In November 2017, Phillips celebrated its third Jewels and Jadeite auction with a result that achieved a 125% increase in value from the inaugural auction only a year earlier. This sustained and steady growth demonstrates Phillips’ expanding presence in the region and further ownership of the middle market.
As part of its global focus, the Hong Kong team held valuation days as far afield as London and Los Angeles. Prior to each auction, a select group of sale highlights traveled to previews in New York, Singapore and Taipei. The breadth of international consignors was matched by buyers from across Asia, America, Europe and the Middle East.
Collectors’ appreciation of signed vintage and contemporary jewels by the leading houses, notably Boucheron, Bulgari, Cartier, Tiffany & Co. and Van Cleef & Arpels, was evident throughout, as well as a strong market for top quality colored stones. In May 2017, the ‘Blessed Blossom’, a 6.02ct Burmese ruby and diamond ring, achieved HK$17,480,000; this result was followed by the top lot of the November sale, a Burmese ruby and diamond necklace.
Underpinning this rapid business growth is an international jewelry department which saw key specialist and business development appointments throughout 2017 in Hong Kong, Taipei and London. Working together across the auction and private sales channels, the team expanded Phillips’ client reach via creative partnerships with luxury brands and financial institutions.
With a strategy focusing solely on the aesthetic movements of the 20th and 21st centuries, Phillips is in a strong position to continue its campaign of championing the best in jewelry design, both past and present, and increasing its market share. Building on our 2017 private selling events in collaboration with a Contemporary Jewelry designer, we look forward to revealing a unique and immersive exhibition of contemporary jewels at Phillips Park Avenue and Phillips Berkeley Square in March 2018.
1. New Jewelry specialists
In January, the year got off to an exciting start with three appointments to Phillips’ growing department. Charlene Lau, Head of Sale, joined the Hong Kong team and traversed the globe unearthing important pieces offered in both the May and November auctions, including a pair of Graff emerald and diamond earrings which sold in May for US$433,654. Louisa Tan, Specialist, joined the team in Taipei bringing invaluable support to Regional Director Cindy Yen and her own sense of creative flair to 2017’s colorful catalogues. Sarah O’Brien, International Business Development Director, also came on board in London to support the global jewels team and was key in facilitating several creative partnerships throughout the year.
Graff Glamourous Pair of Emerald and Diamond Pendant Earrings. Sold for HK$3,380,000.
2. Finest jewelry houses of the world
The jewels of Cartier, Van Cleef & Arpels and Boucheron, to mention just a few, were brought together through specialist eyes in carefully curated collections spanning decades of design. An example of the rare and unusual was May’s cover lot, a diamond and emerald ring mounted by Cartier in the 1950s that sold for US$626,104. The piece inspired interest from buyers and specialists alike, who hotly debated the inspiration behind its design, with speculation of its origins ranging from the 1920s world of Egyptomania to the architectural jewels of the 1940s.
Cartier Diamond and Emerald Ring, circa 1950. Sold for HK$4,880,000.
3. Market trends
2017 saw continuing strength in the colored stone market with the emerald rivaling its colored counterparts by achieving some of the highest prices of the year for untreated Colombian gems of exceptional quality. Included in this category is a 19.90 carat Colombian, no oil emerald sold in November for HK$9.7 million. Strong prices continue to be achieved for rubies and sapphires of the most venerated origins of Burma and Kashmir, with noteworthy results achieved by exceptionally colored and saturated gems from the lesser celebrated mines of Sri Lanka and East Africa. A recent example of this is a 12.20 unheated ‘cherry red’ ruby of unspecified East African origin, which achieved US$628,180 in the November auction.
A Ruby and Diamond Ring, East Africa. Sold for HK$4,900,000.
4. Animal mania
Novelty brooches and rings modeled on naturalistic animal, reptile and insect motifs proved popular throughout our sales, particularly with Asian regional buyers. This ranged from fine diamond Van Cleef & Arpels butterflies and dragonflies, head-turning Cartier panthers, diamond elephants, demantoid lizards, coral owls and jadeite swans to an alarmingly realistic black diamond spider, which proved to be the Halloween favorite of the fall previews.
A Ruby and Black Diamond 'Spider' Brooch. Sold for HK$68,750.
5. Buyer influx
Both the May and November auctions saw an increase in buyers from all regions including from across Asia, the Middle East, Europe and North America, with particularly strong interest from the region, including Hong Kong, Mainland China, India, Indonesia, Singapore, Taiwan and Thailand. The May auction achieved a staggering 72% increase in value from the inaugural auction of Jewels in November 2016, while November saw a 30% increase on the May results.
6. Jadeite
Comprising one quarter of Phillips’ jewelry sales each season, fine jadeite continued to prosper and achieve high prices at auction. Phillips sold a fine cabochon jadeite ring and matching pair of earrings of exceptional quality for US$1,241,944 in the May auction, followed by an important cabochon jadeite and diamond necklace for US$1,241,944 in November. Traditional forms of jadeite remain popular among collectors who are primarily Asian, with both well-priced commercial jadeite and jadeite of exceptional quality proving most saleable in the current market.
A Fine Jadeite Cabochon and Diamond Necklace. Sold for HK$9,700,000.
7. Antique jewels
Antique, vintage and signed jewels featured heavily in the 2017 auction collections. With the desire to develop Phillips’ niche in the local market for high-quality antique and vintage jewels, specialists traveled the world seeking unique and high-quality pieces. Unsigned estate and antique pieces, arguably overlooked by the local Asian market until recent times, revealed a growing popularity among local buyers who identify the adaptability of 19th-century, Belle Époque and Art Deco jewelry styles to modern lifestyles, whether it be in the form of a tiara or a Cartier sautoir.
A Belle Époque Diamond Tiara, circa 1912. Sold for HK$200,000.
8. September sweeps around the world
As part of our growing global footprint, this past year saw Phillips’ specialists valuing jewels and consigning pieces across the continents. Anellie Manolas, International Specialist, held private client clinics in London, Paris, Los Angeles and Sydney throughout the year, offering complimentary insurance and estate valuations to clients, and sourcing some of the year’s signed favorites including a competitively bid for 4.06 unheated Burmese ruby ring sold in May for US$456,748. Terry Chu and Charlene Lau unearthed jewels in Thailand, Indonesia, Belgium and the East Coast, supported by Cindy Yen in Taiwan and Tomoko Mizutani, Phillips’ Tokyo-based jewelry specialist.
9. Opening our doors
Aside from previews held in New York, Geneva, Singapore, Taipei and Hong Kong, where visitors were able to appreciate our offerings first-hand, Phillips hosted clients an exclusively organized event in partnership with R. Sanderson, the luxury designer shoe label known for its art-inspired pebble buckles. Guests were invited to adorn themselves with jewels from the Phillips’ November auction while pairing them with shoes uniquely created by R. Sanderson’s lacquer masters including designs which incorporate genuine diamond dust and gold leaf decorations.
10. New designers
Phillips champions the best in design and artistry across all categories, and jewelry is no exception. 2017 saw the planning stages of our collaboration next year with an exceptional Contemporary Jewelry designer. The immersive exhibition of the designer's work will open in New York and London in March 2018 and showcase jewels that combine the exquisite use of design, color, craftsmanship and engineering: jewels that are works of art. Stay tuned!