Historic jewels headline Christie's sale
Source: Agencies |
April 18, 2010, Sunday
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Print Edition
Print Edition
AN emerald brooch owned by Catherine the Great of Russia and a diamond ring that once belonged to former Philippine First Lady Imelda Marcos are headlining a jewelry sale this week that Christie's expects will attract strong Asian buyer interest.
Both pieces have not been seen in public for decades and are estimated to sell for between US$1 million and US$1.5 million at the auction of 300 pieces of jewelry on Thursday. The total sale could reap more than US$25 million, Christie's said.
"Art and jewelry were more resilient than any other sector in the financial world and people still came and put great confidence in what they wish to buy," Rahul Kadakia, head of jewelry at Christie's New York, said of the financial crisis.
"The Chinese market is the biggest market in the world right now, because that's a market that's still building their collections," he said. "We had a lot of requests from clients in China for visas to come and attend the sale so we do know they will be here."
The Catherine the Great brooch dates back to the mid-18th century when it was owned by Catherine II of Russia, who ascended to the Russian thrown in 1762, according to Christie's. It was passed down through several generations of her family. In 1972 the brooch was bought by a private US collector, whose estate is now selling the jewel.
The 39.5-carat Emperor Maximilian diamond ring was bought by Marcos, wife of the late Philippine dictator Ferdinand Marcos, in 1983 - three years before her husband was ousted.
Both pieces have not been seen in public for decades and are estimated to sell for between US$1 million and US$1.5 million at the auction of 300 pieces of jewelry on Thursday. The total sale could reap more than US$25 million, Christie's said.
"Art and jewelry were more resilient than any other sector in the financial world and people still came and put great confidence in what they wish to buy," Rahul Kadakia, head of jewelry at Christie's New York, said of the financial crisis.
"The Chinese market is the biggest market in the world right now, because that's a market that's still building their collections," he said. "We had a lot of requests from clients in China for visas to come and attend the sale so we do know they will be here."
The Catherine the Great brooch dates back to the mid-18th century when it was owned by Catherine II of Russia, who ascended to the Russian thrown in 1762, according to Christie's. It was passed down through several generations of her family. In 1972 the brooch was bought by a private US collector, whose estate is now selling the jewel.
The 39.5-carat Emperor Maximilian diamond ring was bought by Marcos, wife of the late Philippine dictator Ferdinand Marcos, in 1983 - three years before her husband was ousted.
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