‘Hong Kong is the Leading Jewelry Auction Center’
August 25, 10
 The sale of the record-setting "Vivid Pink" ring (above) at Christie’s last December contributed to transforming Hong Kong into the leading global jewelry auction center |
In the past couple of years, the trade press has learned to closely follow jewelry auctions in Hong Kong, knowing that interesting diamonds and jewelry items achieve high prices from traders and collectors.
Curiel acknowledged this in an interview with Hong Kong Trader today (Thursday), providing some additional details.
“We have collectors at Christie’s globally who expressly request that their gems be sold through Hong Kong,” Curiel said. “In watches, there is an active trading community in Hong Kong and new records are set here every season.”
In April, a bidding war marked the results of Sotheby’s Hong Kong Magnificent Jewels and Jadeite sale. The diamond Rivière necklace, the top-selling item, sold for $6.7 million, followed by a 5.16-carat pear-shaped internally flawless fancy vivid blue diamond purchased for $6.4 million.
Last December, a 5.00-carat cushion-shaped fancy vivid pink diamond ring set two world auction records at Christie’s Jewels sale in Hong Kong. The potentially flawless, type IIa vivid pink diamond sold for 10.78 million. At $2.1 million per carat, it was the most paid per carat for a diamond at an auction as well as the highest price for a pink diamond.
In October an 8.74-carat emerald cut, fancy blue, VVS1 diamond sold for $5.65 million, or US$646,453 p/c at a Sotheby's auction in Hong Kong.
Such auction results made Hong Kong vital to Christie’s. “It serves as our gateway to China and makes up an ever-greater share of our global sales. In the first half of 2010, Hong Kong constituted 14 percent of Christie’s auctions globally. This has doubled since 2007.
A big part of the growing sales is attributed to China’s exceptional economic growth that created a new generation of wealthy people looking to invest in tangible assets, which they can enjoy in their homes.