Skinner Fall 2017 Fine Jewelry Analysis: The Emerald Outlier

Skinner Fall 2017 Fine Jewelry Analysis: The Emerald Outlier

Week one is done of my auctions schedule. I know I was excited to see the results from the week. There were plenty of ways to look at the data from the Skinner Auction and I confess I took a bit longer trying to see what the best story to tell would be. So, after different ways of dissecting the results I am structuring the article to focus first on the mean (average), median (the middle value of the data) and the mode (the number that is repeated most often) with the % breakdown of the types of items sold vs unsold. Then look at our predictions from the last article and finally the stand out piece in the auction.

Items to remember I used results for both September 2016 and 2017 that do not include buyer’s premium. If the item was withdrawn I considered that unsold.

Sold vs Unsold

For both September Fine Jewelry auctions at Skinner, the percentage was the same, roughly 81% of the lots sold, leaving 19% of the lots unsold. But did the same percentage of items sell in each category (type)? Many did stay the same.  Let’s look at 2017.

Now 2016. I have the categories arranged by highest percentage sold in each category.

I have bolded 2 categories of interest the rings and watches. In 2016 there were 18 watches on auction and 2/3 of them sold. For the 2017 auction there were 11 and 9 sold. I have been reading about trends in the watch industry. I will dig a bit deeper on my own to see about the designers and make. Those numbers though of the count are small. Rings are a bit higher in amount of lots. In 2016 there was a total of 113 auctioned. In 2017 the total was 94. As you can see this auction had great luck on selling rings, 88 were sold! I have not seen as much out on rings trending but it may be something to keep in mind.

So now for the statistics. Last year had over 300 more lots on auction versus this year. Skinner ended up getting a large collection to sell from a museum, I enjoyed viewing the lots and lost a bid for some earrings.

I looked at the data two ways, what were the statistics for the high estimates on the lots and of the lots sold how many times did they go above the high estimate? That calculation was the result $/high estimate.

Looking at the table above we see 2017 had items that had a higher estimated value given to them than last year. The same for median and mode. So higher estimated items in 2017 than last September. What about the results? Looking at the amount above the high estimate it looks like the auctions are about the same. The average says that the auctions had their items make the high estimate. This is why I like the other two metrics. The median shows that the results are less than the estimate. To get the median I arranged the numbers from lowest to highest and went for the item in the middle, or if it is an even number the average of the two middle numbers. The mode looks at the highest number of times the item is listed. So highest amount of lots for 2017 sold for 30% less than what Skinner predicted. In 2016 that number is 20%. Even though the amount per item was lower in 2016 the results were a little better.

Past Predictions

If you read my post last week I had 2 items that I was following. Those were the natural pearl pendant selling between $50,000-$75,000 and the Georg Jensen pieces.

Natural Pearls

The pendant from my last post.

The pendant did not sell. What does that mean in the auction world? Are we seeing a decline in interest? That pearl was not the only one on sale. Lot 383 an Antique Natural Pearl and Diamond Necklace, estimated to go as high as $15,000; sold for $29,000. Almost twice the estimate. The pendant may have been priced too high or there was a flaw that was not disclosed.

Georg Jensen

This designer did better than the pearls. Below are all the Jensen lots that were in the 2017 auction.

Only one Jensen item didn’t sell and 6 of the 10 sold above the high estimate. Here are the top 2 Jensen items.

.830 Silver and Amber Brooch, Georg Jensen

.830 Silver, Amber, and Green Onyx Necklace, Georg Jensen

Now let’s see how Jensen did with the other items. Below is the table for the top 5 items above estimate. Some items tied so more than 5 items are listed.

You see lots 7, 11, 10 all are Jensen. I think this Danish designer is still hot on the auction block. Wait, does that look like a typo, a lot did 10 times better than estimated? Yes, it did. If listed correctly, I checked the catalog and online, the last lot 384, an antique emerald brooch was the stand out piece of the auction.

The Emerald Outlier

This piece was listed to sell between $7,000-$9,000 and its final price was $90,000 (not including buyer’s premium)! What a way to end the auction!

I saw this small piece at the preview.

The emerald measured 9.55 x 9.50 x 4.65 mm and the brooch was less than an inch long. The interest lines in the origin of the emerald, it was a certified Colombian emerald, the finest you can get. Fun fact the emerald brooch and pearl necklace belonged to the same owner, Natica Inches Bates Satterthwaite. A native New Englander whose father worked at Harvard University. She passed away in 2015.

What did you think of my auction recap? Anything you’d like to point out or comment on? Next is a quick recap of Bonhams then more auctions to look forward to on Data in the Rough! Photos except the first one are courtesy of Skinner Auction.

 

 

 

Emeralds at Auction

May is almost over and there are only a few more major auctions before summer is here. So before May ends I want to look at the emeralds that went on auction in the 2015-2016 season. Emeralds are the birthstone for May but they are also the stones for celebrating a 20th or 35th anniversary.  The interesting meaning behind emeralds is that they are called the ‘Stone of Successful Love’. ‘Emerald promotes friendship, balance between partners, and is particularly known for providing domestic bliss, contentment and loyalty. It was dedicated in the ancient world to the goddess Venus for its ability to insure security in love’.(CrystalVaults)

I will look at 4 auction houses: Christie’s, Sotheby’s, Bonhams, and Skinner. I have picked 3 emerald lots from each auction house, all for their beauty and design, and a few for their story.

Christie’s

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The first piece to the left is an emerald necklace created in 1810, this was a major piece auctioned at the November Magnificent Jewels Auction in Geneva. It has a detailed and rich history behind it. This necklace belonged to royalty. This necklace was a wedding gift to Princess Hlne, whose family were descendants of Louis Philippe 1st, King of France. Princess Hlne ended up marrying Prince Emanuele Filiberto of Italy in 1895. This necklace also came with a tiara from her godfather. Gifts like these were traditional when both parties go into a union to strengthen the alliance between their countries. Emeralds seem like an appropriate gift considering their meaning. The princess became involved with the Red Cross in Italy during World War I and with the turmoil royal families were enduring at this time the necklace stayed out of sight. The princess died in 1951 and the necklace and tiara then were in the possession of Sybil Sassoon, Marchioness of Cholmondeley. When that woman died in 1989 the jewels were auctioned and this necklace made another appearance 25 years later. This necklace was estimated to go between $1,500,000 – $2,500,000 and made the estimate with a final price of $2,625,522 (buyer’s premium included). The necklace now starts another chapter in it’s exciting story!

The piece in the middle is an emerald, onyx and diamond brooch by Graff. I chose this piece because of the design and appearance of this bird of paradise. The emerald is about 11.18 carats and from Columbia. This item was auctioned at the Hong Kong Magnificent Jewels Sale in December. It was estimated to sell between $233,345 – $362,981 and far surpassed that estimate selling for $767,445 (buyer’s premium included).

To the right is a pyramidal cabochon emerald and diamond ring. It’s hard to tell with this photo but the emerald is about 53.46 carats and comes from Columbia, where the best emeralds are mined from. This was sold in December at the New York Magnificent Jewels Auction for $1,685,000 (buyer’s premium included). It was thought to go for about $200,000 – $300,000, a great surprise for Christie’s.

 

Sotheby’s

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The left item is a platinum, emerald and diamond brooch by Marianne Ostier from the Magnificent Jewels sale from April (Another jewel sold from this auction I wrote about in this post.)  This design has the emerald hollowed out from behind, so instead of focusing on carats the dimensions are given of being about 21.3 to 20.9 mm by 9.6 mm. The designer of this jewel is the real story Marianne Ostier got involved in jewelry designing in the late 1930s when she married her husband who worked as a jeweler. Mrs. Ostier is credited with inventing the pincushion clip and free-form jewelry. She was also the first life-time member elected to the Diamonds-International Academy and received other honors in her career. She closed the business shortly after her husband passed in 1969. You can read more about her on this blog. This item estimated to sell for $175,000 — $275,000 sold above that for $346,000  (buyer’s premium included).

The earrings in the middle are from Bvlgari and made in 1970. I love that it is not just the emeralds that are carved but the rubies as well the emeralds together weigh 65 carats and the rubies 22 carats. I could not find the origin of the emeralds but I assume they are Colombian. The interesting piece is in the conditions report which states: articles of jewellery containing jadeite or rubies of Burmese origin all less than 100 years old may not be imported into the US. So it looks like the buyer if American will not be bringing these back. This Magnificent Jewels and Jadeite Auction was held in April 2016 at Hong Kong. The earrings were estimated to go between $20,630 – $30,946 and sold above that for $53,188 (buyer’s premium included).

The last piece to the right is a favorite piece of mine. This was from the same auction that sold the Marianne Ostier brooch from above. This is a platinum, emerald and diamond clip-brooch created by Seaman Schepps. It is a favorite not just because of it’s design but it is an original item from this jewelry house. I know it is a piece that the designer was involved with because of the date it was made. It was made in 1935. Schepps started his business in 1920s and retired in the late 60s. He passed away in 1972. So this brooch is one of his earlier works. I heard one of the men who took over Schepp’s business, Anthony Hopenhajm, speak at a Christie’s class and he mentioned that unique pieces from the time Seaman Schepps was involved in his business sometimes get bought back by the firm. It doesn’t seem that this one made the cut if the company knew about it. The piece failed to sell for the $20,000-$30,000 estimate. Another of the many times I wish I had had the money for a piece I saw.

 

Bonhams

2016_blog_bonhams_emeralds

My final New York auction house had pieces that focused more on design than the size of the stone. The necklace to the left not only has emeralds and diamonds but includes rubies and a sapphire. This necklace is by Graff. You can tell it is a high end house that designed this due to the unique cuts of the central emerald and sapphire. You do not often see trapezoid shaped gems in jewelry. The reasoning is that these shapes go to a specific design and can not be easily incorporated into other designs so it is more expensive of a loss if the item does not sell because the stones can not be reused. This piece is also fun because it is from 1985. I feel a lot of jewelry auctioned is early 20th century so seeing some more recent but dated jewels is refreshing. This piece sold for $ 32,956 ( inc. premium) at the Fine Jewelry Auction held in London on April 20, 2016. No estimate was available when I found this piece and it too has restriction to the U.S. because of the rubies.

The pieces in the middle are a pair of twentieth century emerald and diamond dress clips from Hong Kong Rare Jewels & Jadeite Auction, November 2015. These emeralds have a total weight of about 55 carats. I love how the diamonds and metal surrounding the emeralds are styled like peacock feathers. These clips sold for $159,662 ( inc. premium).

The pendant to the right looks a bit out of place to the more refined picks I have made up until now. The colors are bold and the pendant is large at 9.5cm (3.74 inches) in length but the details and pave work are amazing. The front of this cross has 24 carats of emeralds surrounded by 22.7 carats of demantoid garnets. The back however is completely cover in 27.6 carats of diamonds!

back of Emerald Garnet Cross
back of Emerald Garnet Cross

 

Skinner Inc.

The last set of emeralds we will be looking at comes from Skinner Auction House in Boston, Ma.

2016_blog_Skinner_emeralds

This emerald and diamond brooch dates back to the Edwardian period. The exact date is not listed but the report on this piece places the origin of the emerald as being from Colombia. The diamonds are also old European-cut. I saw this in person it is smaller than many of the pieces listed but the emerald was eye clean and flawless looking. It was estimated to sell between $50,000-75,000 and out performed its high estimate by 547% selling for $410,000 (premium not included). Sold at the December Fine Jewelry Auction.

The earrings in the middle are not primarily emerald but the look of these 18kt Gold Gem-set Day/Night Ear pendants by Van Cleef & Arpels were too fun to pass up! These were sold for $67,650 (inc. premium) in the March Fine Jewelry Auction, above the $30,000-$40,000 estimate.

This antique emerald and diamond pendant/brooch has an emerald measuring 8.00 x 7.90 mm (.31 x .31 inches) surrounded by larger mine cut diamonds with  rose cut diamond accents and is 3 inches in length. This was also sold in the March Fine Jewelry Auction. It just made its estimate of $2,500-$3,000 by selling for $3,198 (inc. premium).

I hope you liked my selection! Do you have any emeralds from a loved one for marking an anniversary or special event? Anyone with an emerald engagement ring? Would love to hear your stories about your own emerald treasures! Below are some of the emeralds from my article that I got to see in person from my photo archives! What are your favorites?

Emeralds_at_auction_my_photos