Saffronart’s Auction of Fine Jewels Achieves Total Sales Value of Rs. 5.16 crore
Recently concluded auction Indicates Strong Interest in Traditional and Innovative Jewellery
From Tradition to Innovation concluded on 25 October 2018, achieving a total sales value of Rs. 5.16 crores (US$716,994). The auction featured a selection of high quality traditional period pieces as well as innovative contemporary designs, highlighting the shifts in Indian jewellery design over the last century.
The auction was led by an exquisite pair of Natural Pearl and Diamond Earrings (lot 45). Featuring two rare natural saltwater pearls weighing over 20-carats each, set in a frame of diamond briolettes, the pair sold for approximately Rs. 87 lakhs (US$120,750). Another highlight of the sale was a Magnificent Diamond Ring (lot 84), which sold for approximately Rs. 75 lakhs (US$103,819). The stunning ring centred on a shield-cut diamond, attracted interest for its unique design.
The auction witnessed highly competitive bidding for traditional jewellery from important historic periods, especially pieces with strong provenances and fine craftsmanship. A Pair of Period Diamond Jhumki Earrings (lot 17) from the private collection of a Nawab of Hyderabad crossed its higher estimate by 28.8 per cent, selling for Rs. 5.15 lakhs (US$7,156), and a Period Diamond and Pearl Maang Tika (lot 3) which once belonged to the Nawab of Malerkotla, sold for approximately Rs. 3.2 lakhs (US$4,440).
There was enthusiastic interest in lots belonging to personal collections of avid jewellery collectors, selected for their design, technique, and rarity and acquired both within India and on travels abroad. The interest in these lots underscores the importance of collecting jewellery, and encourages new generations of collectors. A distinctive Satlada or Seven-Strand Necklace (lot 14) formerly in the collection of Kanwar Sardari Lal Chopra fetched Rs. 8.4 lakhs (US$11,724), 20 per cent more than its higher estimate. Additionally, a Gold Pill Box by Cartier (lot 50), which once belonged to businessman, traveller and collector Shantilal Bhikubhai Jhaveri, invited numerous bids and eventually sold for Rs. 1.5 lakhs (US$2,089), surpassing its higher estimate by 87.5 per cent.
Commenting on the auction, Saffronart President and Co-founder Minal Vazirani said, “We are extremely pleased with the outcome of this sale. It signals a very strong interest in owning and collecting innovative pieces that are rooted in traditional Indian design and history. Saffronart has always been committed to developing and expanding the market for Indian jewellery, and to inculcating the art of jewellery collecting among a new generation. We wish to introduce a global audience to the quality of Indian craftsmanship through our annual auctions, our biennial jewellery conference – which returns in 2019 – and an upcoming series of exhibitions focusing on contemporary Indian jewellery design.”