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April 8, 2014

Sotheby’s Achieves World Auction Record for Jadeite Jewelry and Cartier Jewel

By Laura Walkinshaw

hutton mdivani necklace_A Cartier jadeite necklace achieved a world record for any jadiete jewelry or Cartier jewel sold at auction when it fetched US$27.44 million (HK$214 million) in Hong Kong yesterday.

The Hutton-Mdivani Necklace, which went under the hammer in the Sotheby’s Hong Kong Magnificent Jewels and Jadeite Spring Sale, was sold for more than double its original estimate of US$12.8 million (HK$100 million).

The piece, which Sotheby’s described as the auction house’s “offering of the greatest jadeite bead necklace in the world”, was bought by The Cartier Collection. It was owned by Woolworth heiress Barbara Hutton.

Sotheby’s Asia’s Deputy Chairman and Head of Jewellery Department Quek Chin Yeow said the sale of the jadeite bead, ruby and diamond necklace was “one of the most thrilling saleroom competitions ever”.

“Eight bidders in the room and on the phones competed for 20 minutes driving the price to double the estimate and achieving a World Auction Record for any Jadeite Jewellery and a Cartier Jewel of HK$214 million / US$27.44 million, a price which fully lives up to the storied past of this captivating work of art, which had caused enormous excitement among jewelry cognoscenti,” he added.

Sotheby’s also set a World Auction Record for a ruby when a 29.62-carat cushion-shaped oval Burmese Mogok ruby and diamond ring by Cartier was bought for US$7.34 million (HK$57.24 million).

Sotheby’s Hong Kong Magnificent Jewels and Jadeite Spring Sale fetched a total of US$106.6 million (HK$831.6 million).

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