Neil Armstrong’s Omega Speedmaster Sells for $2.1 Million at Auction

Posted on April 24, 2025April 24, 2025 by Liz Bailey

Offering the unprecedented chance to own a timepiece worn by the first man to walk on the moon, RR Auctions of Massachusets sold Neil Armstrong’s commemorative Omega Speedmaster on 17th April. With an estimate of ‘$2,000,000+’ it achieved a historic result of $2,125,000.

Omega Speedmaster, ref . BA 145.022-69

Omega originally produced 28 of these commemorative Speedmaster watches to mark the occasion of the Apollo 11 mission taking place in July 1969. On 20th July of that year, Neil Armstrong was the first man to walk on the moon.

During the Apollo 11 mission, each astronaut was officially equipped with an Omega Speedmaster, qualified by NASA in 1965 as the only watch for manned space missions. Alongside Neil Armstrong and Aldrin, the Omega Speedmaster Professional became “the first watch worn on the moon”.

To mark this incredible historical moment for space discovery and horology, Omega produced the very first Speedmaster chronograph in 18ct yellow gold, accented with a burgundy red aluminium inlay bezel with dot over 90, black markers and hands. The BA 145.022-69 was powered by a cal. 861 17 jewel manual wind movement.

The first of these 28 watches were inscribed to the case back “To mark man’s conquest of space with time, through time, on time” together with the recipient’s name. The first two of these references were supposed to be presented to President Richard Nixon and Vice President Spiro T. Agnew although they had to decline the gift due to compliance reasons. The remaining 26 watches were presented to NASA astronauts both alive and deceased who paved the way for the moon landings in the Mercury, Gemini, and Apollo programs at a gala dinner in November of that year. Numbers 29 to 32 were given to Swiss personalities and bear the same case back inscriptions as the astronaut’s timepieces and exclude their sequential number, making these watches the only 3 out of 1,014 total pieces with this attribute.

Of course, Neil Armstrong, “Buzz” Aldrin, and Michael Collin were the highest profile recipients of these limited astronaut watches. However, other recipients’ BA 145.022-69’s have passed through auction rooms in the last couple of years, creating an exciting build up in interest around this collector’s reference and paving the way for the sale of Neil Armstrong’s watch.

“To mark man’s conquest of space with time, through time, on time”. The Twenty Six Speedmasters presented by Omega to NASA

A quick browse of the major salerooms results from 2021 to present shows six of these watches, nearly a fifth of the total production selling at auction in less than five years. In fact, RR Auctions sold two of these examples in 2022 and 2023, which no doubt helped to bolster vendor confidence in consigning Armstrong’s watch!

Wally Schirra was a Nasa astronaut for a decade from 1959, his expeditions on Mercury Atlas 8, Gemini 6A and Apollo 7 were instrumental in informing the Apollo 11 mission. Wally the first astronaut to go into space three times, and the only astronaut to have flown into space in the Mercury, Gemini, and Apollo programs. In total, he logged a remarkable 295 hours and 15 minutes in space. Upon his death in 2008, noted space collector Larry McGlynn purchased this watch directly from the Schirra family and subsequently offered for sale fourteen years later. This watch reached $1,906,954 (£1,469,403) at auction.

This watch, belonging to Apollo 12 moonwalker Alan Bean sold for $302,500 (£233,091) against a $200,000+ estimate in April 2023. Alan was still in Apollo 12 quarantine from his ‘Skylab Mission II’ in November 1969 and so received his watch at a later date. His was number 26, perhaps reflective of the timeframe in which he was able to access his watch.

Apollo 13 Command Module Pilot John “Jack” Swigert Jr’s Speedmaster was sold by Sotheby’s at their Important Watches Sale in June 2023. Played by Kevin Bacon in the 1995 film Apollo 13 recounting this renowned and ‘unlucky’ mission in which the oxygen tank in the service module exploded and the crew was forced to rely on their lunar module as a lifeboat. Swigert’s watch was essential in his on-board calculations of oxygen reserves and life-saving timing – this piece sold in June 2023 for $152,400 (£117,333).

In May 2023, Phillips sold another of these Apollo 11 Speedmasters, this one presented to Captain Charles ‘Pete’ Conrad Jr. This watch was number 12 of 1,014 and awarded to Conrad in recognition of his service as the commander of the Apollo XII space mission, in which he became the third person to walk on the moon in November 1969. This piece sold for 1,397,000 HKD (£136,983).

In January 2021, Antiquorum sold a somewhat mysterious Apollo 11 Speedmaster. Bearing simply the name ‘Adolf Brandle’ with no further inscription or number, the lot presented somewhat of a challenge to collectors and enthusiasts. Having been through various sales from 2019 onwards, auctioneers were unable to trace Brandle’s association with NASA, and furthermore the watch’s original movement had been ‘swapped out.’ Presenting a conundrum to many considering its mysterious history, this watch eventually sold for €124,800 (£105.800).

‘The First Watch Worn on the Moon’
Limited Public Release

Following the first 32 of this special reference, Omega sold the remaining of the 1,014 watches to the public. These limited-edition watches differed in their case back inscription, engraved to each ‘The First Watch Worn on the Moon.’

In 2024, Bonhams sold one of these limited watches at their Hong Kong auction. This edition was number 626 of 1,014, and was presented for sale complete with original paperwork, iconic crater box and in good condition. This watch sold for HK$384,000 (£37,539).

Other results for these watches include CHF47,880 (£43,141) at Sotheby’s in 2022, and €54,600 (46,183) at Antiquorum in 2022. We would look to recommend an insurance figure of around £50,000 in the current market, subject to change upon physical inspection of the watch in question.

This year, Space Age interest for watches in the open market appears to be piquing, with Sotheby’s Geneva homing in on this trend hosting a specialist ‘Area 51’ space themed watch sale this month that performed exceptionally well. This area of collecting certainly appears to be one that is in the spotlight once more, and we would urge any collectors to ensure their pieces are fully covered with a specialist valuation.

The ‘Jump Hour’ Watch – a minimalist’s dream?

Posted on April 23, 2025April 24, 2025 by Liz Bailey

One of the hotly anticipated announcements to come from this month’s Watches & Wonders fair was Cartier’s addition to their Privé collection. The Tank à Guichets, a 1920s Jump Hour model – and arguably the most distinctive of the Tank models – has been selected this year, reimagined in a choice of yellow, white and rose gold, plus a platinum model with rearranged ‘driver style’ dial configuration. Limited edition and likely to be extremely sought-after by collectors, the latter platinum version is to be released with only 200 editions. The price for this piece has not yet been released by Cartier.

The ‘Jump Hour’ watch features a sudden hour display instead of a conventional dial with sweeping seconds hand. At the advent of a new hour, the wheel ‘jumps’ along, resulting in a fuss-free and pared back dial. These innovative and charming watches were first designed in the late 19^th century and found a popularity in the dawn of the Deco period, with watchmakers favouring bold lines and innovative design.

The original Cartier Tank à Guichets was released in 1928, evolving from the first Tank model 11 years earlier. The apertures, or ‘guichets’ replaced hands and created a minimalist, yet technologically advanced aesthetic. Incredibly rare, these early Tank à Guichets are infrequently seen at auction, with the below example selling at Phillips in 2017 for $131,250 and a 1929 example selling at Antiquorum in 1998 for CHF100,300. It will be interesting to see if any more original examples appear on the rostrum in the next few months following this re-release.

Previous re-releases of the Tank à Guichet have taken place from 1996 to 2006 but always released in very strict and limited production numbers – a total of three were released in yellow gold and platinum in 1996, and limited runs of 150 at most thereafter.

Cartier however is not the only watchmaker that has the jump hour watch within its design heritage. The idea for the jump hour came from engineer Josef Pallweber in 1883 for use on a pocket watch. Late 19^th and early 20th century pocket watches with jump hour functions can be sourced at auction relatively affordably, anywhere from a couple of hundred pounds for silver examples, creeping into the thousands for fine examples by the likes of Breguet and Niton.

Jump Hour wristwatches were also produced by Rolex, Patek Philippe, IWC, and Bulova amongst others during the 1920s and 30s. As seen below, prices and values on these can vary drastically, with more commonly produced models such as the Rolex Prince below achieving less than £20,000, and more scarce or even unique models such as the Tiffany stamped Patek reaching in excess of six figures as it sold 20 years ago, with the likelihood it could achieve seven in today’s market.

The quartz crisis interestingly saw a resurgence in design appetite for the jump hour watch, as the popularity of digital displays on electronic watches encouraged watchmakers and consumers in this design direction. These 1970s models included the Sicura and Cambino Jump Hour models, released in relatively large numbers and can be secured for less than £100 at auction.

Contemporary fine and independent watchmakers have used the jump hour function in the last 20 years or so to make design statements in limited numbers. These exclusive and interesting watches have been performing well at auction and look to increase further with the appetite for Jump Hours increasing following Cartier’s latest release.

Late 19^th, early 20^th and 21^st century jump hour watches are not only distinctive but are much rarer than their conventional dial with hands counterparts. It is vital that these pieces are adequately insured to reflect this scarcity and increasing market appreciation.

To arrange a watch valuation, call us on 01883 722736 or email us on [email protected]

Alan Gard (1936–2024): Celebrating a Legacy of Innovation in British Jewellery

Posted on April 23, 2025April 23, 2025 by Liz Bailey

The jewellery industry was saddened to learn of the death of one of the great mid-century British jewellers, Alan Gard. Alan Martin Gard apprenticed at Bond Street and worked for Andrew Grima, before forming his own jewellery business in 1964 at the age of 29.

Working in the 1960s and with contemporaries such as John Donald, David Thomas and Gillian Packard, Gard was a key part of the experimentation and exuberance of the British ‘jewellery renaissance.’ During this decade, jewellers disrupted conventional design and the austerity of the decades before, with experimentation in goldsmithing, statement pieces, gemstone setting and sculptural forms. Gard continued to work until the 21^st century, adapting and refining his style with his own take on contemporary design, however it is the experimental pieces from the 1960s and the earlier portion of his career in which he gained his fame that are the most distinctive.

Gaining well-deserved repute for his skill and eye, Gard’s work soon achieved royal acclaim. His Lilypad brooch of 1967 was in Princess Margaret’s collection and was sold at Christie’s legendary sale of her jewels in 2006 for £10,200.

More recently, in September 2023, at the age of 87 he was commissioned by the author Jeffrey Archer to recreate the Imperial State Crown for his novel Traitors Gate – it took Gard 500 hours to complete and was a complete replica, formed from a base metal alloy, cultured pearls, synthetic stones and glass stones – a true testament to his craftsmanship.

Textured Gold

Experimenting with the forms, malleability and limitations of gold in the 1960s, Gard created wonderfully textured pieces, working with bark-like textures, nests of gold, rods, nugget-like forms, polished accents and maze-like structures to name a few. Most frequently working in 18ct yellow gold, it is these pieces that purist collectors’ favour.

Stunning Sculptural Forms

Alan Gard created bold, sculptural, and statement pieces. Often wonderfully dimensional and formed from layers and nests of gold, these jewels are so typical of their time and yet can appear incredibly modern and fresh today. The suite below crafted with a flattened, pierced and abstract design, is set with fifty-one ruby cabochons and sold at Bonhams in 2016 for £17,500.

Celebrating Gemstones

Another of Gard’s design hallmarks is the sparing use of diamonds. They are frequently used as small accents to add a slight sparkle to dramatic gold settings but are hardly ever the principal stone. Instead, Gard favoured coloured gemstones, and natural crystal forms with unpolished rough specimens, and where polished he showcased gemstone’s natural inclusions and conventional ‘imperfections.’ One such example is the pink tourmaline ring above, in which the tourmaline’s prevalent needle-like inclusions provide a symmetry to the gold needle ‘nest’ surround.

Another example of tourmaline in Gard’s work is shown in this brooch dating to 1967. Here he celebrates the natural form of tourmaline, using wonderful ‘watermelon’ slices of the natural crystal as the centrepiece of his design.

Other rough and polished gems to feature in his jewels include amethyst, peridot, ruby, emerald, turquoise, aquamarine, pearl, opal and countless others.

To arrange a jewellery valuation, call us on 01883 722736 or email us at [email protected]

Van Cleef & Arpels’ Tribute to Paris, the City of Pearls

Posted on April 3, 2025April 2, 2025 by Liz Bailey

Last month, jewellery specialist Liz Bailey visited the ‘Paris – City of Pearls’ Exhibition hosted by Van Cleef & Arpels L’Ecole School of Jewellery Arts. Held at the Hôtel de Mercy-Argenteau, nestled in a busy Parisian boulevard, VCA’s L’Ecole hosts regular lectures and exhibitions. Running until June of this year is this wonderful exhibition, documenting Paris’ unique position as the undisputed European ‘City of Pearls.’

Featuring pieces from France’s Third Republic onwards, the exhibition traces the exciting period from the late 1860s when many pearls found their way to the most prestigious jewellers in Paris on the Place Vendome and Rue de la Paix from the Arab and Persian Gulf. These great jewellers avidly sought out the finest pearls to adorn the aristocratic elite.

Examples from the French Art Nouveau are also on display from Vever, Fouquet and Lalique. These pieces differed drastically from their Belle Epoque contemporaries that opted for small, uniform pink pearls from the Gulf. These creative pieces instead displayed the beautiful free forms of baroque and Mississippi pearls, with these designers frequently favouring their unusual shapes and colours, as well as their comparable availability! A personal highlight was this stunning corsage ornament dating to circa 1900 by Henry Vever, designed as a wonderful sprawling flower, the petals in the form of Mississippi pearls with diamond centres and stems, and breathtaking plique-a-jour enamel foliage.

During the height of ‘pearl-mania’ in the early 20^th century, Cartier was certainly one of the jewellers that created the most exquisite pieces, in jewellery and even watches. This exhibition displayed two beautiful Cartier bracelet watches, each with platinum cases and set with natural pearls to the crown, lugs and bracelet. It was in America however that the value of pearls reached its highest point, and in 1917 Jacques’ brother Pierre notoriously acquired his mansion on New York’s Fifth Avenue, acquired in exchange for a double strand pearl necklace.

The 1920s saw the Parisian fashion for pearls extend across the media, with these biogenic gems everywhere, from opera to cinema, literature posters and magazines. The International Exhibition of Modern Decorative and Industrial Arts showcased some of the most spectacular designs of the time and was the impetus for some breathtaking Art Deco pearl jewellery. Whilst the fresh arrival of the cultured pearl from Japan was a part of the public consciousness at this time, “for a while the demand for the natural pearl continued to increase,” only weakened by the economic crisis of 1929 and further with World War II.

Post-war pieces in the exhibition included both cultured and natural pearl pieces, representative of the growth in popularity of cultured pearl jewellery from this point onwards, with many Parisian merchants such as the Rosenthals even moving to Tahiti to reorient their business around the region’s black pearls. Strict trading agreements and initiatives are in place between France and the Gulf region to ensure the sustainability and success of the pearl.

Contemporary pieces on display include the iconic JAR sheep’s head clip, created by the infamously mysterious Parisian jeweller in 2006, and sold at Christies Paris in 2021 for €500,000. Another breathtaking jewel was a the ‘Cadeau Imperial’, a natural pearl, mystery-set ruby and diamond multi strand collar necklace, dating to 2011.

From the sky-high value of pearls during the early 20^th century ‘pearl-mania,’ to the post-war cooling of prices and influx of cultured pearls onto the market, the values of pearls, as with any commodity, are subject to rise and fall. In the last year, we have seen a strengthening in prices for designer cultured pearl pieces, and a continued buoyancy for natural pearl pieces. To ensure your pearls are adequately covered, contact our team today for a specialist valuation.

L’Ecole School of Jewellery Arts was founded in 2012 with support from Van Cleef & Arpels, with schools in Paris, Hong Kong, Shanghai, Dubai and other locations. Created to make jewellery accessible to all and running a fantastic array of exhibitions, courses, podcasts and programmes, L’Ecole is certainly an organisation to be on any jewellery enthusiast’s radar! Paris City of Pearls will run until June of this year.

TEFAF Maastricht: The Jewellery & Watches That Stole the Show

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

The European Fine Art Foundation, or TEFAF was founded in 1988, and holds two major international fairs per year, the TEFAF New York, covering Modern and Contemporary Art and Design, as well as its flagship event, the TEFAF Maastricht, which ran from 15^th-20^th March this year.

TEFAF Maastricht showcases 7,000 years of art history and provides international dealers and collectors with the opportunity to present and acquire fine and museum quality works, including paintings, sculpture, furniture, collectables, books, and of course – fine jewellery and watches.

If, like me, you have missed your first-class ticket to New York this week, here are my ‘top picks’ of the pieces on display at this year’s fair.

Surely one of the jewellery ‘headliners’ at this year’s fair is of course Van Cleef & Arpels, who were exhibiting around 30 pieces available to purchase from their heritage collection. A collection I would personally love to see, the selected pieces reflect the maison’s impact and excellence in 20^th century jewellery design.

The Orsay Bracelet, a platinum ruby and diamond bangle with VCA’s signature ‘mystery setting’ – an innovation in the 1930s of setting stones with seemingly no metal holding them in place – and a brand hallmark that continues into present collections. This bangle dates from 1994.

Another masterpiece on display is a platinum, turquoise and diamond necklace from the 1950s. Dating to circa 1955, this exquisite piece reflects the brand’s appreciation for jewellery history, decorated with floral garlands and a graduated design, and of course fine turquoise drops.

Epoque Fine Jewels from Belgium were also at the fair, exhibiting an incredible Art Nouveau gold, diamond, enamel and glass choker by René Lalique. Dating to circa 1905, this exceptional choker necklace is interspersed with Lalique’s wonderful glass panels moulded with thistle flowers and accented beautifully with a rich yellow gold setting, brown enamel border and sparkling diamond detailing. This was a real treat to see in person!

Contemporary jewels to really catch my eye from the fair are on offer from Hemmerle, Feng J and Margot Mckinney. Hemmerle are previewing a pair of beautifully naturalistic pinecone earrings cast in copper and white gold, and accented with natural pearls and diamonds. Meanwhile, Australian fourth generation jeweller Margot McKinney has a typically vibrant, vivid and colourful collection of jewels that encompass a wonderful exuberance and joy- it is hard to pick a favourite!

Somlo London of Burlington Arcade have on display two beautiful Patek Philippe pocket watches, each exceptional in their own right, with an option for him and for her.

The first is an 18ct gold Perpetual Calendar hunter pocket watch with equation of time. This fine timepiece dates to 1982, and is double stamped with Patek Philippe, and the retailer of the piece, Beyer of Zurich. A sophisticated, and complicated timepiece, this watch displays the difference between mean solar time, or our conventional time, and true solar time, based on the actual position of the sun. Owing to the Earth’s orbit, this discrepancy can fluctuate throughout the year, and is reflected in the -15 and +15 subsidiary scale to 12 – now how many watches can do that!

My second selection from Somlo is this beautifully decorated Patek Philippe fob watch, crafted circa 1889. Cased in 18ct gold and detailed with split pearls, this fob watch is hand painted to the case back with an enamel portrait of Saint Fabiola, an early Christian Saint.

So there we have it, my round up of the TEFAF works and exhibitors to keep on your radar, whether you are lucky enough to attend this international event, or, like me, will be looking on enviously! Let us know which pieces have caught your eye!

To arrange a jewellery valuation contact us on 01883 722736 or email [email protected]

Unapologeticaly Iris – The Iris Apfel Collection Auction

Posted on February 19, 2025February 19, 2025 by Liz Bailey

Highly anticipated, Christie’s Sale of Iris Apfel’s collection took place as a timed auction from New York, running from 28th January until 13th February. The sale included 220 lots from the late ‘Matriarch of Maximialism’s’ personal collection across fashion, furnishings, textiles, accessories and of course, jewellery.

Known and celebrated for her bold and bright signature style, Apfel was a renowned interior designer, fashion icon, model, curator and collector. Her irreverent, eclectic and playful style was absolutely reflected in the incredible lots on offer.

Accessories

It seems fitting that the lot to ‘kick off’ this stylish sale was a selection of eighteen pairs of glasses. In bright hues, zebra prints and heart shapes, this striking mixed lot certainly set the tone for the rest of the sale. Estimated initially at $400-600, the bids were sitting at over ten times that amount a mere few days into the two-week timed sale, and one lucky bidder secured this lot for $15,120.

Another lot that was unsurprisingly popular was lot 48, ten pairs of eyewear. Only two days into the sale the bidding was at $3,500 against a modest $200-300 estimate, and bidding concluded at an incredible $16,380.

Another lot of Apfel’s accessories included a selection of evening bags. Including all the hallmarks of Apfel’s signature style to include embroidery, bold colours, feathers and embellishments, this popular lot sold for $10,080.

Furnishings

The daughter of an antique dealer and an expert on interiors (having decorated the White House for no less than nine Presidents!) bidders were offered a glimpse into Apfel’s extraordinary collection of interiors and decorative objects.

Animals were a huge feature in Apfel’s interiors collection, multiple paintings of Maltese dogs (a clear favourite), Black Forest bears, and even a giant carved ostrich were just a few of the animal lots on offer. The carved 1970s Italian ostrich stood 124cm high and had been featured in Apfel’s Architectural Digest issue of 2016, estimated at 6,000-8,000, this big bird sold for $16,380.

Vibrant prints, colours, and an eclectic mixture of items from Greek style all the way to the present day ensured the catalogue was a visual treat!

A personal favourite of mine was a pair of wonderful Italian armchairs. Modelled with a scallop shell back, dolphin armrests and raised on shell legs, these 20th century carved and silvered chairs exuded sheer opulence! Estimated at $2,000-3,000, these chairs reached $8,820. The back and seat in scallop-shell form, the arms modeled as dolphins raised on shell-form legs, the back legs on each example attached backwards. 40 in. (101.5 cm) high, overall.

Fashion

Hotly anticipated was Apfel’s selection of fashion and couture pieces. Taking up just under half of the sale, there were ninety-six lots from Iris’s collection, ranging from group lots of unattributed vintage clothing at the lower end of the offering, all the way to custom couture pieces Iris wore in printed publications. This wonderful mixture of high-low dressing was absolutely Apfel’s trademark and lent an accessibility to collectors of all levels.

Designer garments by Carolina Herrera, Balenciaga, Dries Van Noten, Moschino, Christian Dior, Alice & Olivia, Valentino, Prada, Jean Paul Gautier, Iris Apfel x H&M and countless other designers were offered with estimates from $100-200 to $1,200-1,800.

Lot 51: A MULTICOLOR FEATHER COAT
LABELED DIOR HAUTE COUTURE, PARIS, 21ST CENTURY

Amongst the top sellers was this fabulous Dior Haute Couture feather coat that Apfel had been photographed in by James Mollison for the Collectors series, featured in a 2018 Issue of Christie’s Magazine. This piece instantly attracted bids and reached $9,000 very early on in the timed sale, finally settling at $11,970 at the conclusion of the sale.

A heavily beaded and embroidered coat by Stacey Bendet for Alice & Olivia in 2022 was also fought for by bidders and reached $6,048 against a $400-600 estimate.

Another garment by this designer was an eye-catching A-line skirt detailed with Iris’ own embroidered and sequinned portrait sold for $7,560.

Jewellery

Another layer of Apfel’s iconic style was of course her jewellery. This sale featured sixteen lots of jewellery, all beautifully bold and eye-catching!

Group lots of brightly coloured lucite bangles, costume jewellery acquired from travels to Eastern Europe, the Middle East, China and the Hindu Kush region, beaded necklaces, rhinestone suites, and Southwestern American jewels were all a part of this spectacular offering of stylish jewellery.

The top-selling lot for the jewellery was this wonderful selection of turquoise, lucite and resin costume jewellery. Featuring an Alexis Bittar bangle, Jianhui London necklaces and bracelet, Rara Avis bracelets, blue hardstone studded lucite cuffs and bangle among others, this beautiful collection sold for $9,450 against an estimate of $300-500.

Pieces from Apfel’s own line of costume jewellery Rara Avis, originally sold through the Home Shopping Network were also amongst the lots on offer. Her playful lucite bangles set with googly eyes were trademark Iris and one of the most popular designs from Rara Avis at the time. These typically retail on the secondary market between $300-400, however with the added provenance, this lot of fifteen bangles (six by Rara Avis) sold for $6,300.

To arrange a jewellery valuation, call us on 01883 722736 or email us on [email protected].

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]

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.

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].