Lot 59 - A set of three silver jewellery boxes, originally presented to Sir Malcolm Hailey Governor Of The Punjab Province in 1924.
COVID-19 has had a huge impact on the global marketplace for luxury investments in 2020. The recent Knight Frank Luxury Investment Index, released in February, found that compared to other passion investments, luxury handbags were the best-performing asset class, outperforming art, classic cars and even fine wine. But for Indian UHNWIs (ultra-high-net-worth individuals), it was jewellery that was the most prized object of desire.
And Indian auction house AstaGuru’s annual heirloom jewellery, silver and timepieces auction, which fetched Rs 18,31,96,287 crores recently, proves that jewellery continues to remain the most preferred passion-led investment.
Diamonds, Basra Pearls and More
The highest price achieved in the auction was in the jewellery sector for a rare diamond, ruby, pearl and enamel guluband that went under the gavel for Rs 1,52,22,392 crores ($211,422). The lot comprised of thirteen hinged square panels, each set with a central ruby cabochon and table-cut diamonds on the sides.
Other highlights from the heirloom jewellery section included a two-row Basra pearl necklace which sold at Rs 1,50,56,016 ($209,110), an elegant four-row Basra pearl necklace that fetched Rs 1,26,18,375 ($175,254) and a pair of large emerald and diamond ear pendants that sold for Rs 92,21,850 ($128,081). The jewellery segment, a meticulous curation of diverse heirloom & vintage pieces featured some of the highest quality gemstones from across the globe and celebrated rich jewellery craftsmanship from Europe and the Indian sub-continent with traditional Indian masterpieces as well as Art Deco period designs. The highest price achieved in the auction was in the jewellery sector for a rare diamond, ruby, pearl and enamel guluband that went under the gavel for Rs 1,52,22,392 crores ($211,422). Commenting on the results Jay Sagar, jewellery specialist at AstaGuru, said, “We are extremely happy with the great response we have received from collectors for our Heirloom Jewellery and Silver category. The auction’s results indicate a strong demand and a growing collector base in India that is looking to own pieces which are steeped in aesthetic and historical value. The category is slowly becoming one of the most anticipated in our annual line-up of auctions with a great number of bidders showing interest with every new edition of the auction.”
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In the silver category, some of the key highlights included a silver flatware service by Christofle, Paris signed by the maker that sold for Rs 25,00,316, ($34,727) and a set of three silver jewellery boxes which were originally presented to Sir Malcolm Hailey, governor of the Punjab Province in 1924. The latter lot garnered a lot of attention for its rich provenance and sold for Rs 24,11,840 ($33,497), handsomely surpassing its estimate of Rs 7,75,000.
On the wrist Leading the timepiece section and achieving the fourth-highest price in the auction was a limelight tonneau-shaped diamond wristwatch from Piaget that sold for Rs 1,10,93,071 ($154,070), surpassing its higher estimate by an impressive margin. A limelight tonneau-shaped diamond wristwatch from Piaget sold for Rs 1,10,93,071. “The results showcase how there is a great potential in the category with an ever-growing collector base in India for vintage, pre-owned and limited-edition luxury watches,” said AstaGuru’s timepiece specialist, Deepak Krishnamoorthy. “The auction provided a great opportunity for enthusiasts and serious collectors alike to get their hands on watches which are not easily available in an open market.”
*All figures include the auction house margin amount
