Van Cleef & Arpels Necklace
Van Cleef & Arpels tie-style diamond necklace, meant to be draped over the shoulder, made in 1929, with an elongated tassel motif ($800,000 – $1.2 million).
Attention Collectors: Sotheby’s Is Reducing Its Buyer’s Premium by 26% for Its Magnificent Jewels Sale
The Sotheby’s Magnificent Jewels sale, set for June 7 in New York, is brimming with high-level gemstones, including a 53-carat flawless diamond, and several colored diamonds—including a rare purple—along with an assortment of Colombian emeralds and Kashmir sapphires, including a jaw-dropping necklace by David Morris, estimated at $3 million to $5 million. There are also plenty of mouth-watering signed pieces from the top makers, including a treasure trove of Van Cleef & Arpels pieces, including a 1929 tie-style diamond necklace that is perfect for anyone getting ready for a red carpet appearance. For provenance-seekers, there is a Colombian emerald ring once owned by Ava Gardner. The sale will include pieces by Cartier, Bulgari, Harry Winston, Tiffany & Co., Boucheron, and Graff.
This auction kicks off a new commission structure at Sotheby’s that will see buyers’ fees reduced by 26%, which the auction house says makes it the lowest in the industry. Sotheby’s doesn’t expect a profit reduction from the move. In anticipation of the transition to the new rates, it polled tens of thousands of clients to see how the changes will affect their bidding, and 90.6% of respondents said they will bid higher as a consequence of the reduced buyer’s premium. The new fee structure applies to all Sotheby’s auctions globally, excluding cars, real estate, wine, and spirits. According to a Sotheby’s statement, the changes “are the result of consistent feedback we’ve heard for years from buyers who are seeking lower premiums, as well as from sellers who are seeking clarity on selling fees…it will not only encourage more buyers to participate at auction, but also reiterate that Sotheby’s is open to all.”
Sotheby’s CEO Charles F. Stewart adds: “Since 1979, when Sotheby’s first introduced Buyer’s Premiums in our salerooms, the market has largely shifted the transaction burden onto buyers. The result has been high costs for buyers and tiered commission structures that require a calculator to even understand, as well as an entirely opaque fee structure for sellers which distracts from what is most important to them. We are confident our simplified and clarified terms will benefit both buyers and sellers going forward.” It certainly offers plenty of competition to adjacent auction houses on the same level. Happy bidding!
Egyptian Revival Bracelet
Image Credit: Sotheby’s Gemstone and diamond bracelet designed as a frieze, set throughout with old European and single-cut diamonds, calibré-cut buff-top rubies, sapphires, emeralds, and black onyx ($250,000 – $350,000).
Cartier Ring
Image Credit: Sotheby’s A ring made by Cartier circa 1938 with a 14.51-carat Kashmir sapphire ($800,000 – $1.2 million).
Ava Gardner’s Van Cleef & Arpels Ring
Image Credit: Van Cleef & Arpels A 7.46 carat Colombian emerald and diamond ring by Van Cleef & Arpels, that once belonged to Hollywood screen-legend Ava Gardner ($420,000 – $520,000).
Unmounted D-Flawless Diamond
Image Credit: Sotheby’s An unmounted 53-carat, D color, Internally Flawless diamond. $3 million – $5 million.
The Lavender Dream Ring
Image Credit: Sotheby’s The Lavender Dream, an extremely rare 3.36-carat Fancy Intense pinkish purple diamond ring, flanked by epaulette-shaped diamonds ($1 million – $1.5 million).
Cartier Bracelet
Bracelet set with 58.21 carats of amethyst, 125.53 carats of purple garnet beads, 15.68 carats of rubies, 1.34 carats of pink sapphires, and 7.63 carats of diamonds ($40,000 – $60,000).
Bulgari Diamond Necklace
Image Credit: Sotheby’s Two-row diamond necklace with four stylized starburst motifs made by Bulgari ($120,000 – $180,000).
Van Cleef & Arpels Necklace
Image Credit: Sotheby’s Pink gold and diamond “zip antique” necklace/bracelet combination made by Van Cleef & Arpels ($300,000 – $500,000).
David Morris Necklace
Image Credit: Sotheby’s An exceptional Kashmir sapphire and diamond necklace by David Morris, in a swag design ($3 million – $5 million).
