- Title: SWITZERLAND: Jewels, watches set to fetch lower prices at auction
- Date: 18th November 2008
- Summary: (L!2) GENEVA, SWITZERLAND (NOVEMBER 17, 2008) (REUTERS) PAN OF THE EXTERIOR OF THE BEAU-RIVAGE HOTEL IN GENEVA, WHERE SOTHEBY'S WILL BE HOLDING THE AUCTION PEOPLE IN THE VIEWING ROOM, LOOKING AT LOTS TO BE AUCTIONED VARIOUS OF THE "LESOTHO I" DIAMOND, LIGHT BROWN AND 71.73 CARATS ZOOM OUT OF WOMEN LOOKING AT DIAMONDS IN VIEWING ROOM DAVID BENNETT, SOTHEBY'S JEWELLERY CHAIRMAN FOR EUROPE AND MIDDLE EAST WITH JOURNALIST "LESOTHO I" DIAMOND (SOUNDBITE) (English) DAVID BENNETT, SOTHEBY'S JEWELLERY CHAIRMAN FOR EUROPE AND MIDDLE EAST, SAYING: "The volatility in all markets at the moment is quite remarkable, nobody can see which way this market's going." EXPERTS STUDYING A PEARL NECKLACE (SOUNDBITE) (English) DAVID BENNETT, SOTHEBY'S JEWELLERY CHAIRMAN FOR EUROPE AND MIDDLE EAST, SAYING: "There is a historical precedent, because the last recession, if you like, was straight after the Gulf war, the first Gulf war in 1990. And between 1991 and 1997 were our greatest years of jewellery sales, including the three world records - the biggest diamond sales of 16 million dollars, were in those years, nineteen-ninety, ninety-three and ninety-five, so there is maybe a precedent that people will look to diamonds, I'm pretty optimistic." VARIOUS OF THE DEEP BLUE DIAMOND, 10.48 CARATS AND ESTIMATED TO FETCH UP TO 9 MILLION USD.
- Embargoed: 3rd December 2008 12:00
- Keywords:
- Location: Switzerland
- Country: Switzerland
- Topics: Arts / Culture / Entertainment / Showbiz
- Reuters ID: LVACFPNAY5OT5T4E60P5HBFECUA3
- Story Text: Sotheby's are confident their autumn jewels auction will sell well, although price levels for some luxury pieces have dropped by 20 to 30 percent.
Sotheby's are offering over 400 luxury jewels in their autumn "Magnificent Jewels" sale, where some price levels have dropped by 20 to 30 percent.
While the world is facing the biggest global financial crisis since the Great Depression, experts are confident the best diamonds and rare gems to fetch good prices in Geneva.
"The volatility in all markets at the moment is quite remarkable, nobody can see which way this market's going", David Bennett, Sotheby's jewellery chairman for Europe and the Middle East told Reuters Television.
Sotheby's has had to reduce estimates for the flagship jewel auctions as a result of the world's financial crisis that has reduced appetites for luxury goods.
But while many lots were stranded in New York's Autumn art sales, which failed to meet low-end estimates the two best diamonds are expected to fetch good prices on Wednesday evening (November 19).
The jewel auction market is driven by top-end diamonds, which brokers and leading fine jewellers say have come off price peaks touched earlier this year to more sustainable levels.
"There is a historical precedent, because the last recession, if you like, was straight after the Gulf war, the first Gulf war in 1990. And between 1991 and 1997 were our greatest years of jewellery sales, including the three world records - the biggest diamond sales of 16 million dollars, were in those years, nineteen-ninety, ninety-three and ninety-five, so there is maybe a precedent that people will look to diamonds, I'm pretty optimistic", Bennett said, putting a brave face on prospects.
Sotheby's estimates that its star lot, a flawless deep blue diamond weighing 10.48 carats, could fetch $6 million to $9 million.
And the Lesotho I, a light brown diamond of 71.73 carats mounted on a ring, has a catalogue estimate of $3 million to $5 million.
Discovered by a miner's wife in Lesotho in 1967, it was the largest of 18 to be cut on live television from a 601-carat rough diamond by U.S.
jeweller Harry Winston. It has remained in the gem box of an unidentified "lady of title" ever since.
The week kicked off Sunday night with Sotheby's sale of 200 timepieces. - Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2011. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None
