While the world is facing the biggest global financial crisis since the Great Depression, experts are confident the best diamonds and rare gems tofetch good prices in Geneva.
Sotheby's are offering over 400 luxury jewels in their autumn "Magnificent Jewels" sale. Sotheby's are confident their autumn jewels auction will sell well, although price levels for some luxury pieces have dropped by 20-30%.
"The volatility in all markets at the moment is quite remarkable, nobody can see which way this market's going", David Bennett, Sotheby's jewellery chairman for Europe and the Middle East told Reuters.
Sotheby's has had to reduce estimates for the flagship jewel auctions as a result of the world's financial crisis that has reduced appetites for luxury goods.
But while many lots were stranded in New York's Autumn art sales, which failed to meet low-end estimates the two best diamonds are expected to fetch good prices on Wednesday evening (November 19).
The jewel auction market is driven by top-end diamonds, which brokers and leading fine jewellers say have come off price peaks touched earlier this year to more sustainable levels.
"There is a historical precedent, because the last recession, if you like, was straight after the Gulf war, the first Gulf war in 1990. And between 1991 and 1997 were our greatest years of jewellery sales, including the three world records-the biggest diamond sales of $16mn,were in those years, 1990, 1993 and 1995, so there is maybe a precedent that people will look to diamonds, I'm pretty optimistic", Bennett said.
Sotheby's estimates that its star lot, a flawless deep blue diamond weighing 10.48 carats, could fetch $6mn to $9mn. And the Lesotho I, a light brown diamond of 71.73 carats mounted on a ring, has a catalogue estimate of $3mn-$5mn.
Discovered by a miner's wife in Lesotho in 1967, it was the largest of 18 to be cut on live television from a 601-carat rough diamond by US jeweller Harry Winston. It has remained in the gem box of an unidentified "lady of title" ever since.
The week kicked off Sunday night with Sotheby's sale of 200 timepieces.
Sotheby's are offering over 400 luxury jewels in their autumn "Magnificent Jewels" sale. Sotheby's are confident their autumn jewels auction will sell well, although price levels for some luxury pieces have dropped by 20-30%.
"The volatility in all markets at the moment is quite remarkable, nobody can see which way this market's going", David Bennett, Sotheby's jewellery chairman for Europe and the Middle East told Reuters.
Sotheby's has had to reduce estimates for the flagship jewel auctions as a result of the world's financial crisis that has reduced appetites for luxury goods.
But while many lots were stranded in New York's Autumn art sales, which failed to meet low-end estimates the two best diamonds are expected to fetch good prices on Wednesday evening (November 19).
The jewel auction market is driven by top-end diamonds, which brokers and leading fine jewellers say have come off price peaks touched earlier this year to more sustainable levels.
"There is a historical precedent, because the last recession, if you like, was straight after the Gulf war, the first Gulf war in 1990. And between 1991 and 1997 were our greatest years of jewellery sales, including the three world records-the biggest diamond sales of $16mn,were in those years, 1990, 1993 and 1995, so there is maybe a precedent that people will look to diamonds, I'm pretty optimistic", Bennett said.
Sotheby's estimates that its star lot, a flawless deep blue diamond weighing 10.48 carats, could fetch $6mn to $9mn. And the Lesotho I, a light brown diamond of 71.73 carats mounted on a ring, has a catalogue estimate of $3mn-$5mn.
Discovered by a miner's wife in Lesotho in 1967, it was the largest of 18 to be cut on live television from a 601-carat rough diamond by US jeweller Harry Winston. It has remained in the gem box of an unidentified "lady of title" ever since.
The week kicked off Sunday night with Sotheby's sale of 200 timepieces.
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