Rubies Steal The Show At Controversial, Record Breaking Heidi Horten Auction

The first three parts of Christie’s controversial Heidi Horten jewelry sale, consisting of two live auctions in Geneva and one online auction totaling 402 lots, achieved more than $202.1 million, easily setting a new record for the world’s most valuable single collection of jewels to ever come to auction. About 98% of the lots were sold to collectors from around the world, with 50% of the winning bidders coming from Europe and the Middle East, 28% from the Americas and 22% from Asia, Christie’s said Monday.

Rubies took the top lots of the two live auctions at Christie’s Geneva.

The first sale held May 10 fetched more than 13 million Swiss francs ($14.6 million) for “The Sunrise Ruby,” a celebrated 25.59-carat Burmese gem. However, it failed to reach its low estimate of 14 million Swiss francs.

The second sale of Horten’s jewels two days later saw “The Star of Africa,” by Harry Winston, centered with a 54.95-carat Mozambique ruby, fetch more than $3 million, well above its high estimate.

Some gemologists who admittedly haven’t seen the rubies were questioning why there was such a wide discrepancy between the prices of the two gems, even though they had similar characteristics – with the exception of their origins. Meanwhile, no one seemed to be questioning why the Sunrise Ruby, purchased by Horten in 2015 for more than $30 million, sold for less than half that price on the May 10 sale. Even though it didn’t meet expectations, The Sunrise Ruby now has the rare accomplishment of achieving the highest and second highest price for a ruby at auction.

The two Geneva live sales were unusual in several ways. Rare statement rubies, although among the most valuable gems in the world, rarely upstage fancy-colored diamonds and white diamonds. In addition, the May 10 sale of 96 lots fetched an astounding 138.3 million Swiss francs ($155.5 million), which by itself, became the world’s most valuable single collection of jewels to ever come to auction. This occurred even though several of the top lots that were sold failed to meet their low auction estimates. There were some spectacular sales as well for the May 10 sale. A total of 46 lots, half of the total number of lots offered, sold for more than $1 million. Eighteen of those lots fetched more than $2 million.

The May 12 auction added 37.8 million Swiss francs ($42.4 million) to the total. The 12-day online sale of 152 lots of Horten’s jewels, which ended Monday, added another 3.7 million francs ($4.2 million) to the total. The top lot in the online sale was an 18k white gold and diamond watch by Piaget that fetched 100,000 francs ($111,590), more than double its high estimate.

The approximate 300 jewels from the Horten collection that remains will be sold at another online auction scheduled for November.

The entire sale is also the subject of controversy because of the source of the money used by Horten to purchase the jewels. Heidi Horten’s late first husband, Helmut Horten, who was a member of the Nazi party, made his fortune owning department stores. It’s believed with credible evidence that his wealth was obtained through a practice known in Nazi Germany as “Aryanization,” purchasing businesses at a fraction of their value from Jews who were forced to sell to Aryans.

This led Yoram Dvash, president of the World Federation of Diamond Bourses, to issue a letter to Christie’s, which was made public, to either halt the auction or ensure that “the major portion of the proceeds be donated by Christie’s to charities supporting the welfare of Holocaust survivors, as well as commemoration and education,” and that the amount given be made public.

Christie’s in a public statement said all of the jewels in Horten’s collection are believed to be acquired legally through legitimate sellers. “The provenance of each of the 700 objects up for auction is well documented, with detailed indications of purchase, and none of these jewels come from a spoliation or a forced sale from a Jewish owner,” Christie’s said.

The statement continues saying that it was Horten’s wishes to donate all proceeds of the sale to the Heidi Horten Collection, a museum of modern and contemporary art Horten founded in Vienna, as well as “medical research, child welfare and other philanthropic activities.” … “This charitable dimension was an essential element in Christie’s decision to take on the sale.”

Christie’s continues in its statement, saying that it pledges to make a “significant contribution” from the auction proceeds to groups that promote Holocaust research and education. The auction house added, “It will be up to these organizations, if they wish, to communicate about these donations.”

In addition to the rubies, which topped all sales in the two live auctions, colored diamonds, diamonds, pearls and jadeite were among the top lots in the March 10 sale, which was by far the most successful of the three auctions.

The number two lot was a 6.99-carat fancy, intense pink emerald-cut diamond mounted on a platinum ring with baguette-cut diamonds. It fetched more than 9.1 million francs ($10.2 million), more than double its high estimate.

The number three lot was a Harry Winston necklace made with three strands of cultured and natural pearls along with an 11.15-carat fancy light pink cushion modified brilliant-cut diamond. It fetched 6.4 million francs ($7.2 million).

This followed by another Harry Winston piece: “The Briolette of India” featuring a 90.38-carat briolette-cut diamond pendant with the platinum neck chain paved in marquise and pear-shaped diamonds. Two portions of the chain are detachable and to be worn as bracelets. It sold for 6.3 million Swiss francs ($7.1 million).

The number five lot was a Bulgari necklace featuring 25 jadeite beads with an 18k white gold and diamond clasp fetched more than 4.8 million francs ($5.4 million).

This was followed by a Bulgari platinum brooch with a 5.14-carat fancy orange pear shaped diamond, a 5-carat fancy intense purple-pink modified heart portrait-cut diamond, a 4.26-carat fancy blue marquise brilliant-cut diamond, and a 3.82-carat fancy intense yellow marquise brilliant-cut diamond. It fetched more than 4.5 million Swiss francs ($5.1 million).

The number seven lot was an 18k gold ring centered with a 20.06-carat fancy pink pear modified brilliant-cut diamond. It fetched more than 4.2 million Swiss francs ($4.8 million).

Other important Bulgari pieces in the March 10 sale were:

• A multi-gem necklace featuring three important gems: a 37.84-carat cushion-shaped modified brilliant-cut sapphire, a 33.59-carat padparadscha sapphire and a 33.20-carat emerald as well as three brilliant-cur diamonds of 2.85, 1.55 and 1.51 carats, and a 1.53-carat marquise brilliant-cut diamond. It fetched more than 2.5 million Swiss francs ($2.9 million), more than $1 million over its high estimate.
• A large multi-gem choker centered with a 46.56-carat Old European brilliant-cut diamond, and lined with baguette-cut diamonds, and caliber buff-top sapphires and emeralds. It fetched more than 1.4 million Swiss francs ($1.6 million).
• An 18k bangle bracelet centered with a 32.32-carat fancy yellow cushion brilliant-cut diamond with round yellow diamonds, round and baguette-cut diamonds and emeralds. It fetched 428,400 francs ($480,980).
• 18k gold earrings featuring oval-shaped cabochon sapphires, emeralds, and baguette-cut and round diamonds. It fetched 252,000 francs ($282,929).

Jadeite jewels accounted for seven pieces in the sale. In addition to the jadeite necklace among the top lots, other important pieces in the group included:

• A Jadeite and diamond bracelet by German design firm, Tamara Comolli that fetched 516,600 francs ($580,000); and
• A diamond ring centered with a Type A oval-jadeite that fetched 541,800 francs ($608,300).