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(EMAILWIRE.COM, December 24, 2012 ) San Francisco, CA -- A “Pigeon's Blood” ruby and $5.7 million necklace are at the top of the Christie's International jewelry sale in Hong Kong.
The demand for many precious gems has increased as an investment class has grown in recent years. Hong Kong's Bonhams set a per-carat record on November 23 for a Sri Lankan sapphire, that holds a sale of 43 carat sapphire and diamond ring for just over HK$12 million.
“Investors clearly realize that super high quality gems hold their value extremely well and have tended to appreciate through and after the financial crisis,” said Claudio Ribeiro, chief executive officer of gemstone trading house Primacy Holdings in Singapore.
Ribeiro stated that last week's auction saw a Burmese sapphire was sold for $75,000 per carat. He stated that stones comparable in tally were selling for near $50,000 half a decade ago.
The necklace is said to be the showcase of the 300 lots on sale, and is comprised of 26 oval Burmese “Pigeon's Blood” rubies, ranging from 1.72 to 5.38 carats surrounded by cluster of marquise and pear shaped diamonds.
Christie's and Bonhams are joined by Beijing Poly International Auction Co., Ravenel International Art Group, Seoul Auction, Tiancheng Auction, and United Asian Auctioneers for an eight-day marathon.
“The market is stronger and more and more money is coming because of the economic strength of Asian countries especially China,” said dealer Pascal de Sarthe.
The Poly auction house made what could be considered a quality debut in Hong Kong, and raised HK$520 million over a two-day jewelry, ink painting, and modern contemporary art auction.
The earnings eclipses the China Guardian, Poly's rival company, who raised HK$455 million in October.
Christie's holds sales next, with furniture, ceramics, works of art, as well as watches.
The item to watch, according to those in the know, is a Patek Philippe platinum repeating tourbillon wristwatch, that is estimated to fetch $550,000 if experts are correct.
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Source: EmailWire.com
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