Cowdray Pearls necklace auction beats estimate by 381%



2015-06-26 12:53:31

Cowdray Pearls necklace auction beats estimate by 381%

The Cowdray Pearls necklace sold for $3.4m at Christie's Important Jewels auction in London

After the success of its jewellery auction in New York on Tuesday (June 12), just 24 hours later Christie's was at it again - this time on the other side of the Atlantic, with the Cowdray Pearls necklace headlining.

The Important Jewels sale in London on Wednesday (June 13) realised a total of 9.8m, with numerous lots exceeding their estimates. But whereas the New York auction was headlined by a sparkling array of diamonds, London collectors and investors were presented with a collection of superb natural pearls.

Cowdray pearl necklace The Cowdray Pearls necklace - up 381% on estimate

Topping the sale in some style were the Cowdray Pearls, a necklace featuring 38 graduated natural grey pearls formerly owned by the Viscountess Cowdray, Lady Pearson (1860-1932). Estimated at 280,000-350,000, the necklace rapidly surpassed this valuation on its way to a stunning new world record price for natural grey pearls of 2.2m - 519% above its high estimate.

The impressive results continued, with many lots smashing their pre-sale valuations. A natural pearl necklace priced at 180,000-220,000 sold for 802,850, and was quickly followed by another which sold for 385,250 - 381% above its high estimate of 80,000.

In addition to fine pearls, diamonds proved as popular as ever. A Cartier Art Deco diamond bracelet brought 481,250, more than three times its top estimate of 150,000, and a similar Cartier Art Deco tiara achieved 277,250 against the same high valuation.

Keith Penton, head of Christie's London jewellery department, remarked: "This London sale concludes an extremely successful spring season for jewels at Christie's."

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