The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
Mughal Magnificence: Christie’s Auction Nets $109M
The much-talked-about sale ranks as the second highest-grossing private jewelry collection auction in history, topped only by Elizabeth Taylor.
New York—Christie’s sale of historic Indian jewelry and art was expected to be big, and it did not disappoint.
The auction netted a whopping $109.3 million in New York Wednesday, setting a few records along the way.
“Maharajas & Mughal Magnificence” featured nearly 400 lots spanning 500 years, showcasing the culture of Indian jeweled arts from the Mughal Empire (founded in 1526) and the age of the Maharajas to present day.
It didn’t become the highest-grossing sale ever for the auction house, as some thought it could—that title still belongs to the evening auction of Elizabeth Taylor’s jewelry in 2011, which totaled $115.9 million—but it does rank as the second-highest auction total for a private jewelry collection, according to Christie’s.
It also is the highest total for any auction of Indian art and Mughal objects, Christie’s said.
Held in New York Wednesday, the auction took 12 hours and was 93 percent sold by volume and 92 percent sold by value, with bidders from 45 countries participating.
Three world auction records were set for Indian works for art, and 29 lots sold for more than $1 million.
The jewelry auction’s top lot was the Belle Époque Devant-de-corsage seen below, created by Cartier circa 1912, which sold for $10.6 million to a private collector present in the room.
There were also a number of exceptional Golconda diamonds sold.
The Mirror of Paradise, a 52.58-carat D-color internally flawless diamond, achieved $6.5 million (pictured below); and The Arcot II diamond, a 17.21-carat D IF, garnered $3.4 million.
And a spinel, natural pearl, diamond and emerald bead “Imperial Moghul” necklace and earrings from Cartier realized $1.9 million.
All contemporary pieces by JAR and Bhagat included in the jewelry auction sold.
They included the five-strand natural pearl and diamond necklace from the latter pictured below that went for $1.7 million, topping its highest pre-sale estimate, $1.2 million.
Beginning next year, works of art from the collection will be exhibited at a new museum in Paris.
Auction proceeds will support new acquisitions as well as ongoing initiatives of The Al Thani Collection Foundation, including exhibitions, publications, lectures and sponsorships of projects at museums around the world.
The Latest
The ad aims to position platinum jewelry as ideal for everyday wear.
Retailers can customize and print the appraisal brochures from their store.
Despite the rising prices, consumers continue to seek out the precious metal.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
The branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
The Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
It will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.