109ct. Sapphire Necklace Leads Christie's Sale

RAPAPORT... A rare Kashmir sapphire necklace could set a new auctionworld record when it goes under the hammer at Christie's Hong Kong sale onNovember 27. The Peacock Necklace - which will lead the Magnificent Jewels auction- contains 21 cushion-cut Kashmir sapphires weighing a total of 109.08 carats.The piece, with its 10.56-carat center sapphire, is estimated at $12 million to$15 million. Christie's will also offer an oval-shaped, 10.04-carat,Burmese pigeon's blood ruby and diamond ring, carrying a presale estimate of$6.9 million to $8.7 million. "In recent years, [the] price per carat for rubies hasincreased more than any other gemstone, apart from colored diamonds," theauction house said last week. "This has been particularly true for pigeon'sblood rubies of significant sizes, which have been generating fervent biddingin auction rooms around the world." Other notable lots include a round brilliant-cut, 2.10-carat,fancy-vivid-blue diamond ring, surrounded by circular-cut pink diamonds. Thepiece, which has been graded as internally flawless, is valued at $3.9 millionto $6.4 million. The Ultimate Mogok Blue Treasure, a 396.89-carat Burmesesapphire holding the Guinness World Record for the largest cabochon-cut sapphire,is estimated at $500,000 to $1 million. The Magnificent Jewels auction will also feature the Moon ofBaroda necklace, which Marilyn Monroe wore for the premiere of her 1953movie Gentlemen Prefer Blondes. Image: The Kashmir sapphire Peacock Necklace. (Christie's)