Saturday, October 11, 2008

Fine Jewelry Market is Strong?

I spent the day walking through the jewelry salons at Barney's and Bergdorf Goodman's. Whereas it is hard to know whether their sales are strong, the floors where packed with shoppers. People seemed to be oblivious to the meltdown in the financial markets.

Forbes has an interesting article on strong performance of recent auctions at Leslie Hindman and Sotheby's. The former saw multiple pieces selling at the $100,000 mark, with a 5.4 carat yellow diamond ring (shown above) going for $144,000, four time the expected price. According to Forbes,

"At Sotheby's September jewelry auction, the top-selling lots were a sapphire-and-diamond ring, made by Van Cleef & Arpels in Paris, which sold for $656,500--more than double its pre-sale estimate of $250,000 to $350,000; and a colorless diamond ring from Harry Winston, which easily fetched twice its pre-sale estimate of $200,000 to $250,000, when it sold for $470,500."

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