Lozenge Emerald Sweetens Sotheby's Sale

RAPAPORT... Sotheby's achieved its highesttotal for a Fine Jewels auction as an emerald ring sold for more than doubleits estimate in New York. The piece featured a lozenge-shaped,10.68-carat Colombian emerald with a baguette diamond on each side. It fetched $1.2million against a presale estimate of $300,000 to $500,000, realizing anaverage price of $113,764 per carat, the auction house said last week. In total, the sale totaled $11million, with 76% of lots sold. Some 17 lots yielded more than $100,000 each. "We saw outstanding prices forwhite and fancy-colored diamonds, especially pear-shaped stones - all of whichoutperformed their estimates," said Kendall Reed, head of Sotheby's fine-jewels division n New York. Sotheby's also noted strongsales of jewels from the Alhambra collection by Van Cleef & Arpels offered atthe auction to celebrate the brand's 50th anniversary. Four pieces from theline sold for a combined $141,250, more than twice their high estimate of$66,000. Other notable jewelry included aheart-shaped, 1.08-carat, fancy-vivid-purplish-pink, VS1-clarity diamond ring,which sold for $483,000 against an estimate of $250,000 to $350,000. Apear-shaped, 8.96-carat, VS2-clarity diamond ring exceeded its presale valuationof $100,000 to $150,000, going for $250,000, while another pear-shaped stone,weighing 8.18 carats, from designer David Webb, garnered $225,000. Its originalprice forecast was $100,000 to $150,000. Two of the private collectionson offer at the sale achieved "white glove" status, meaning every piece sold,Sotheby's noted. Those included eight jewels from the estate of Lois ChalonaHawkins, a prominent New Orleans philanthropist. The next Sotheby's jewelry auctionwill be the Magnificent Jewels and Noble Jewels sale in Geneva in November,which will include pieces from the royal Bourbon Parma family. Image: The 10.68-carat emerald and diamond ring. (Sotheby's)