Sotheby's Australia Profit From Paspaley Pearls and Desirable Diamonds

Sotheby's Australia Profit From Paspaley Pearls and Desirable Diamonds
A Paspaley pearl necklace and a Jean Schlumberger for Tiffany & Co. bracelet

The 4th December Sotheby's Australia sale of Important Jewels was a successful event for the auction house which managed to produce a respectable grand total of $1,454,460 IBP and figures of 73.62% sold by lot and 73.98% sold by value.

“We continue to see strong demand for quality gemstones and designer jewels and are delighted with the results of our Important Jewels auctions this year”, said Geoffrey Smith, Chairman of Sotheby’s Australia.

A pair of diamond earrings each set with a brilliant-cut diamond weighing 3.01 carats, and mounted in 18ct white gold, was the highlight of the sale fetching $168,000 IBP against an estimate of$120,000-160,000.

An unusual but spectacular opal, south sea pearl, and diamond necklace by Paspaley produced the most surprising result of the sale with a final price of $42,000 IBP against an estimate of $10,000-15,000.

The necklace was one of several items from a significant collection of Paspaley pearl jewellery consigned to the auction all of which were sold.

Also selling for above the high estimate was a designer piece by Jean Schlumberger for Tiffany & Co. which captivated the auction room with strong bidding taking the piece to $36,000 IBP against an estimate of $26,000-$36,000.

A platinum Patek Phillipe watch from the estate of world-famous Irish tenor John Francis Count McCormack was the highlight of timepieces on offer selling for $13,200 IBP against an estimate of $5,000-$7,000.

The watch was presented to McCormack by his wife Lily on July 2nd 1931 and was consigned to the sale by the original owner's grandson.

 “The results achieved exemplify Sotheby’s Australia’s commitment of presenting the finest jewels for auction” said Geoffrey Smith.  “In particular we were thrilled to achieve an excellent result for the collection of Paspaley pearls, reiterating our support of Australian designers in the global market.”

This was the final of four Important Jewels auctions for 2012 with a combined sale total of $4,707,852 IBP.