CrimeApr 24, 2024
Jewelry Crime Declines Significantly, But Dollar Losses Remain High A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
AuctionsAug 12, 2016
Christie’s gets sued by Elizabeth Taylor’s trust
The Sothern Trust has accused the auction house of cancelling sales from the record-setting sale of the late actress’s jewelry without good reason and not paying the trust for other items that were sold.
Last week, The Sothern Trust, the trust for the late actress, filed a lawsuit in federal court in Los Angeles against New York-based Christie’s Inc., accusing the auction house of cancelling sales from the auction without good reason and not paying the trust for other items that were sold.
At the heart of the lawsuit between the two parties is the sale of the “Taj Mahal Diamond,” the third highest-grossing lot of the auction, which remains the most valuable jewelry sale in auction history.
An anonymous buyer paid $8.8 million for the jewel, a heart-shaped diamond set in a jade pendant, later hung on a gold and ruby chain designed by Cartier. The diamond is inscribed with the name of a wife of a Mughal emperor.
According to the lawsuit, filed Feb. 24 in U.S. District Court for the Central District of California, Christie’s canceled the sale when the buyer balked because they claimed the diamond was not from the Mughal period.
Taylor’s trust, however, contends that the auction house wasn’t obligated to do so and, in fact, shouldn’t have because it had an obligation to the trust not to cancel any sales from the Taylor auction unless it “reasonably” believed it was going to get sued.
“Christie’s never warranted or guaranteed the age of the diamond … including its believed Mughal origins,” court papers state. “Christie’s warranted only that the diamond was an ‘Indian’ diamond, a statement that … the buyer did not dispute.”
While the auction house has in the past “consistently (and successfully)” stood by sales when the buyer’s claim fell outside the scope of its warranty, Christie’s did not do that in this case because it wanted to “appease the buyer” who is an “important customer” of the auction house, Taylor’s trust alleges in the lawsuit.
The trust admits that it has declined to give Christie’s back the $8.8 million from the now-canceled sale of the Taj Mahal Diamond, which it said it believes the auction house still has.
Christie’s, in turn,
Editors' Picks
Sponsored by
has withheld $2.9 million for the sale of an emerald and diamond ring by Bulgari in an attempt to “strong-arm” the trust into returning the proceeds from the Taj Mahal sale, the lawsuit states.
The suit goes on to list five other items, including a necklace and ear clips by Ciner that Christie’s allegedly sold but hasn’t paid the trust for yet, along with the sale of a Bela Kadar painting that belonged to Taylor that was “cancelled without explanation” and returned to the trust, and proceeds from the sale of catalogs and signed copies of My Love Affair with Jewelry that were never remitted to the trust.
In a statement issued after the lawsuit was filed, the New York-based auction house did not directly address any of the trust’s claims but pointed out that it presided over an auction that raised more than $183.5 million for the beneficiaries of the trust, Taylor’s friends and family.
“This suit stems from Christie’s seeking the return of a small portion of proceeds due to the cancelled sale of a single item from the 1,800-lot collection. Christie’s looks forward to a speedy resolution of this matter,” a spokesperson for the auction house said.
The trust is asking the court to either find that it doesn’t have to return the Taj Mahal Diamond proceeds to Christie’s, or to order the auction house to return the diamond to the trust, and for damages in relation to the other items listed in the lawsuit.
More on Auctions
The Latest
CollectionsApr 24, 2024
Pippa Small Announces ‘Venus’ CollectionInspired by the Roman goddess of love, the designer looked to the sea for her new collection.
FinancialsApr 24, 2024
Kering’s Jewelry Brands a Bright Spot in Tough Q1The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
Events & AwardsApr 24, 2024
JCK Industry Fund Announces 2024 Grant RecipientsThe selected nine organizations have outlined their plans for the funds.
Weekly QuizApr 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
SourcingApr 24, 2024
Rio Tinto’s Q1 Production Drops Amid Pause to Honor Lost Colleagues The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
WatchesApr 24, 2024
These Are Rolex’s New Watches for 2024 The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
ColumnistsApr 23, 2024
The Smart Lab: Advanced Email Marketing Strategies for Mother’s DayEmmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
IndependentsApr 23, 2024
Hannoush Jewelers Opens New Store in New York Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
SourcingApr 23, 2024
Lucapa Sells 3 Diamonds for $10.5M in First Lulo Tender of 2024A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
GradingApr 23, 2024
GIA Has a New Book About William RuserRuser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
CollectionsApr 22, 2024
Jacquie Aiche’s New Campaign Stars Adam Levine, Behati PrinslooThe “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
EditorsApr 22, 2024
The 22 Best Quotes from AGS Conclave 2024 Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
SourcingApr 22, 2024
Virtual Diamond Boutique Rebrands as ‘VDB’The overhaul includes a new logo and enhanced digital marketplace.
MajorsApr 22, 2024
Signet Raises Nearly $9M for St. Jude Children’s Research HospitalThe money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
CollectionsApr 19, 2024
Piece of the Week: Retrouvaí’s Treasure NecklaceA new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
CrimeApr 19, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
MajorsApr 19, 2024
Unique Designs Acquires China PearlThe move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
GradingApr 19, 2024
AGS Ideal Report Now Available in Printed FormFrom now through mid-May, GIA will be offering the reports at a 50 percent discount.
SourcingApr 18, 2024
Diamond Trade Remains Cautious Amid Economic UncertaintyDe Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Supplier BulletinApr 18, 2024
Discover History’s Hidden Gems at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry & Watch Show
WatchesApr 18, 2024
Watch E-tailer Collectability Hires Kelly YochThe Patek Philippe expert will serve as personal curator for the brand-focused company.
WatchesApr 18, 2024
TAG Heuer Opens Its Largest Standalone Boutique at SeaThe 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
Policies & IssuesApr 17, 2024
NDC Prevails in U.K. Case Over Lab-Grown Diamond AdvertisingNDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
Events & AwardsApr 17, 2024
And the 2024 Winner of the Shipley Award Is … John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
FinancialsApr 17, 2024
LVMH’s Q1 Jewelry Sales Fall 5%LVMH said the company performed well despite an uncertain geopolitical and economic environment.
