Sotheby’s Just Had a Very Successful Online Jewelry Auction

AuctionsMar 30, 2020

Sotheby’s Just Had a Very Successful Online Jewelry Auction

It boasted the best sell-through rate of any of the auction house’s online jewelry sales.

Sotheby’s recent Jewels Online sale boasted the auction house’s highest online jewelry auction sell-through rate. Pictured is the top lot from designer Michele Della Velle.

New York—While economic uncertainty is rife amid the coronavirus’ hold on the United States, consumers recently showed they’re still shopping for jewelry online.

Sotheby’s announced Friday that its“Jewels Online” sale, concluded last week, boasted the best sell-through rate of any of the auction house’s online jewelry sales, selling 97 percent of all lots.

Surpassing the $671,600 high estimate for the sale, Jewels Online garnered a total of $739,375.

Half of the lots sold for above their high estimates.

This was the second highest-selling lot from Jewels Online, a David Webb gold and enamel cuff bracelet that sold for $21,250.
The sale’s top lot was a pair of ruby earrings designed by Michele Della Velle (pictured at top of article), which, at $25,000, sold for more than three times their $7,000 pre-sale high estimate.

David Webb proved to be a hot commodity, with all 11 available items selling for a total $112,000.

The top David Webb lot, and second-highest of the entire sale, was the above gold and enamel cuff bracelet, which sold for $21,250, well above its $6,000 to $8,000 estimate.

This peridot necklace, designed by Paloma Picasso for Tiffany & Co., sold for $12,500. It was expected to go for only $2,000.

Consumers demonstrated a demand for signed jewels, with pieces from Verdura and Tiffany & Co. commanding attention.

From the latter, all 15 lots were sold, with a Paloma Picasso-designed peridot necklace eclipsing its $2,000 pre-sale estimate, going for $12,500.

Verdura, meanwhile, also sold each of its four lots for a total $42,500. A pair of “Byzantine” ear clips in citrine and rhodolite garnet were the top earners, garnering $13,750, though estimated to sell for between $5,000 and $7,000.

Sotheby’s Global Head of Online Jewels, Kendall Reed, noted in a press release: “In this unprecedented moment, collectors were determined to compete for beautiful jewels in Wednesday’s sale, which earned our best sell-through rate to-date for any online jewelry auction.

Verdura “Byzantine” ear clips, in citrine and rhodolite garnet, sold for $13,750.

“Bidders—many new to auction—responded to our well-curated offering of signed jewels, including pieces from famed American makers like David Webb, Verdura and Tiffany & Co. that we offered at accessible price-points. Our global team looks forward to building on this momentum by sourcing more exceptional pieces for upcoming online sales.”

Sotheby’s indicated that 22 percent of buyers were new. Auction participants represented 32 countries and half of all bids were

placed on mobile devices.
Ashley Davisis the senior editor, fashion at National Jeweler, covering all things related to design, style and trends.

The Latest

IndependentsJul 28, 2021
Estelle Hedaya, Full of Life and Loved by All, Laid to Rest

The funeral for Hedaya, the final victim identified in the Surfside condo collapse, took place Tuesday in her native Brooklyn.

CrimeJul 28, 2021
2 Charged in Series of Luxury Watch Robberies in NY Metro Area

The men allegedly stole, or attempted to steal, watches worth hundreds of thousands of dollars off victims’ wrists.

MajorsJul 28, 2021
Helzberg Recruits NFL Star to Introduce Fifth ‘C’ of Diamonds

The jewelry company wants to guide customers making the choice between a natural and a lab-grown diamond.

Brought to you by
3 Reasons Why You Should Start Appraising This Summer

Create appraisals with the Jewelry Appraisal Solution on the Zing by Jewelers Mutual Group® platform and leverage the expertise of Gemworld.

IndependentsJul 28, 2021
My Jewelry Repair Is Now Montblanc-Certified

The online division of jewelry and watch repair service M&G Jewelers can now restore Montblanc watches, writing instruments, and more.

Weekly QuizJul 23, 2021
This Week's Quiz
Test your knowledge of jewelry news from the week of July 19-23, 2021.
Take the Quiz
IndependentsJul 27, 2021
Retailer Hall of Fame 2021: Marie Helene Reinhold

The much-loved and well-respected jeweler has an unparalleled eye for talent and the ability to see failure as an opportunity to grow.

FinancialsJul 27, 2021
LVMH’s H1 Sales Soar as Tiffany Settles In

The luxury titan’s watch and jewelry sales more than tripled in the first half of the year.

Brought to you by
Is Men’s Jewelry an Untapped Category for Retailers?

Statistics and sales over the last several years have proven that men’s jewelry is now a fast-growing area of the market.

Lab-GrownJul 27, 2021
Charlie Dolly Makes the Move to Lab-Grown Diamonds

The second collection from the Rebecca Romijn-designed brand features natural sapphires and lab-grown diamonds.