AUCTION MARKET STRONG; HIGH RESERVES TAKE TOLL The market for big diamonds and world-class jewelry was strong at the May auctions in Geneva, Switzerland. However, Christie's and Sotheby's saw their results compromised when several large pieces failed to sell. The reason: dealers demanded reserve (minimum) prices too high for the market to bear. When reserve prices were conservative, buyers were willing to spend far more. Simon Teakle, who heads Christie's jewelry department in New York, N.Y., says, "People may be put off by very high reserve prices, but they will often bid past that level if the initial reserve is much lower." Pieces that did sell included a 102.07-ct. intense yellow diamond set in a Cartier brooch (a buyer for American Siba Corp. paid $3 million, four to five times the presale estimate) and a 20.81-ct. D flawless diamond (a private buyer paid $1.4 million, 15% ove

This content is exclusive to JCK Pro subscribers. Subscribe now to access this and much more with discount code GOPRO21 for $199 for an entire year of access (reg. $249).


Already a JCK Pro? Log in

A JCK Pro subscription is your all-access pass to people and resources on the
cutting edge of the retail jewelry industry, from the industry authority you
know and trust

Learn about the Perks of JCK Pro

Log Out

Are you sure you want to log out?

CancelLog out