Catherine the Great's Necklace Sells Below Top Estimate

A diamond necklace that once belonged to Catherine the Great failed to reach its top estimate at a Sotheby's auction on Thursday. The necklace had been expected to sell for over $1.9 million but sold for just over $1.5 million to an anonymous buyer. Over $66 million were fetched last week in Geneva in just two jewelry auctions.

The result did not disappoint David Bennett, Executive Director of Sotheby's International Jewelry Division. "We were delighted to have been given this unique opportunity to present, not only such an impressive jewel in its own right, but one that encapsulates the luxury and grandeur of the Russian royal court. Its history, survival, beauty and quality, make this a truly exceptional piece," said Bennett.

The necklace was part of Sotheby's Magnificent Jewels sale in Geneva, which raised $26,994,758.

The climax of the evening was the final lot from the collection of Daisy Fellowes, a celebrated 20th-century society figure. There was frenzied bidding as the highly important pair of emerald and diamond fringe bracelets by Van Cleef & Arpels, Paris, sold for $2,547,810, more than three times its pre-sale estimate.

Brett O'Connor, Head of Sotheby's Geneva Jewelry department, said: "The superb result of the Russian Imperial necklace and high quality of pieces from the great makers, with jewels from outstanding private collections, reflects Sotheby's expertise in identifying both historical pieces and jewels of exceptional provenance. While there was interest from existing clients, there was also a noted presence of new buyers from Russia and the Far East, demonstrating our precedence in emerging markets."

Competitor Christie's, held a Magnificent Jewels sale in Geneva the night before the Sotheby's auction, raising a total of $39,321,035, from 283 lots, compared to Sotheby's 341.