Art Market Monitor

Sotheby’s Hong Kong sale of Gems and Jewelry brought in HK$254m with big sales on the large blue and white flawless stones.

Bloomberg’s Le-Min Lim adds some details to the results:

The emerald-cut, so-called fancy intense blue gem, went to an anonymous phone buyer after a two-minute tug-of-war with at least four rivals that escalated at a rate of HK$1 million a bid. [...] The highest prices at yesterday’s auction came from phone bidders, many of whom were represented by Sotheby’s European staff. Of the 318 lots offered, 255 sold, for a combined HK$254 million. Diamonds — especially round, brilliant-cut stones — were the favorites with bidders, followed by jadeites.

Asian and non-Asian buyers were equally matched at this auction, said Quek Chin Yeow, Sotheby’s Hong Kong-based deputy chairman and head of the jewelry department. Mainland Chinese buyers “featured strongly” in the 10 priciest lots of yesterday’s auction, Quek said in a statement.

Blue Diamond Fetches Asian Record of $5.7m at Sotheby’s (Bloomberg)

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