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Sotheby’s Sale Disappoints

November 25, 2008 by Administrator 

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We reported last month how watch auctions were setting records, but not so with a recent jewelry auction at Sotheby’s in Switzerland. Nearly 150 jewels including the star lot, a huge blue diamond, were left unsold, as nervous buyers held back amid uncertainty in world markets, the auction house said.

“I think had we been having this sale six months ago, it would have been a very different story,” said David Bennett, as quoted by Reuters. “Clearly the market is in transition and like all markets in transition, people stand back to see what is going to happen,” he added. “People aren’t flooding into the stock market because they can’t see a pattern. I think it was the same thing here.”

One of the surprise no-sales was the Lesotho I, a 71.73 carat light brown diamond mounted on a ring by U.S. jewelry Harry Winston. “It has to wait for another year,” Bennett told the crowd after the huge and historic stone, which had been forecast to fetch 3.3 million-5.6 million francs, stalled at 2.5 million.

The best result of the auction was a pink diamond ring of 8.02 carats was bought for nearly $1.33 million. A pearl necklace with a clasp set with a large emerald surrounded by diamonds brought the same price. Another highlight was a round 11.70 carat Golconda diamond, set in a ring by the American Paris-based jeweler known as JAR (Joel Arthur Rosenthal), which sold for 1.2 million francs to a London-based dealer.

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Do you have some silver flatware that you are looking to sell in San Diego? Well, before you head down to that pawn shop be sure to read: Tips for Selling Used Flatware.

San Diego Pawn Shops, Gold Buyers, Gold Refineries, & More

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