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Diamond tiara crowns Sotheby's jewelry auction

December 18, 2006

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London—Diamond jewelry, from an early-20th-century Cartier tiara to contemporary pieces, sold briskly at a Sotheby's jewelry auction in London that brought in nearly $4 million in sales.

Slightly more than 73 percent of the 452 lots were sold on a units basis, with nearly 81 percent sold in terms of total value at the Dec. 12 auction. The top lot was a 1906 Cartier diamond tiara snapped up by a private European buyer for $390,729.

The second and third top lots were diamond rings, both sold to private buyers for $113,437 and $106,348, respectively.

"We are extremely pleased with yesterday's fantastic results," said Joanna Hardy, specialist in charge of the Sotheby's sale, in a press release issued on Friday. "The cover lot, the diamond tiara/collier de chien by Cartier, drew a lot of interest and was sold for [more than twice] its low estimate. In fact, the top 10 pieces in the sale were achieved from a mixture of high-end, good-quality period pieces and diamonds, and were predominantly bought by private buyers, who are becoming increasingly discerning and confident about bidding for jewelry at auction."

Hardy also noted the success of designer pieces that were part of London Rocks in October, saying it confirmed that modern and contemporary jewelry are also finding a niche in the auction market.

"Recent successes in contemporary art are now being reflected in contemporary jewels," she said.
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