Demand is "Resilient" as Phillips Hong Kong Raises $5.4m

(IDEX Online) - Phillips raised $5.4 million from its Hong Kong Jewels Auction yesterday (30 March), reflecting what it described as "resilient demand", especially from Mainland China and Hong Kong.

More than a quarter of the 85 lots (28%) were unsold, but all the Signed Jewels included in the sale - among them items by Cartier, Van Cleef & Arpels and Bulgari - found buyers.

Overall, the auction achieved 75% by value - hammer price as a percentage of pre-sale estimates.

The sale was led by a 9.22-carat no-oil Colombian emerald and diamond ring, which sold for HKD 5.4 million (USD 691,879). The estimate was HKD 4.8 million to HKD 6.5m (USD 640,000 to USD 833,000).

Another highlight was a 4.05 carat fancy light pink diamond ring (round-cornered rectangular modified brilliant-cut), which sold for HKD 3.4m (USD 435,000) against an estimate of HKD 2.0m to HKD 4.5m (USD 250,000 to USD 580,000).

Bidders from Mainland China and Hong Kong accounted for 71% of the overall sale value.

Pic shows the Colombian emerald and diamond ring.