Saudi Arabian Clients Choose Other Luxury Items over Jewelry

Not even half of the jewelry items offered among the art and other luxury products at the first Sotheby’s auction in Saudi Arabia found buyers, even as other products sold well. 

Of the 117 lots on offer, 28 were jewelry items, and bidders purchased only 11. However, other luxury products at the sale, primarily fine art, sculptures and sports paraphernalia, saw strong prices, while handbags had a fair showing.  

In total, the February 8 sale, called Origins, brought in $17.3 million, with three lots achieving more than $1 million each, Sotheby’s said Saturday. Participants hailed from 45 countries, with nearly a third of those who made purchases coming from Saudi Arabia. 

The lead jewelry item was a pair of earrings by Graff, featuring two pear-shaped, D-color, VVS1-clarity diamonds with the potential to be internally flawless — weighing 9.39 and 8.46 carats. It sold for $780,000, within its estimate. Meanwhile a Bulgari Trombino ring, sporting a cushion-cut sapphire of 34 to 36 carats set between graduated columns of baguette diamonds and with a round-diamond surround, also came within its presale price range, making $240,000. 

A ring with a pear-shaped, 23.55-carat Colombian emerald center stone flanked by shield-shaped diamonds fell short of its $200,000 lower price to bring in $192,000, and a ring bearing a cushion-shaped, 29.05-carat Ceylon with two triangular-cut diamond side stones brought in $180,000, inside its range.  

Several items from well-known brands remained unsold, including a Cartier sapphire and diamond bracelet estimated at up to $325,000 and a Harry Winston ruby and diamond bracelet with a high price of $300,000.