HIGH BIDS: Jewelry remains a hot auction commodity as evidenced by Christie’s New York Important Jewels sale, which realized $27.5 million in sales Tuesday. The auction was originally expected to bring in $18 million.
The sale’s top lot was a 21.71 carat cushion-cut Kashmir sapphire ring by Cartier that realized $4.2 million — more than double its $2 million estimate. The ring’s buyer remains anonymous.
Much of the auction’s lots were derived from the private collection of mid-century employment agency doyenne Margaret Adderley Kelly. These pieces realized a total $9.8 million against their original $5 million pre-sale estimate.
With the addition of Important Jewels, Christie’s Americas Jewelry Department has now realized a total $69.5 million in the first half.