Jewelry Auction Season Underway in New York

Jewelry-auction season is now under way in New York. Christie’s Magnificent Jewels spring sale wrapped early Tuesday night with a final tally of $41.9 million in sales — just marginally higher than its original $40 million ballpark estimation. While still a full turnaround, the numbers show a slowing of results when compared with last year’s spring sale that tallied $60.5 million in sales: 21 percent higher than its pre-gavel $50 million approximate estimate. The numbers reflect increasingly cautious consumer behavior, according to sources — which might be in reaction to a rapidly slowing euro, as well as a suite of other global shifts. “The market is a little more cautious, a little more calm, you have to make sure you are offering what the market is in the mood for,” said Rahul Kadakia, Christie’s international head of jewelry. “Stones with prices that are not in line with the market will not sell as high. Even though the market was in a good spot [for Tuesday’s sale], it’s not showing the buoyancy that we saw a few years ago.” With auction houses Bonhams, Phillips de Pury and Sotheby’s holding their own New York-based jewelry auctions in the coming week, some jewelry dealers have begun to

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