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Sotheby's holds record-setting sale

December 05, 2007

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New York—Sotheby's raked in a record $49.8 million at its December Magnificent Jewels sale held Monday in New York City, the highest total ever for a jewelry sale at the auction house.

A collection of natural pearls from Kelly and Calvin Klein sold for $4.8 million, a sale that soared above the estimated $3.1 million.

A single-strand natural pearl and diamond necklace from the collection alone fetched $3.6 million.

Other notable sales included a pair of Harry Winston diamond pendant earrings for about $4 million, nearly double the estimated sale price of $2 million, and a historic Cartier FDR Victory Clock, which sold for $1.6 million, setting a record for a Cartier clock at auction.

A 32.16-carat pear-shaped diamond ring, which was the property of a "distinguished lady," sold for $3.3 million, while a 50.4-carat fancy-intense yellow-diamond pendant sold for $2 million.

Nearly 80 percent of the lots sold above their high estimate at Monday's auction. Sotheby's recorded eight lots selling for more than $1 million and three lots selling for more than $3 million.

The previous record for a Sotheby's auction was $33.5 million set in October 1994.
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