Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
Cartier Takes Saks to Court
The legal dispute stems from a disagreement over the jeweler’s location in the department store’s New York City flagship store amid renovation.
New York—No one puts Cartier in the corner.
This week, the French jeweler, which is owned by Geneva-based luxury conglomerate Richemont, took legal action against Saks Fifth Avenue over its location in the department store’s New York City flagship, located at 611 Fifth Ave.
Cartier and Saks signed a five-year retail lease in 2016 but when Saks started its first-floor renovation and proposed a new spot for the popular brand, Cartier pushed back, refusing to “move to a location within the store that does not align with the Maison’s positioning and image standards,” the company said in a statement.
Saks terminated Cartier’s lease following the renovation relocation dustup, which is what prompted the jewelry brand to take the retailer to court.
“Cartier has long been committed to Saks Fifth Avenue and had anticipated this partnership lasting through 2021, at a minimum,” the company’s statement reads. “The announcement of today’s legal action against Saks is in response to Saks’ breach and attempted termination of this contract.”
Cartier’s complaint against the department store was filed in the Supreme Court of the State of New York; it alleges breach of contract.
In it, the company states that the renovation led to a decrease in foot traffic, as well as “significant dust and construction debris,” and asks that Saks be stopped from terminating the contract.
The complaint also asserts that damages could be in excess of $40 million.
A representative for Hudson’s Bay Company, the owner of Saks, told National Jeweler that it doesn’t comment on pending litigation but offered this on its renovation: “We have re-conceptualized the model of our Fifth Avenue Flagship in a way that will revolutionize luxury shopping.
“In partnership with our many existing and new vendors, our grand renovation will deliver a one-of-a-kind experience to our customers through elevated and dominant category presentations in our re-imagined store.”
The Latest
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
Despite the rising prices, consumers continue to seek out the precious metal.
The mining company wants to divest its 70 percent holding in the Mothae Diamond Mine in an effort to streamline its portfolio.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
The annual list recognizes young professionals making an impact in jewelry retail.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
Retailers can customize and print the appraisal brochures from their store.
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.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
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.
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.