life story of a jewel can be as compelling as the jewel itself. For instance, after months of highly anticipated previews across several continents, Vienna 1900: An Imperial and Royal Collection returned to Geneva in November, where it realized a coveted “white glove” result, with 100% of lots sold.

These extraordinary jewels, hidden in a bank vault for over seventy-five years, are bound together by beauty, rarity and illustrious provenances that include several European Royal and Imperial houses, all linked to the Hapsburg Dynasty. With over 200 items, from glorious tiaras dripping with natural pearls to emerald cuff links and Fabergé cigarette cases, the collection provides an extraordinary insight into the grandeur of Viennese court life at the turn of the century. Over 82% of lots surpassed their high estimates, driving the sale total to over CHF9.6 million ($11,057,356), over three times the presale estimate.

A highly rare and impressive Natural Pearl and Diamond Devant-de-Corsage, crafted by one of the finest Austrian court jewelers, Emil Biedermann, served as one of the auction’s many highlights, bringing CHF1.1 million ($1.15 million).

2023 Jewelry Highlights: Europe

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2023 Jewelry Highlights: Europe

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  Exceptional and highly important Natural Pearl and Diamond devant-de-corsage (circa 1865) From the collection of Archduchess Marie Therese of Austria-Teschen, Duchess of Württemberg (1845 - 1927)

   “Vienna 1900 is a triumphal culmination of centuries of collecting by some of the most respected and legendary Imperial and Royal Houses in Europe. This exceptional group has been deeply personal for me, stirring my passions for jewels with the greatest provenance and likewise inspiring bidders around the world to compete to own a piece of this treasured past. I can’t think of a more fitting end than two days of White Glove Sales cementing Sotheby’s commitment to being the only Auction House in the world to offer dedicated Royal and Noble Jewels Sales. At first sight I knew that “Vienna 1900” would join the pantheon of Sotheby’s Historical Sales and, besides the landmark sale of the Royal Jewels from the Bourbon Parma Family, perhaps the greatest and proudest moment of my career so far.”
  Andres White Correal, Deputy Chairman and Jewellery Senior Director, Sotheby’s
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  Bulgari, Exceptional and Rare Fancy Vivid Blue Diamond Ring, Laguna Blu. From A Distinguished European Collection

  “It’s been a privilege to witness the Bulgari Laguna Blu’s glamorous and exciting journey over the past few months, knowing that it was first created in 1970, to its most recent Met Gala appearance where it dazzled on the red carpet, set in a bespoke Bulgari necklace worn by Priyanka Chopra Jones. So, it’s a special moment to see this extraordinary jewel’s journey take yet a new turn, this evening in our auction room, in the hands of its first new owner in over 50 years. The sale of the Laguna Blu tops the remarkable performance of our Magnificent Jewels and Noble Jewels sale.”
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  Garrard Amethyst and Diamond Pendant (circa 1920) formerly in the collection of the late Naim Atallah CBE

  “This is a bold piece of jewelry by its size, colour and style which cannot fail to make a vibrant statement, whether it be of faith or fashion – or indeed both. We are delighted that this piece has found a new lease of life within the hands of another globally famous name.” Kristian Spofforth, Head of Jewelry, Sotheby’s London.

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The 2023 London sales were some of the most successful in recent years, with hammer prices far exceeding estimates in many cases, and with both sales over 85% sold. There were highlights from private collections across the UK and Europe, and many pieces were highly sought after.

Signed pieces performed well; noticeably, Art Deco styles stood out from the crowd. Pieces from the 1970s were back in vogue and simple gold jewelry was conspicuously popular.

As well as the London Fine Jewelry sales, we had pieces of jewelry in other signature sales and of course the highlight sale of the year was the Freddie Mercury sale where the late singer's jewelry was amongst the highest performing lots. It was a privilege to have the jewelry department represented on the rostrum for these white glove sales, where we sold 100% of the collection.

2023 Jewelry Highlights: UK

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2023 Jewelry Highlights: UK

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  Van Cleef & Arpels Emerald and Diamond Pendant/Bracelet/Brooch Combination (circa 1970)

  The 1970s have been back in style for a couple of years now and this stringing piece by Van Cleef and Arpels is a great example of jewelry from a period of great change.

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  Sapphire and Diamond Ring

  Kashmir sapphires continued to enchant, their rarity and sleepy colour tone mean they are the most desirable of sapphires.

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  Cartier Natural Pearl and Diamond Necklace (1930s)

  Natural pearls are always good performers at auction. Combine that with the Art Deco period, which had a moment in 2023, plus the name Cartier – and you have a formula for some great pieces of jewelry.

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  Bulgari Gem-Set and Diamond Bracelet ‘Celtaura’

  Bulgari has always been known as one of the greatest jewelry houses in the world. Their bold designs have struck a chord for many years and this was certainly the case in 2023, as we saw Bulgari pieces consistently outperform estimates across Europe.

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2023 In Review