Phillips Hong Kong Jewels And Jadeite Auction Disappointing
Phillips Hong Kong Auction today had a rough time as almost half of the items offered failed to sell; continuing the trend like other auction houses this year.
Only 74 out of 132 items offered sold, and 5 out of 7 items I covered in Fancy Color Diamond did not sell.
The 2.63 Carat, Fancy Pink ring did not sell. It was valued between $360k to $420k total, which means the minimum value of $360k or $137k per carat was not met. Most likely it did not reach the minimum due to the low clarity of the diamond, being an I clarity.
The 1.23 Carat, Fancy Gray-Blue diamond with SI1 clarity also went back home after it failed to reach the minimum $180k bid.
The 2.04 Carat, Light pink was valued between $130k to $150k and ended up selling for $141k total, within the range of valuation.
The earrings with the 0.73 carat and 0.70 carat, Fancy Intense Pink round diamonds were sold for $147.4k total after being valued at between $110k to $120k total. As we discussed, it sold slightly higher than the range.
The 4.01 Carat, Fancy Vivid Yellow Diamond ring also failed to sell going back home after it did not reach the $100k minimum. The color was weak.
The 1.25 carat Very Light Pink with a VS1 clarity and a 1.18 carat Fancy Yellow with a VS2 clarity twin ring set did not sell as expected. The ring was valued between $48k to $58k total. The minimum bid was not reached.
The 3.86 carat, Fancy Yellow-Green Diamond with an SI1 clarity was offered at between $45k to $55k in total or $11.7k to $14.2k per carat. It did not reach the minimum valuation, and as a result, went back to its owners.
I suspect that the high buyer’s premium on smaller items, these items failed to sell, as explained prior to the auction.
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