Articles and News
INDUSTRY NEWS: LIZ’S JEWELS SMASH RECORDS, JSA ALERTS FOR MURDER SUSPECT, GIA EXPANSIONS, MORE December 14, 2011 (0 comments)
First Day Of Elizabeth Taylor Sale Breaks Seven Records
New York, NY—The legendary jewels of screen siren Elizabeth Taylor are under the gavel, and the first day of the sale already has broken seven all-time auction records, including the price-per-carat for a colorless diamond. Also breaking records were a ruby, an emerald, an Indian spinel necklace, and pearls.
The Collection of Elizabeth Taylor: The Legendary Jewels Evening Sale on December 13 at Christie’s New York fetched a total of $115,932,000, becoming the most valuable jewelry auction in history even with three full days yet to go. Previously, that title was held by the sale of the Duchess of Windsor’s jewels in 1987, which fetched $50.3 million. But even accounting for inflation, the Duchess of Windsor auction total would equal approximately $100.2 million today, still below the first night’s total of the Taylor jewels. Only two items in the 80-lot opening sale sold within auction estimates; the rest of the lots blew estimates by triple, quadruple, and even quintuple their expected value, proving how much provenance can add to intrinsic value and leaving even seasoned auction experts such as Christie’s Asia president Francois Curiel nearly speechless.
The second day of the auction, December 14, fetched another $21.3 million, bringing the total at presstime to $137,235, 675.
The famous 33.19-ct. Asscher-cut potentially flawless Elizabeth Taylor Diamond (above left), given to the actress by Richard Burton and which she wore nearly every day, sold for $8,818,500 ($265,697 per carat) the first night, smashing its $2.5 million - $3.5 million estimates and setting a new world’s auction record for price-per-carat for a colorless diamond. The previous record was $240,000 per carat for The Annenberg Diamond, a 32.0-ct. D-Flawless Type II square emerald-cut sold by Christie’s in 2009.
Elizabeth Taylor is said to have worn her 33.19-ct. Asscher-cut diamond ring every day.
Other records broken December 13 include the famous La Peregrina pearl, also given her by Burton, which fetched $11,842,500; a pair of natural pearl and diamond ear pendants by Bvlgari, which sold for $1,986,500; a 23.46-ct. Bvlgari emerald and diamond pendant brooch that sold for $6,578,500 ($280,000 per carat); the Taj Mahal necklace, an imperial Mughal spinel necklace weighing a total of 1,131.59 cts., which fetched $8,818,500, a world record for an Indian jewel; a Van Cleef & Arpels ruby and diamond ring that sold for $4,226,500 ($512,925 per carat).
La Peregrina, shown here, broke records for a pearl necklace sold at auction.
Lots in the December 13 sale included pieces by Bvlgari, Van Cleef & Arpels, and Cartier primarily, with some pieces from JAR, Boucheron, House of Taylor, Mouawad, Ruser, and Tiffany & Co. mixed in. Only one piece was identified as something the actress had bought herself—a pair of $150,000 emerald and diamond earrings by Kutchinsky, according to Forbes.com—while the rest were gifts from the likes of Burton and other husbands Mike Todd and Eddie Fisher, and Michael Jackson, with whom the actress shared a close friendship.
The sale runs from December 13 to 16. More coverage can be found here or you can watch the live streaming here.
GIA Plans Expansions In Israel, Japan, in 2012
Carlsbad, CA—GIA (Gemological Institute of America) has announced plans to establish a laboratory in Japan and a GIA facility in Israel in 2012. Both initiatives will benefit the Institute’s ongoing efforts to expand lab capacity.
“We are excited to develop a presence in Japan,” said Donna Baker, president and CEO of GIA. “Japan, along with India and China, are the world’s leading diamond markets, behind the United States. GIA’s mission is to promote the public trust in gems and jewelry and, as such, we will do everything within our means to carry forth this mission in Japan and to assist the Japanese diamond community in furthering these goals.”
Further details will be announced at a later date.
JSA: CT Jeweler Shot and Killed, Robbers Strike Twice in PA, Beware of Wire Fraud
New York, NY—A Westport, CT jeweler was shot and killed December 8, reports the Jewelers Security Alliance. He was located in a second floor office in a strip mall and was killed at 10:00 p.m. in an apparent robbery. An associate was also shot and left in critical condition. The business billed itself as a manufacturer and cutter of fine diamonds and jewelry, and dealt mainly by appointment, with customers having to be buzzed into the shop. Police, who have talked to the hospitalized second victim and are reviewing surveillance photos, believe there was a lone male gunman who may have visited the store on a prior day. Police have released the poor quality surveillance photo shown below.
Anyone with information please contact the Westport Police Department Detective Bureau (203) 341-6080.
York, PA—Two male suspects pictured below entered a retail jewelry store at 3:30 p.m. on December 6. After asking a few questions about different jewelry items, they displayed handguns and demanded cash and merchandise. The suspects are being sought for a similar robbery in the Harrisburg, PA area on October 7 and their pictures appeared in JSA's Email Crime Alert dated 10/14/11. The suspects may be driving a 2010 or 2011 silver four-door Chevrolet Impala. Anyone with information please contact West Manchester Township Police Detective David Bixler or Officer Sean Conway, (717) 792-9514.
Willow Grove, PA—At 8:30 p.m. on December 5, a black male suspect entered a mall retail jewelry chain store and began looking at diamond rings in a showcase. The suspect then asked to be shown a type of branded diamond ring collection. When he was shown a ring, the suspect took the ring from the box, said "thank you," and ran from the store towards the first floor parking garage. Surveillance video indicated he was joined by a second black male suspect. A surveillance photo of the suspect who ran with the ring appears below. Anyone with information please contact Detective Phillip Geliebter of the Abington Township Police Department, (267) 536-1112.
Charlotte, NC—The FBI office here has reported a nationwide fraud scheme directed against retail jewelry stores. In the first part of the scheme, criminals obtain financial information on unsuspecting consumers who open fraudulent emails from the National Automated Clearing House Association. The computers are then infected with a virus that steals the consumers' financial information.
The criminals then use the financial information so obtained to order jewelry from retail stores, to be paid for through wire transfers. The criminals use the stolen account information to send the wire transfers on the hacked accounts, and couriers pick up the jewelry that was ordered.
It is recommended that all wire transfers, especially from unknown or new customers, be given serious scrutiny, and jewelers might consider requesting an alternative form of payment, says JSA.