Robert Wan auction nets $3.5 million

Nearly 50,000 Tahitian pearls were sold for $3.5 million in the 10th Robert Wan/Tahiti Perles Auction in Hong Kong, the first of three auctions to be held this year in the Chinese financial capital.

The 48,788 Tahitian pearls sold had an average value of 20% above their reserve prices, Wan said. He added that he was very pleased with the quality of the pearls offered, including a new variety of different colored Tahiti cultured pearls for the auction.

Because of the high quality of the pearls, Wan said he was forced to maintain his reserve prices, resulting in 60% of the pearls going unsold with a better than expected price of $72 per pearl.

The next two Robert Wan/Tahiti Perles auctions in Hong Kong are scheduled for June 20-22 and Sept. 25-27.