Sotheby’s first-ever auction in Saudi Arabia saw strong demand for fine art, sculptures, and sports memorabilia, but jewelry sales struggled to gain traction. Despite a variety of luxury items on offer, less than half of the jewelry pieces found buyers.
The Origins auction was held on February 8 and featured almost 120 lots, including 28 jewelry pieces. However, only 11 of those jewelry items were successfully sold, in contrast to the robust performance of high-end artwork and collectibles. Luxury handbags also saw moderate success.
The sale totaled slightly more than $17 million, with three individual lots exceeding one million dollars. The auction caused great interest all over the world as bidders from more than forty countries participated in it. However, almost a third of the successful bids was from the country that hosted the event, a sign of the region’s increasing interest in the luxury market.
Jewelry Highlights: Mixed Performance
Graff earrings. Photo from Sotheby’s website.
Among the standout jewelry sales were earrings by Graff, nearly flawless and colorless gemstones – one of the best and rarest diamonds available in the market. These accessories look chic and elegant, and are a great addition to any evening outfit. It is certain that such pear-shaped diamonds that weigh nine and eight carats will never go out of style. The earrings sold for almost $800,000, within their estimated price range.
Another notable piece is a ring with an iconic design introduced by Bulgari in the 1930s – a Trombino ring. It resembles a bold, wide band that enhances the central gemstone – a cushion-cut sapphire of incredible beauty framed by baguette-cut diamonds, with round diamonds completing the design. This fascinating item also met expectations and was sold for $240K.
Photo from Sotheby’s website.
However, some jewelry pieces underperformed. A ring with a 23.55-carat Colombian emerald of pear-like shape nestled between two shield-shaped diamonds failed to meet its low estimate, closing at $192,000. Similarly, a 29.05-carat cushion-cut Ceylon sapphire ring, accented with two triangular diamonds, sold for $180,000, landing within its expected range.
Luxury Brands Left Unsold
Cartier bracelet. Photo from Sotheby’s website.
Despite strong interest in other categories, several high-profile jewelry pieces failed to find buyers. A Cartier sapphire and diamond bracelet with an upper estimate of $325,000 remained unsold, as did a Harry Winston ruby and diamond bracelet, expected to fetch up to $300,000. Unfortunately, prestigious and well-known names aren’t enough to attract bidders. People want to invest in items with stories, and if there is no story, then the design and details must be either timeless or outstanding to cause interest.
Harry Winston bracelet. Photo from Sotheby’s website.
The auction’s results show that it is hard to predict the outcome of luxury jewelry sales in developing markets. Though fine art and collectibles sparked enough bidding, jewelry could not drum up the same level of interest. But in some respects, the event was a milestone for Sotheby’s, in terms of its own ambitions in Saudi Arabia, which is expected to gain steam when it comes to luxury auctions in the future.
