Imperial necklace sells for five times estimate
Recent Sotheby’s auction of Chinese antiquities attracted enthusiastic bidding as primarily Chinese bidders pushed up prices on Chinese Imperial antiquities and jewellery. An Imperial pearl necklace believed to have belonged to Emperor Yongzheng sold for HK$67.9 million against pre-auction estimate of HK$12 million.
Photo courtesy Reuters
Jewellery continues to perform well at auction
Christie’s New York Jewels Sale in June 2009 sold 91% by lot and 86% by volume. Overall the sale brought in $11.3 million. This ended a strong spring jewellery season for Christie’s who dominate the industry with market share of 65% in New York and 60% worldwide.
GFMS announced in their 2009 Gold Survey that global demand for jewellery has slumped 10.2 percent, the lowest for two decades. Sales of jewellery fell by almost 30 per cent in North America in 2008, with falls continuing into the first quarter of 2009. Global sales were down due to high gold prices, brought on by investors looking for a safe haven for their cash, and less jewellery consumption during the economic crisis. Had it not been for investors pouring cash into gold bullion, drops in jewellery prices would have been far worse.
Gold, a key main component in jewellery, has seen a considerable boost in price as many investors have flocked to the safe haven of bullion in the midst of the financial crisis. This has undoubtedly had an effect on the jewellery market.
India, a country of jewellery collectors and the world's biggest buyer of bullion, has witnessed gold imports slump due to record numbers of consumers selling their old jewellery to cash in on high gold prices. In Mumbai there are reportedly queues of people trying to sell their jewellery with very few people looking to buy new pieces.
Merchants are hoping that the traditional wedding season, due to start soon, will boost sales.
