What makes Austrian emeralds so rare and unique?

Posted on February 14, 2025February 14, 2025 by Liz Bailey

A lot that stood out to me around the salerooms last week was this this pretty cluster ring. Sold at Woolley & Wallis and described as ‘An unusual emerald and diamond ring, late 19th century,’ this ring was set with a principal oval emerald cabochon and surrounded by cushion shaped diamonds.

Accompanied by a certificate from Gemmological Certification Services, the emerald’s origin was stated as Austrian, with indications of moderate clarity enhancement. The unusual factor, then, in this lot was the origin of the emerald! Usually at auction we can see Zambian (increasingly!) and the historically favoured Colombian emeralds. An emerald from an altogether different locale in Austria, was an unusual thing indeed!

The Austrian emerald deposit lies in the Habachtal Valley. Located in the Hohe Tauern National Park, and a favourite with hikers, this valley is known for its emerald deposits and rich mining history!

The first written reference to the Habachtal emeralds is in 1797, although in 1992, Roman jewels in the Treasure of Lyon-Vaise included emerald necklaces and earrings set with emeralds mined in the Habachtal Valley. These pieces are thought to have been buried for fear of Germanic raids and the coins allow its burial to be dated to after AD 258.

The first international appearance of Habachtal emeralds was in 1861 at the London World Industrial Exhibition. Mining operations by Samuel Goldschmidt began in the early 1860s, and he sold these crystals from his Viennese storefront. Following his death in the 1870s, the mines were ran by various English companies until around 1913 – purportedly selling the stones as ‘Indian emeralds’ “because the deposit was not known to most of the people in gem trade and would have sold for a much lower price.” (Laing Antiques).

The ring above dates to this later period of English owned mining in the Habachtal area and could well have been originally sold as an ‘Indian’ emerald. Identifying features for Habachtal emeralds are typically heavily included, with “highly-ordered graphite, and extremely water-rich melt inclusions.” (Rainer, 2020). Sold as Indian emeralds and typically assessed as lower quality owing to their multiple inclusions, examples of Habachtal emeralds are not frequently identified! Below is an example of a diamond and 2.10ct Austrian emerald ring currently retailing for €14,500.

Habachtal emeralds are still mined in the present day, although it much lower quantities than the late 19^th century. The yield is typically small scale and is reserved for collectors of specimens, much like the example below sold at Christies in 2023.

To arrange your own jewellery valuation, call us on 01883 722736 or email us on [email protected]

Luxury or Lie? A Guide to Identifying Replica Watches

Posted on February 13, 2025March 20, 2025 by Alastair Meiklejon

If you speak to any one of the valuers at Doerr Dallas, you will know that one of our biggest fears is having to confront a client when we believe that an item ‘is not right’ whether that be a diamond, a Picasso, a Birkin, or in some circumstances – a watch.

Without any doubt it has always been a case of addressing the issue of whether or not they know its fake, or if in the worst circumstances, they have purchased it thinking it was genuine.

The market for fake watches, or as some kind people refer to them, ‘replica’ watches is booming, the desire to own a luxury timepiece as a status symbol is possibly the highest it’s ever been and with technology advancing at such a high rate, the availability of these items is incredible.

So, where do these items come from?

30 years ago, when I first became interested in watches, fakes were something you saw on a towel in Puerto Banus, terrible quality and instantly recognisable from the real thing from about 200 metres, and generally TAG Heuer watches – possibly because they generally all had quartz movements and lots of plastic in the 90s, so a lot easier then dealing with an automatic movement.

Today, the Chinese replica industry is huge, probably dealing with 90% of all the replicas that you see available – they have the technology, the skill set, and the lapse enforcement on prosecuting the factories that make the watches – despite what many people may think about the law in China, they are still illegal, they just don’t enforce the law.

Other places such as Turkey seem to be taking a lot of heat recently as well, possibly because of the tourist industry and many well-made replicas are seen from this area.

Vietnam, is the last place that you would expect to see such a commercial symbol come from, but in the last 5 years there has been a huge influx of exceptionally good replica dials, cases, and hands for vintage watches with even some of the best experts in the world being fooled.

Who buys fake watches?

This is a question that I get asked quite a lot, and it couldn’t be more of a polarising answer.

Of course, there are people that aspire to own a Rolex for example and will never be able to justify the thousands of pounds that it costs to own one so this might be as close as it gets, if they want the style or the kudos then perhaps this is the only option?

There are also the collectors….People are fascinated by horology and the believe it or not some people purposely collect replica watches in order to see just how close they are to the real thing – they modify and tinker and enjoy the hobby.

Finally, there are the people that purchase a replica after buying the real thing, they wear the fake in the knowledge that they own the real thing, so perhaps it gives them some authority to wear a dodgy copy in public, I won’t pass comment on that however!

The problem with fake watches

Well, the problem first of all is that replica and counterfeit goods are illegal, by purchasing them you are breaking the law, and whilst you may not think that it harms anyone – there are many problems associated with counterfeit items and organised crime, sweatshops, and other nasty things that owning watches shouldn’t be related to – but it doesn’t stop people from buying them.

So what are the tell tale signs?

In the last 20 years, the market for replicas has increased so much that the pieces that you see now are nothing like the terrible forgeries of old, in some circumstances you cannot tell without disassembling the watches, and looking at all the component parts, but as a rough guide, here are a few things that the forgers still get wrong on a regular basis, and for this example we will use probably the most counterfeited watch in the world – the Rolex Submariner.

Boxes and paperwork

It seems a strange one to start on, but this is still where a lot of replicas fall down within the first 30 seconds, the forgers still struggle to get this right – often the boxes are either the wrong colour or the wrong proportions, or there may be a certain smell to the glue that’s used and often its done badly – something that would never leave a Swiss factory. The paperwork is often not stamped or dated by a retailer, of it is, it’s usually by a Chinese chain of jewellers or similar – if these things don’t add up just walk away. Another thing in recent times, especially with Rolex cards is the colour and the font of the logo, it can be very close, but just not the right texture – admittedly, it’s difficult to tell if you haven’t got a genuine article to compare it to but it should be quite obvious.

The Crystal

For those of you that don’t know, the crystal is the piece of glass that covers the dial, protecting it, this can be made of plastic, glass, sapphire, with or without coatings – make sure you know what type the specific watch should have and if it’s different, start asking questions.

The Cyclops lens is a magnifier that you will see on many Rolex watches, and this is regularly incorrect in terms of magnification and alignment, it should always be 2.5x magnified, and whilst we are talking about the date wheel – be sure to check that every number is the correct font as well!

In recent years Rolex have started etching a coronet to the six o’clock position to their watches as an anti-counterfeit measure – but of course, this has now been copied. Firstly, if you can see it without a loupe of magnifying glass, its fake. Now, when looking under magnification it should almost appear to be floating, this is creating by Rolex engraving it at different heights throughout the cipher, and whilst the forgers are almost there, it’s still not quite perfect and is a give-away.

The Bevel

No, not the bezel, the bevel.
The inner ring surrounding the dial has always been a difficult thing for the forgers to get right, either the depth or the angle – it has never quite worked, but in recent years Rolex having introduced an engraving to the interior of the bevel and unless the font and spacing is totally 100% spot on, then – you guessed it, its fake.

The Dial

Possibly the biggest give away on the Rolex Submariner is the dial, so many things can be ascertained by this and with so many aftermarket dials it’s an absolute minefield, so obvious things include the setting of the markers – are they straight? Is there any lume on the surrounds? Are they the right shape? All of these things will be obvious from looking under a loupe, but one of the most bizarre ones is actually the presence of dust or dirt. Remember these items are made in sweatshops, where a lab coat and gloves may not have even been heard of.

The Case

The key to fishing out a dodgy case is to look at the proportions first, does it look too thick? This is usually a situation with Rolex where the forgers will use the same case for a GMT, Submariner, Explorer, Yachtmaster and others and merely change their markings and bezel. The other major giveaway is material markings – The forgers don’t have the funds to change all the cases for each model of watch so there are specific fakes for the yellow gold, rose gold, white gold and stainless steel, so they will use the same case for each…now just in the past few weeks I have seen a very good fake, but with 750 markings (meaning 18ct Gold) on a stainless steel watch – this again means 100% that you are dealing with a replica.

The Bracelet

One of my favourite go to things before looking at anything else in a suspected watch is the bracelet – if this is wrong it is usually a very good indicator, not always but 90% of the time. Look at the screws that hold it together, do they have a chamfered edge? Do they turn easily, are they all the same? Look at the end links where they meet the case, do they slot in perfectly?

The Movement

This used to to be the point where all arguments were settled, as soon as you took the case back off (which also contains serial numbers btw) you could see whether the movement was right or not, usually because it was marked, but in 2024 and the advent of 3D printing, scanning and manufacture, we now see what are known as clone movements in the back of these watches and basically they are exactly the same but for a few details, and the details are what makes it genuine – look at the brushing, what’s the quality like? Look at the wording, does it look off or not clear? Look at the jewels and the retainers, do they look right? And finally, look at the screws – again a brilliant give away.

And finally….

Always buy the seller, not the watch.

If you really are in doubt about a watch, walk away – a good seller will understand your questions and know that he can sell it another day, some passing off a fake will not.

Whilst a person working in a jewellery chain or a large watch retailer may have a lot of knowledge about certain things and usually a lot of bravado, they will not and should not tell you a watch is fake or genuine upon merely a first glance – When in doubt always have a watch appraised by a professional valuer/authenticator.

To arrange a watch valuation call us on 01883 722736 or email us on [email protected]. We offer a desktop watch valuation service that is charged at £50 per watch plus VAT. To find out more about it, visit our service page here.

Download our handy one page guide which highlights the different areas of the watch to look at when checking for replicas.

Daggers and Angels: Exploring Mughal Wonders at the Victoria and Albert Museum

Posted on February 6, 2025February 6, 2025 by Ashley Crawford

As an Islamic art enthusiast, I had the pleasure of recently visiting the exhibition The Great Mughals: Art, Architecture, and Opulence at the V&A. This exhibition focuses on the Golden Age of Mughal art, spanning the reigns of Akbar (1556-1605), Jahangir (1605-1627), and Shah Jahan (1628-1658). The arts flourished during these periods due to economic prosperity, religious tolerance, international trade and its resulting artistic influences, and an immense artistic production across media types. This was reflected in the wide range on display at the exhibition, including objects such as manuscript paintings, arms and armor, ceramics, tiles, and textiles. There were many wonderful items to choose from, but I will explore the topics of daggers and paintings with angels here, which were some personal favorites.

Mughal Daggers

The splendor of the Mughal Empire resulted in bountiful dazzling objects, especially gems and jewelry. Some of the most captivating gems on display at the exhibition were found in ornately decorated imperial daggers. Weapons from each reign had their own distinctive style. My favorite example from this exhibition was a Jahangir nephrite jade dagger with a hilt and scabbard (the sheath attached to the wearer’s belt), all set with emeralds, rubies, and a pearl set in gold.

There are several factors that make this Imperial dagger so noteworthy. Aside from the gems themselves, the size and quality of the nephrite jade would have made this dagger all the rarer, as jade was a coveted material in the 17^th-cetury Mughal Empire. The most delightful aspect, in my opinion, was the presence of neither the jade nor the gems, but rather of the delicate red ostriches made of rubies and stacked vertically, picturesquely framed by gold vines of emeralds and rubies. Ostriches were a further symbol of opulence and would have been brought from abroad to Jahangir’s court. While Imperial Mughal daggers are difficult to obtain on the market (such as this dagger owned by Shah Jahan, which sold for well over $3,000,000 in 2019), Mughal daggers and other weapons are frequently offered at auction at a wider range of price points. High-quality 17^th-century jade examples with gems have always performed strongly, such as here, here, and here.

In Jahangir-period paintings, daggers were reserved for use by the emperor and others with high rank. Similar daggers are frequently visible in miniature paintings of the various Mughal rulers. This exhibition provided many examples of emperors wearing such daggers on their belts (which are also ornately decorated with gems); one is even visible in the title image for this exhibition!

Angels

One of my other favorite objects from this exhibition was a painting depicting the angel Raphael. There is a common misconception that all religious Islamic art is aniconic. While this rule does apply to art in strictly religious settings, it does not apply to religious art produced by laypeople for lay settings, especially when used as a visual aid in manuscripts (you can learn more about iconic representation and religious art here). The Western term “Islamic art” itself may be a contributor to this confusion, as it serves as an umbrella term encompassing both religious and secular art. Angels are common subjects in Islamic art and appeared in several works in this exhibition. A common story featuring angels used in early Mughal paintings is that of Tobias and the angel Raphael. This story was the focus of the painting The Angel of Tobias by Husayn from the Mughal court workshops during Akbar’s reign around 1590-1600, which depicts the biblical encounter of the angel Raphael assisting Tobias in catching a fish. Raphael is shown here surrounded by colorful flowers and dressed in exquisitely decorated gold clothing. His wings are the most commanding feature, delicately painted in layers of blue, red, green, and black. Raphael is set against a plain beige background, enhancing the boldness of his clothing. The scene is framed with a pattern of gold scrolling leaves with flowers. Angel paintings of similar quality periodically appear in London auctions and perform well, including this example with very similar multicolored wings and this lot from a 2024 sale.

The Great Mughals: Art, Architecture, and Opulence exhibition in on display at the Victoria and Albert Museum through 5 May, 2025 and is definitely worth a visit for both Islamic art novices and seasoned collectors alike! The V&A is also home to impressive permanent collections of antique Islamic art, as well as the Jameel Prize for those interested in contemporary Islamic art.

The Perfect Jewellery Gift for Valentine’s Day: Iconic Pieces They’ll Love

Posted on February 5, 2025March 20, 2025 by Helen Doyle

Valentine’s Day is celebrated annually on 14th February and has a surprisingly complex and layered history, blending ancient Roman traditions with Christian beliefs and medieval romance.

By the Victorian era, Valentine’s Day became a widely celebrated occasion, with flowers becoming common traditions. Today, Valentine’s Day is a global holiday expressing love and affection through various gestures and celebrations. There are also variations of the holiday including Galentine’s when one can celebrate friendships.

However you choose to celebrate, there is no getting away from the fact that it is fast approaching. With that in mind I am here to provide you with some expert guidance on how to choose the best items of jewellery this Valentine’s, for the one you love.

Tiffany & Co.

Arguably the most romantic of jewellers in the world, we couldn’t write about Valentine’s Day without mentioning Tiffany & Co., particularly a Tiffany & Co. engagement ring.

In 1887, Charles Lewis Tiffany, founder of Tiffany and Co., acquired an exceptional fancy yellow diamond from a mine in South Africa and it is known as The Tiffany diamond. It has been displayed in various settings throughout its history, with its most notable appearance as a pendant on a diamond necklace worn by Audrey Hepburn during a promotion of Breakfast at Tiffany’s in 1961.

The diamond, originally weighing 287.42 carats in its rough form, was sent to Paris where Tiffany’s chief gemmologist, Dr. George Frederick Kunz, cut the fancy yellow diamond into a beautiful, brilliant cushion-cut. It was here where Tiffany’s remarkable association with exquisite diamonds began.

Nowadays Tiffany & Co. is known to produce the most iconic engagement rings in the world, with the most popular style being The Tiffany Setting, distinguished by its 6 prongs/claws. This arrangement elevates the diamond well above the band allowing maximum light to enter the stone from all angles, therefore enhancing the diamond’s natural brilliance and sparkle and minimizing the amount of metal covering the stone. It is also held on a simple plain band ensuring that the diamond remains the centrepiece. Sales of the Tiffany engagement ring equate for 26% of their total sales. This remarkable success can be attributed to the iconic status of the brand, particularly the legendary Tiffany Setting introduced in 1886.

The price of a Tiffany Setting ring ranges anywhere from a few thousand up to six figure sums depending on the quality of the diamond.

The 1.65ct diamond single stone ring above has an insurance value of £75,000

Cartier Love bracelet

Nothing says love like a Cartier love bracelet. Created in 1969 by Italian jewellery designer Aldo Cipullo for Cartier, the bracelet was born as a unisex ‘modern handcuff’ with Cartier making the radical decision to leave the functional or decorative screws visible.

Its oval shape means it sits tight around the wearer’s wrist, and its physically screwed on to signify the permanence of true love, since two people are needed to secure the screws. The Love bracelet has become a symbol of love and commitment due to this design.

Today the bracelet is just as popular and it is rumoured that New York hospitals keep mini Love screwdrivers on the wards, in case they need to remove the bracelet in an emergency.

Its longevity and success is down to the design, according to Pierre Rainero, Cartier’s director of image, style and heritage. “For me, the Love bracelet is a success worldwide since it was created because of a combination of many different dimensions – first design, and second, symbolism. The design is linked to its meaning, because the screw, is the meaning of the object and the symbolic value is immediately visible through the very simple idea,” he explains. “The Love bracelet has become a permanent staple in modern style.”

Nowadays, the Cartier Love bracelet is seen on the wrists of many famous celebrities, including the Duke and Duchess of Sussex sporting matching Love bracelets on the cover of TIME magazine in 2020, while Meghan has been spotted wearing hers on numerous occasions over the years.

This year Cartier have released a brand-new Love Bracelet with a width of 4.8mm it the medium size with a slimmer and thicker versions available. This new version has an insurance value of £5,850.

Van Cleef and Aprels Alhambra

The Van Cleef & Arpels Alhambra collection is seen as a symbol of enduring femininity, luck and love. It was in 1968 when the brand’s designers were captivated by the four-leaf clover motif and incorporating Art Deco influences, they created the iconic Alhambra pendant, with the initial design featuring a stylised quatrefoil shape set with mother-of-pearl.

It quickly gained popularity and over the years, the collection has expanded to encompass various interpretations of the Alhambra theme: bracelets, necklaces, earrings, rings and even watches, all adorned with gemstones and precious metals like mother-of-pearl, onyx, carnelian, turquoise, and diamonds.

De Beers Talisman

The De Beers Talisman collection is a line of fine jewellery that prominently features rough diamonds, highlighting their raw beauty by juxtaposing them with polished diamonds, creating a unique aesthetic that celebrates the natural, unrefined quality of rough stones, while still showcasing De Beers’ expertise in diamond cutting and setting.

The collection often utilises their “serti poinçon” technique to encapsulate the rough diamonds in the metal, giving them a distinct appearance.

The unisex collection is enjoyed by men and women.

Ruby

Rubies have been treasured throughout history for their beauty and symbolic meaning of passion, love, power, protection, and good luck. They feature prominently in royal crowns, ancient artifacts, and works of art. Fine rubies are gemstones prized for their vibrant red hue, intense brilliance, and enduring beauty.

They belong to the corundum mineral family, which also includes sapphires. Their mesmerizing red colour comes from trace amounts of chromium in their chemical structure. The most desirable rubies exhibit a vivid “pigeon’s blood” red – a rich, saturated hue with a hint of blue undertones. Other shades include purplish-red, orangish-red, and brownish-red, but the “pigeon’s blood” remains the rarest and most sought-after. It is the colour, clarity and origin which can contribute to a rubies value along with a lack of any lab treatment. Large fine natural examples with good colour can command very high prices.

Locations, like Myanmar (Burma), Madagascar, and Mozambique, are known for their exceptional quality.

No matter what gift you give or recieve this Valentine’s Day, ensure that you get it accurately valued for insurance purposes by calling us on 01883 722736 or emailing us on [email protected].

The year of the snake, or the year of Serpenti?

Posted on January 29, 2025March 20, 2025 by Liz Bailey

Bulgari’s Serpenti Watch Collection, its History and Value

Arguably one of Bulgari’s most iconic collections across both jewellery and watches, the Serpenti collection has been and continues to be a firm favourite, especially in the year of the snake! Seen adorning countless celebrities, from Elizabeth Taylor in the early days of the Serpenti watch, to Adele in the present day, who has been spotted wearing her yellow gold and diamond set Serpenti watch to basketball games, these timepieces are a wonderful blend between sculpture, design and watchmaking. With a new edition of Serpenti watches launched in January of this year, the Serpenti watches have had a hold over watch collectors for over 75 years.

The first Bulgari Serpenti collection was launched in 1948, created from the brand’s Tubogas technique patented in 1881– featuring gold or steel strips wrapped around a core. This simple yet effective design was the unassuming starting point for the breathtakingly detailed creations that were to follow.

It was in the 1960s that the Bulgari Serpenti watch gained its scales and cult status. Featuring individually applied enamel and gemstone hexagonal scales to each Serpenti watch and movements hidden within the mouth of each snake, Bulgari created wearable sculptures that were frequently seen gracing film stars and Vogue magazine covers. Although prevalent in mainstream media, fewer than 100 of these early Serpenti bracelet watches were created, and the variety in their designs, dials and movements is remarkable.

We would recommend an insurance valuation in the region of £150,000-175,000 each for the above pieces.

Bulgari did not just use neutral, earth tones for its 1960s Serpenti bracelet watches. Bright enamelled creations in pink, green, blue, yellow, red and cream were created in this creative and colourful decade.

More complex a creation still are the gem-set Serpenti watches. Incredibly rare and sought after by collectors, examples set with turquoise, tiger’s eye, lapis lazuli and even onyx scales were meticulously created. One such example is currently available to purchase on 1^st Dibs for £542,000. Set throughout with individual coral cabochon scales and accented with pear cut ruby eyes, this piece is adorned with a Jaeger Le-Coultre movement. This particular piece was exhibited at the Houston Museum of Natural Science as part of the Bulgari: 130 Years of Masterpieces, Houston, Texas, May 2 – October 5, 2014.

1970s and 80s Serpenti Watches

Having previously collaborated with esteemed watchmakers such as Jaeger-LeCoultre, Vacheron Constantin, and later Movado in creating the tiny movements for these snake bracelet watches, Bulgari began to produce its own movements from around 1978 onwards, and this decade marked a return to the its Tubogas roots, with comparatively slimmed down designs of snakes that wrapped twice or three times around the wearer’s wrist.

The Modern Day Serpenti Watch

In 2009, Bulgari marked its 125^th anniversary by reintroducing the Serpenti in a new, more geometric form. This more contemporary look aligned with Bulgari’s Serpenti jewellery line and continues to feature in the brand’s most current collections.

The most recent iterations of the Serpenti watch were launched on 21^st January 2025. For the first time ever, Serpenti watches with in-house BVS100 automatic movements are available to purchase. Designed with an exhibition case back to highlight the movement, these watches will retail anywhere from $10,200 for a steel model, all the way to $52,000 for a rose gold Serpenti, and €139,000 for the diamond-set Serpenti Seduttori. These will be available to purchase in the UK from April.

Valuations of Bulgari Serpenti Watches

Bulgari’s current Serpenti collection of watches to purchase in the UK currently are retailing between £4,920 and £83,000 at the time of writing. As seen above, the sculptural snake creations from the 1960s hold the most value owing to their rarity, the sheer craftsmanship involved and of course their place in design history. With the ongoing innovation and sartorial appetite for these iconic watches continuing to flourish, we would expect subsequent values to increase, particularly for earlier models and limited references.

A little light on the diamond markets

Posted on January 29, 2025March 20, 2025 by Aurélia Turrall

The price of diamonds is said to be tumbling and crashing with major players such as De Beers even cancelling sight holdings over the summer due to poor demand. And yet… When I scroll through the big brands, all I see are numbers going up, up and up! So, let’s not panic too quickly and think that all our investments – that is if you’re lucky enough to have been able to invest in jewellery, watches and diamonds – are all collapsing and you’ve lost everything.

The main issue here, and seems to be across the board, is a form of misinformation. The media is quick to react to market trends but doesn’t take into consideration other factors that apply when jewellery is made and then sold. To make a piece of jewellery one needs the raw material, diamonds and gold for example, along with workforce. The only factor in this equation which has dropped are indeed the diamonds. But all other costs keep climbing.

So why has the diamond market slowed down? Which market are we even talking about? Has the jewellery market slowed with the depreciation of diamond?

It does appear that both synthetic and natural diamond markets have weakened. With more companies offering the cheaper option to natural diamonds, it’s no wonder that the synthetic diamond market has plummeted, even with the best marketing. Giant De Beers had indeed noticed the trend would not pick up and decided, in June 2024, to close its synthetic diamond branch “LightBox lab-grown diamond”.

Lab-grown diamonds have almost become synonym of fashion jewellery and De Beers’ strategy was to give natural diamonds their spark back and focus on high-end diamond jewellery. Both markets have slowed, with the synthetic diamond market doing so even more than the natural diamond market. Is it a bad thing? That’s open to discussion: making diamonds more accessible and traceable than natural, but robbing customers of the experience of getting to buy a piece of natural history. There are endless arguments for and against.

But still, why has the natural diamond market also slowed down? That is in part due to sluggish Chinese demand and worldwide geo-political issues. However, the best diamonds, D, Flawless, are still in high demand, as are the bigger carat diamonds. The larger the carat weight the bigger the jump in percentage increase. There is a huge difference between a 1 carat diamond and a 1.50cts diamond for example. With all criteria remaining the same, the increase can be more than 50% per carat depending on the retailer. De Beers are currently retailing a 1ct brilliant-cut diamond G, VS2, for £15,800 and a 1.50cts with identical colour and clarity for £34,200.

Other than for solitaire diamonds of a certain colour and clarity (for example H/I coloured diamonds with a clarity under VS2), when it comes to completed jewellery pieces, the prices do not seem to be declining either. Why? Because couples are still getting engaged, young people are still having “big” birthdays commemorated with diamond gifts. Whatever the reason, diamonds maintain their desirability and durability.

A pair of Tiffany & Co. Victoria diamond earrings have gone from £3,100 in 2003, £4,925 in 2010, £8,775 in 2021 and up to a current value of £9,125.

It still seems good business and good investment to be buying jewellery and diamonds. Though one might need to hold on to a few middle market diamonds until the values pick up again, when it comes to branded pieces, such as De Beers or Tiffany & Co. as we have cited, it still seems to be a safe investment with return on investment definitely worth the waiting for. With values of signed pieces creeping up and diamond markets fluctuating as do the insurance values. Be sure to keep get your valuations updated as you could be under-insured and very possibly over-insured too.

Lunar New Year 2025: Year of the Snake

Posted on January 27, 2025January 29, 2025 by Ashley Crawford

新年快乐! – Happy Lunar New Year from Doerr Dallas! We wish you all a healthy and prosperous year for 2025, the Year of the Snake (蛇), which begins on 29 January.

Often referred to as Chinese New Year in Western countries, Lunar New Year is the largest festival in many East and Southeast Asian cultures. Each year, a different animal from the twelve animals of the Chinese zodiac is celebrated. Last year was the Year of the Dragon, one of the most iconic symbols in East Asian material culture. The snake is the sixth animal in the zodiac progression. People born during the Year of the Snake are characterized as intellectually curious, comical, and sophisticated. As snakes somewhat resemble East Asian dragons, this year can also be called the Year of the Small Dragon. While snakes are not quite as prevalent as dragons in Asian art, they still have a varied history dating back thousands of years and hold an important role in East Asian material culture, especially in China. Forms featuring snakes include porcelain, jade, coins, terracotta, cloisonné, and other popular Chinese media.

While zodiac animals are most typically depicted individually in Chinese art, sometimes all twelve figures of the Chinese zodiac appear together as a complete set (known as shi-er shengxiao), especially in ceramics. Collectors display these animals together in a semicircle in the chronological order of the zodiac. This was frequently done during the Tang Dynasty (618-907), when zodiac animals were crafted as semi-anthropomorphic terracotta figurines, such as this in this complete set on display at the Metropolitan Museum of Art. Tang zodiac figurines possess animal heads with human bodies. They are dressed in traditional Tang robes and pose like Tang court ladies, who were the quintessential subject of Tang terracotta figurines. Complete sets are rare on the market, but are occasionally offered at auction, as recently as this set offered at Sotheby’s last year or this set sold at Galerie Zacke in 2023. The Zacke set is in particularly good condition, with more pigment remaining and carving in the faces revealing characterful expressions. Because the market is generally flooded with Tang figurines, it is not currently particularly strong unless the object is unusual, large, or in excellent condition. Complete zodiac sets such as the one offered at Galerie Zacke would definitely fall under this category. Because the quality of Tang figurines can vary widely, there are many avenues for purchase, including the online retail marketplace, Chinese art galleries, and both regional and larger auction houses.

Anthropomorphic scenes also sometimes appear in other three-dimensional forms, such as jade. Only a fraction of the size of their Tang terracotta counterparts, these jade works were particularly prevalent during the Qing Dynasty (1644-1912). There were two recent examples of jade zodiac snakes sold at Sotheby’s, including this individual anthropomorphic snake and this complete set. The Chinese jade market has largely recovered from the pandemic, but like Tang figurines, the quality and size of jade can vary widely, so objects that are strong in both areas are likelier to retain their value over time. Provenance, literature, and exhibition history also support these values. For those across the pond, there will likely be a selection of higher-end Tang terracotta and Qing jade figurines available at the auction houses and galleries participating in Asia Week New York this year.

Snakes are also found in animal groupings outside of the zodiac. In all cultures, snakes can sometimes suffer a bad reputation, and while East Asia is no exception, in this case, snakes can use their venom for good! This is the case for the Five Poisons, which along with snakes consists of centipedes, scorpions, toads, and spiders. Despite the belief that these creatures bring bad luck, people also believed that depicting the Five Poisons artistically and keeping them nearby would have the opposite effect, combatting any bad luck that came their away. In this sense, the Five Poisons then become protectors. This grouping appears together frequently in Chinese art, from old charm coins that people would carry with them to items with more stationary purposes, such as jade, porcelain, and cloisonné.

During the Wanli period (1572-1620), the Five Poisons sometimes appeared on wucai porcelain, decorating the exteriors of dishes. Such examples are not common, but they occasionally appear in auctions, such as this Bonhams sale in 2023. For those in London wishing to view one in person, there is a characteristic example currently on display in the Percival David Collection at the British Museum. The market for high-quality Wanli porcelain in good condition has always been strong, especially when depicting the Five Poisons. There are many options for purchasing Ming Dynasty (1368-1644) porcelain in London, such as the major auction houses, Marchant Gallery, and Eskenazi Gallery.

No matter where you fall within the zodiac, we hope you will find some snakes you enjoy this year – ideally from the safe distance of viewing them artistically!

To arrange an asian art valuation, email us at [email protected] or call us on 01883 722736.

Make Mine a Marquise! The Fancy Cut Set to Shine in 2025

Posted on January 22, 2025January 23, 2025 by Liz Bailey

Whilst 2024 was undoubtedly the year of the oval engagement ring, 2025 looks to feature the marquise cut much more prominently!

According to the Rapaport Diamond Report Volume 47, no. 48 – marquise cut diamonds are benefitting from an “excellent market – the most expensive fancy shape – supported by shortages.” According to the list, these exclusive shapes can currently price in at up to 15% more than their shorter fancy cut counterparts – suggesting that these elongated fancy cuts are set for a good year ahead.

Celebrity influence naturally plays a role in the demand for fancy shapes. Selena Gomez’s engagement ring from Benny Blanco in December 2024 features a principal marquise cut diamond. Paying homage to her 2015 song “Good for You” in which she compares herself to a marquise cut diamond, this ring features a sizeable marquise cut stone accented beautifully with a round brilliant cut diamond band.

History of the Marquise Cut

The marquise shape is an elongated oval with pointed ends. This distinctive navette shape diamond dates to 18th century France and King Louis XV, who commissioned a stone fashioned in the shape of his lover Marquise de Pompadour’s lips. The marquise cut diamond was born!

Value Factors of Marquise Cut Diamonds

Universally with natural diamonds, of course the famous 4 Cs (colour, clarity, cut, carat weight) are the key determining factors for value with these stones. The better the colour grade either on the colourless or fancy colour scale, with minimal inclusions, excellent cut grade and maximum carat weight are all attributes of the most valuable stones.

Another incredibly important factor to consider particularly for elongated fancy shapes such as the marquise cut is the proportion, and more specifically, the length to width ratio! This ratio is deduced by dividing the length by the width – and much is due to personal preference however owing to the alignment of the facets, a slight deviation of the LWR or cut grade can result in undesirable optical effects such as the dreaded ‘bow tie’ (a dark shadow to the centre of the stone). This visually heavy optical effect of course not only minimises the brilliance of the stone but has a negative impact on the value.

Buyer Beware!

Above is an image of a 1ct marquise cut lab grown diamond, currently available to purchase online at only £365. As seen in the past year, the price of production for lab grown diamonds and therefore their subsequent retail prices are at an all-time low, with long term valuations set to look even lower and resale value almost negligible for synthetic diamonds.

To compare as closely as possible, 1ct natural marquise cut diamonds with identical colour, clarity and cut grades, fluorescence and similar length-width ratio to the above lab grown stone (D, VS1, Excellent, none, 1.9-2.3) are retailing currently between £3,500 and £8,290 on a reputable online retailers website.

This massive discrepancy in prices and of course continued value for natural stones is not to be taken lightly – we would recommend purchasing your natural diamonds from a reputable source, with notable laboratory certification, and of course, ensuring that in the long run you have adequate and continued cover through a thorough insurance valuation from our specialist team.

The Pearl Renaissance

Posted on January 13, 2025January 23, 2025 by Liz Bailey

According to Jewellery Net’s Pearl Report 2024-5, “The pearl industry is witnessing a renaissance of sorts, ushered in by shifting perceptions of the pearl among a more discerning clientele.” Eagerly awaited by jewellers, retailers and auctioneers for some time, this ‘renaissance’ certainly appears to be bolstering values and signalling a buoyancy in the top end of the market, in particular for fine cultured pearls that had previously been waning.

The pearl report points towards the ‘sustainable nature’ of pearls as a key factor in attracting a refreshed and renewed interest, as well as attention from a younger ‘Gen Z’ demographic. Indeed, it appears that in 2024, the secondary market at auction has reflected this, with continued high prices for natural pearls, and a revived interest in certain aspects of the cultured pearl market.

Natural pearls:

In terms of desirability, natural saltwater pearls have been and continue to be the most sought-after type of pearls at auction. Performing steadily and consistently well in years gone by, 2024 echoed a strength in the market for rare larger pearls, blemish free, with a pleasing body colour and where applicable evenly matched within a jewel. Other factors such as designer attribution, historical provenance and market scarcity also played a key role in achieved prices across 2024.

Christies witnessed the sale of some spectacular natural pearl jewellery this year, frequently fetching hammer prices in excess of six figures. One such example was a natural saltwater pearl and diamond single strand necklace. Featuring forty-three pearls (eleven of which were cultured) graduating in size from 7.25mm to 12.20mm, this piece achieved a final hammer price of $378,000 in their June New York Magnificent Jewels Auction.

Remarkably, in this same sale, a pair of slightly baroque natural saltwater pearl and diamond earrings measuring 14.8mm in diameter each achieved a hammer price of $277,200, demonstrating the demand for these relatively rare, large, well matched natural saltwater pearls in the international market.

Fine Victorian natural pearl jewellery performed incredibly well at auction this year, with some of the highest hammer prices achieved going to late 19^th century pieces. A spectacular enamel, pearl, diamond and gem-set piece by Marcus & Co dating to 1895 sold at Bonhams this June for a staggering £165,500. This piece was set with two natural pearls, to include a 13.5mm bouton pearl, and a later 13.25ct natural pearl drop together with over 15 carats of diamonds. This beautiful lot achieved the highest hammer price for pearl jewellery sold at Bonhams in 2024, and achieved a house record for jewellery by Marcus & Co.

A fabulous auction result for Gloucestershire saleroom Chorleys was achieved in the same month, with a Victorian natural saltwater pearl necklace and detachable pendant/brooch. Showcasing a principal natural pearl of 8.46ct, a sizeable natural pearl drop, and slightly graduated natural saltwater pearl beads measuring 5.2mm-6.9mm, this piece fetched a hammer price of £85,000.

Elsewhere, records were set this year with the largest ever discovered natural freshwater pearl from Scotland selling in August. This impressive round freshwater pearl measured 10.5-10.6mm in diameter and fetched a £75,000 hammer against an estimate of £40,000-60,000.

Cultured pearls

Previously the victim of a downturn in value, hammer prices for cultured pearls in 2024 were incredibly promising. With some fantastic prices achieved for the finest cultured pearls on offer, this market trend offered a glimpse into a hopefully much more buoyant future for cultured pearls – although it is worth noting that low prices and unsolds remained the general pattern for smaller, worse quality and unattributed cultured pearl jewellery.

Top hammer prices this year were reserved for large, well-matched, symmetrical round cultured pearls, with a great lustre and blemish-free surface. One such example was a necklace by the ‘founder’ of cultured pearls’ eponymous company Mikimoto. Featuring one long strand of 140 round cultured pearls measuring at least 12mm in diameter each and terminating with a pavé set diamond clasp, this piece reached $44,800 at Bonhams in September 2024. For the sake of comparison, a Mikimoto strand of 8mm pearls, nearly twice the length with similar pavé set diamond clasps sold for £5,500 in 2021.

Cultured pearls set in designer jewellery also achieved great hammer prices at auction. Featuring much smaller cultured pearls at only 3.5-4mm each, an exquisitely made gem-set sautoir by Van Cleef & Arpels dating to 1975 caught the attention of bidders at Bonhams in June of this year, and subsequently sold for £38,400 inclusive of buyer’s premium.

Similarly, a more contemporary design in the form of cuff bangle by Bulgari set with sixteen cultured pearls of around 7.5-8mm in diameter together with 7-8 carats of pavé set diamonds sold at Christies Paris in the same month for €25,200. A similar example of a Bulgari Parentesi bangle set with twelve cultured pearls and approximately 7 carats of diamonds remained unsold with an estimate of £6,000-8,000 at an auction in November 2022.

These examples show an extremely promising upwards turn for fine cultured pearl jewellery in 2024, which – with any luck, will stabilise if not grow well into 2025.

Conch and Melo pearls

Conch and Melo pearls are another category of natural pearls to retain a high desirability and value, weathering the ‘storm’ experienced by their cultured counterparts. Owing to their rarity, gorgeous hue, and unique ‘flamed’ lustre, these non-nacreous pearls have long been incredibly valuable. Auction results of 2024 echoed this continued buoyancy in value, with a fine 19mm melo pearl and sapphire ring by Hemmerle selling at Bonhams in June for £52,100 inclusive of premium.

An impressive suite of jewellery comprising no less than seven conch pearls set within a pair of drop earrings and a cocktail ring was accompanied by two GIA reports and sold at Christies Hong Kong for HK$1,008,000 in May.

Whether set in jewellery or offered as a loose gemstone, conch and melo pearls remain highly sought-after, with a 24.54ct melo pearl selling in 2022 for $31,875, and a 10.01ct conch pearl selling in the previous year for $11,475 at Bonhams.

Keeping in mind the strength of prices for both natural and cultured pearl jewellery across the salerooms in 2024, it is vital to ensure that your insurance valuations offer adequate cover and that your jewellery is documented by a specialist.

For further information on our insurance valuations from our nationwide team of specialists, contact us via [email protected].

Old Masters Sales December 2024

Posted on January 9, 2025March 20, 2025 by David Dallas

I was very alarmed when I previewed the December 2024 Old Master Sales in London that there weren’t many pictures, no masterpieces and too high a percentage of pictures were in less than perfect state.

What was going to happen? I felt very discouraged. I have talked before about the effects of geo-politics and the economy on the timing of Old Master sales, but why weren’t there more paintings appearing out of necessity – the old 3D chestnuts of death, divorce and destitution? Sotheby’s had just 26 lots of which two were of prints and two of late 19^th Century pictures, hardly Old Masters. Christie’s was the same with 26 lots, one of which was sculpture and three late 19^th Century pictures. The Day Sales were even thinner with sculpture, 19^th Century paintings, watercolours, drawings and even Limoges enamels to bulk them out. It doesn’t bode well for the future.

As it happens, the sales, in relation to their estimates, were quite strong. Six lots failed to sell at Sotheby’s and the same at Christie’s, but there, the two auction houses diverge. The Sotheby’s total was £24.2M and Christie’s a very modest £13.99M.

The star of the Sotheby’s sale was a Botticelli Madonna and Child, that realized £9.96M; not far short of the Christie’s total. Botticelli is, of course, a magic name and this picture hadn’t been on the market for 120 years. They also had a handsome Stubbs of a Pointer in a Landscape. I love his work, but the colouring in this oil painting was most peculiar. The landscape, instead of being a vibrant green, as Constable would have painted it, was made up of smudgy pinks and browns, making it look like an aquatint! It made a sound £1.8M, nevertheless.

Christie’s had a powerful oil sketch of a prancing horse by van Dyck, which had a hastily sketched landscape on the reverse, so the purchaser, at £3.4M, got two for the price of one. They also offered an unusual still life by Clara Peeters of a Stack of Cheeses. This made £655,000 against an estimate of £100-150,000, just showing the continuing interest in works by female artists, especially when they are slightly off-beat.

My favourite offering of the week was the pair of what I suppose one would call ‘fancy pictures’, rather than portraits, that Bonhams offered. They were of a girl selling watercress and a girl selling flowers by the German artist Johan Zoffany, who worked for many years in London and was a founder member of the Royal Academy. I had catalogued this pair of paintings 30 years ago and was very surprised and sad when they failed to sell then. This time round, having established that a distant ancestor of the vendor had bought them directly from the artist, they took wing at a very healthy £991,000 with premiums.

What do these results tell us? That the supply of good/great is diminishing, but there is a market for them and the prices are strong. The same cannot be said of third-rate Old Masters. There is almost no demand at all. It’s not just a price correction, there aren’t any bids.

There will be more Old Master news after the February sales in New York, which looked much more interesting than their London counterparts, when I viewed the best lots in London last week. In particular, Sotheby’s are selling the remnants of the celebrated collection of Aso Tivitian. He was a philanthropic, Armenian billionaire who made his money out of microchips. He started life in New York as a cab driver before getting a scholarship to Columbia University. He has left a painting to the Frick and one to the Met in New York and over 330 works of art to the Clark Art Institute in Williamstown, Massachusetts.

The “remnants” are by no means lesser fry, they just don’t fit with the public collections he has supported. They are significant paintings in a wonderful state of preservation. He also collected great English furniture and European sculpture. Their sale should give us a more accurate idea of how much taste there is for Old Masters, currently.