Collectors in Asia are driving antique and period jewellery auction prices skywards
At July’s Phillips Jewels and Jadeite sale in Hong Kong, an exceptional 12.55-carat diamond ring, circa 1953, went under the hammer for an eye-popping US$1.1 million. Designed by Harry Winston with an enormous centre stone and clean-cut silhouette, the design epitomised the luxury and optimism of the post-war era. And at a Sotheby’s auction last year, an art deco emerald- and diamond-set necklace made for Hélène Beaumont, an American socialite and close friend of Wallis Simpson, the Duchess of Windsor, sold for nearly US$3.6 million to an Asian collector—more than twice what it fetched in 1994.
These sales are indicative of the buoyant market for high-quality period pieces, as well as art deco’s rising popularity in Asia. “There is certainly an increased interest in antique and period jewels in Asia compared to 15 years ago,” says Jean Ghika, global head of jewellery at Bonhams auction house. “There is an understanding and appreciation of these older pieces and the fact that many come with history, are unique or are produced in limited numbers.” The tastes of Asian buyers are evolving from an initial preference for designs with white diamonds and green imperial jadeite to an increased interest in deep-rooted craftsmanship and lesser-known top-grade gemstones.
“Although there is some interest in 19th-century pieces, particularly naturalistic pieces that depict flora and fauna, there is perhaps greater interest in pieces from the first quarter of the 20th century, particularly the art deco period,” says Ghika. “There is a timeless appeal to this era of jewellery design that resonates with collectors. Pieces by famous French and Italian jewellery houses like Cartier, Van Cleef & Arpels, Bulgari and Buccellati are particularly popular.”
Graeme Thompson, worldwide head of jewellery at Phillips auction house, agrees. “I’m also seeing that jewels from the early 20th century, particularly the Belle Époque period, are becoming very popular in both China and the wider Asia region,” he says. The Belle Époque period of western history dates from the end of the Franco-Prussian War in 1871 to the outbreak of the First World War in 1914. These were idealistic years spent innovating and exploring new opportunities. A period of confidence and tremendous wealth, it is synonymous in jewellery with the use of vibrant nature-inspired designs.
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Golden Age
A Belle Époque ruby- and diamond-set pendant, circa 1910, was sold by Bonhams in 2018 for nearly US$70,000. Described by Ghika as a “wonderful example of jewellery”, a central pear-shaped diamond sits within a calibré-cut ruby, which is suspended from an openworked cartouche of garland design. “The Belle Époque was a period of peace, growth, prosperity and optimism, and there was great innovation in jewellery design, particularly in the use of platinum, which allowed for a much lighter and finer feel,” says Ghika.
Thompson recalls several particularly memorable antique jewellery pieces that have sold at auction in Asia. “One was an art deco ruby- and diamond-set necklace by Cartier,” he says. In May 2013, while working for another company, Thompson consigned this “gorgeous necklace” for a Hong Kong auction. “Unbeknown to me at the time, ten years earlier that same necklace has gone unsold at a competitor’s auction, which had also been held in Hong Kong. We went ahead with the sale, and it was a huge hit, with multiple bidders from all over Asia. It sold for double the amount that it was offered for ten years earlier. It was at this point that I realised that antique and period jewellery was becoming highly sought after in Asia.”