Christie’s jewels sale totals $46.5m with record breaking Tiffany necklace

Christie’s Luxury Week continued in New York on 10 December with its Magnificent Jewels sale, which raised $46.5m (£34.6m) and was 95% sold by lot.

The top result was a Tiffany and Co tourmaline and diamond necklace from the collection of Max and Cecile Draime, which sold for $4.22m (£3.14m) after bidding in the room, online and by phone.

The auction house said the price set a world record for a Paraíba tourmaline and came in at ten times the low estimate. A matching pair of Tiffany and Co tourmaline and diamond earrings from the same collection followed at $1.27m (£950k).

Christie’s said demand for rare tourmaline pieces drove the strong results. Further notable sales came from the collection of Sandra Ferry Rockefeller, offered as property of Mr and Mrs John D Rockefeller III.

Its top lot was the Rockefeller Kashmir, a Cartier Art Deco sugarloaf cabochon sapphire and diamond ring of 17.66 carats, which achieved $2.64m (£1.97m). The four-lot group made $3.13m (£2.33m) in total, with each item selling above its high estimate.

Other pieces in the group included a Raymond Yard pair of multi-gem and diamond parrot clip brooches at $76,200 (£56,730), a Cartier Art Deco emerald and diamond bracelet at $406,400, and a Cartier diamond and coloured diamond wristwatch at $13,970 (£10,400).

Sapphires also performed strongly across the auction. A pair of antique sapphire and diamond earrings realised $3.06m (£2.28m) against a low estimate of $1.5m (£1.12m), while an impressive sapphire and diamond ring sold for $1.78m (£1.33m) against a $500,000 £372,000) low estimate.

A sapphire and diamond ring from the collection of Maureen Dwyer Smith achieved $304,800 (£226,922), well above its $40,000 (£29,790) guide.

Christie’s said jewellery sales continue online with Splendor and Style: Jewellery from the Collection of a Distinguished Lady, which runs until 12 December.