Sotheby’s has reported a standout performance in 2025, with watch and jewellery sales delivering robust year-on-year growth.
Watch sales reached a record $193.6 million, up 22 per cent on 2024, making 2025 the strongest year ever for the category. One of the standout results was Audemars Piguet’s Grosse Pièce pocket watch, which realised $7.7 million, dramatically exceeding its high pre-sale estimate of $1 million.
Worldwide jewellery revenue also rose sharply, increasing 18 per cent year on year to $317.7 million. While this figure remained well below Sotheby’s all-time jewellery record of $603 million set in 2014, it was driven by a series of landmark auctions, important private collections and expanding participation from new global markets.
Among the top-selling jewellery lots of 2025 were:
The 10.03-carat fancy vivid blue “Mediterranean Blue”, which sold for $21.1 million
The 31.68-carat fancy vivid orangy-pink “Desert Rose”, achieving $8.8 million
A 4.50-carat fancy vivid blue diamond, which realised $6 million
“This has been an exceptionally strong year for the jewellery market, marked by multiple ‘white glove’ sales and expansion into new markets,” said Quig Bruning, Head of Sotheby’s Jewels, Americas & EMEA. “These results reflect a growing global appetite for rare, exceptional jewels and impeccable diamonds, as well as a continued quest for quality among collectors seeking the very best the world has to offer.”
By comparison, Sotheby’s 2014 jewellery record was underpinned by a series of extraordinary stones, including the Zoe Blue diamond (now known as the Mellon Blue), which sold for $32.6 million, the Graff Vivid Yellow diamond at $16.3 million, and the Hutton-Mdivani jadeite necklace, which fetched $27.4 million.
Together, the 2025 results underline renewed momentum across both the high-end watch and jewellery markets, reinforcing Sotheby’s position at the forefront of global luxury auctions.
The highlight of Sotheby’s Fine Jewelry sale in New York – a rare 3.63-carat fancy vivid purple-pink diamond failed to find a buyer.
The unmounted, cut-cornered rectangular modified brilliant-cut stone carried a pre-auction estimate of $1m to $1.5m , reflecting both its unusual color and its potential appeal to collectors.
But bidding at the auction, on 11 December, stalled below the consignor’s undisclosed reserve, leaving the stone unsold.
Market observers suggested that bidders were likely deterred by the diamond’s noticeable “salt and pepper” inclusions, which significantly affected its clarity.
The Gemological Institute of America (GIA) graded the stone as I2 clarity, raising concerns about transparency and overall visual appeal.
Observers say buyers in today’s cautious high-end market are increasingly unwilling to compromise on clarity, particularly for unmounted stones, where inclusions are more apparent, even when the color is considered rare and desirable.
A spectacular Graff diamond ring emerged as the star lot at Freeman’s recent Important Jewellery auction in New York, achieving USD $368,800 and surpassing its upper estimate of USD $350,000. The result made it the top-performing lot of the sale.
The auction, held on 11 December, realised a total of USD $4.5 million, with an impressive 91% sell-through rate, underlining continued demand for high-quality signed and gemstone jewellery.
The headline Graff ring features a 13.11-carat oval brilliant-cut diamond, graded H colour, VS1 clarity, flanked by two shield-shaped diamonds weighing approximately 0.95 carats each. The sale also saw strong results for pieces by Bulgari, Tiffany & Co. and Cartier, reinforcing buyer confidence in established luxury maisons.
Commenting on the outcome, April Matteini, Head of Freeman’s Jewellery Department, noted that the final jewellery auction of 2025 delivered a USD $1 million year-on-year increase, marking another milestone in the auction house’s second year at its Upper East Side gallery.
Other Top Lots from the Sale
17.13-carat Diamond Ring A ring centred with a round brilliant-cut 17.13-carat diamond, graded N colour, VS2 clarity. Final price:USD $178,300 Estimate: USD $150,000 – $200,000
12.32-carat Diamond Ring with Trillion Accents Featuring a round 12.32-carat diamond, graded L colour, VS2 clarity, set between two trillion-cut diamonds. Final price:USD $171,950 Estimate: USD $100,000 – $150,000
10.02-carat Oval Diamond Ring An oval modified brilliant-cut 10.02-carat diamond, graded K colour, SI1 clarity, surrounded by round diamonds, with baguette-cut diamonds lining the shank and band. Final price:USD $114,800 Estimate: USD $80,000 – $120,000
Tiffany & Co. Paraiba Tourmaline Ring Set with an oval 4.36-carat Paraiba-type tourmaline from Mozambique, encircled by a halo of round diamonds totalling 0.61 carats. Final price:USD $95,750 Estimate: USD $50,000 – $80,000
The results once again highlight the market’s appetite for exceptional diamonds, signed jewellery and rare coloured gemstones particularly when quality, provenance and craftsmanship align.
Sotheby’s New York is set to host an extraordinary High Jewellery auction on 13 June, featuring 110 remarkable lots — many of them centred around colourless and fancy coloured diamonds. This exclusive sale not only showcases some of the most important stones on the market today but also brings to light jewellery with historic provenance, including pieces from the Vanderbilt and Wade families, and a private collection chronicling a decades-long romance.
The Crown Jewel: 35.01ct Graff Diamond Ring Leading the sale is a breathtaking 35.01-carat emerald-cut diamond ring from luxury jeweller Graff. This D-colour, VVS2 clarity diamond is described as “highly important,” and is expected to fetch between USD $2 million and $3 million (approximately AUD $3 million to $4.5 million). It’s one of 13 spectacular jewels from a private collection titled Joie de Vivre: Journey in Jewels — a tribute to a husband’s enduring love, with each piece gifted to his wife throughout a 60-year marriage.
Another standout from the same collection is a pair of emerald and diamond earclips by Graff, boasting four sugarloaf cabochon emeralds weighing a total of approximately 84 carats. These exceptional earrings carry a presale estimate of USD $800,000 – $1.5 million.
Additional highlights from this private collection include:
An aquamarine and diamond bracelet: USD $40,000 – $60,000
A jade and diamond pendant-brooch, circa 1910s: USD $25,000 – $35,000
Fancy Colours Steal the Spotlight The number two lot of the sale is a striking 5.02-carat fancy pink diamond ring with VS2 clarity, estimated at USD $1.5 million – $2.5 million. Following closely is a 2.02-carat fancy vivid blue diamond ring, cut in a modified rectangular mixed style, with an estimate of USD $1.4 million – $1.8 million.
Also drawing significant attention is a pair of flawless D-colour pear-shaped diamonds weighing 10.32 and 10.11 carats respectively. Both diamonds are rated “excellent” in polish and symmetry, with a combined estimate of USD $1.1 million – $1.5 million.
American Legacy: Vanderbilt and Wade Family Heirlooms Among the historic highlights is a ruby and diamond sautoir by Marcus & Co., dating back to circa 1915. The centrepiece is a 9.60-carat unheated Burmese ruby, surrounded by old European-cut diamonds and accented with calibre-cut rubies. This important jewel is estimated at USD $1 million – $2 million and once belonged to Emily Vanderbilt Wade, the great-granddaughter of Cornelius Vanderbilt and daughter of Rhode Island Governor William Henry Vanderbilt III.
Three other Vanderbilt Wade jewels will also go under the hammer:
Cartier Art Deco diamond bracelet: Estimated at USD $60,000 – $80,000
Rene Lalique Art Nouveau pendant: Crafted from gold, enamel, emerald and pearl, circa 1900, with an estimate of USD $20,000 – $30,000
Multistone tassel sautoir: Featuring rubies, emeralds, pearls, diamonds and enamel, and possibly designed by Paulding Farnham of Tiffany & Co., with an estimate of USD $40,000 – $60,000
A Rare Opportunity for Collectors and Connoisseurs This Sotheby’s auction is not only a chance to acquire some of the world’s most exquisite diamonds and gemstones but also to own a piece of history. With provenance linking to America’s most prominent families and jewellery houses such as Graff, Cartier, and Tiffany & Co., the pieces represent both artistic excellence and emotional legacy.
For collectors, investors, and jewellery lovers alike, 13 June will mark a significant date on the global jewellery calendar.
The Blue Belle sapphire and diamond necklace is to lead a Christie’s New York sale next month with an estimate of $8m to $12m.
The tassel pendant features a 392.52 carat unheated, cushion modified, mixed-cut sapphire from the famed Ratnapura region of Sri Lanka, together with oval-shaped diamond terminals, and a brilliant-cut diamond neckchain, mounted in gold.
The estimate is well below the $17.6m the piece sold for at Christie’s Geneva when it last changed hands in November 2014.
The sapphire was recovered in 1926 and was sold in 1937 to was sold to British motor magnate Lord Nuffield, founder of Morris Motors.
There were reports at the time that the gem would be gifted to HM Queen Elizabeth the Queen Mother on her coronation day, though this didn’t actually happen.
“Sapphires of this caliber are extraordinarily rare,” said Rahul Kadakia, Christie’s international head of jewelry.
“This remarkable stone must be considered among the most prestigious colored gemstones to appear on the market in many years – truly worthy of any world-class collection.
Among other highlights at the Magnificent Jewels live auction on 17 June, is the Marie-Thérèse Pink Diamond, 10.38-carat kite-shaped fancy purple-pink diamond that is said to have belonged to Marie Antoinette.
It has recently been set into a contemporary ring by the Parisian jeweler Joel Arthur Rosenthal
The average price of a natural diamond engagement ring in the US last year was $6,750.
And the average size of the stone was 1.07 carats, according to a new report by the New York-based Natural Diamond Council.
It provides a detailed analysis of the shift to larger, higher quality diamonds in its downloadable 20-page Natural Diamond Trends: A 2024 Overview.
Round brilliants remain by far the most popular shapes in diamond jewelry, at 81.7 per cent, but that figure is slipping slightly.
Among fancy shapes for all diamond jewelry, princess and cushion showed the biggest increases, albeit from a very low base (2.1 per cent and 1.0 per cent market share respectively).
The most common color for an engagement diamond was H and the most common clarity was SI1, with bridal representing 33 per cent of all natural diamond sales in the US.
The average price of wedding sets increased 31 per cent in 2024, the report said.
“The increase was mainly due to a rise in the average size of diamonds and a notable change in the type of metal used.”
The average price of natural diamond jewelry sold across all product categories grew 2.7% to $2,360 in 2024.
The report, the latest in a series uncovering the trends, origins and impacts of natural diamonds, was jointly produced with Tenoris.
Live jewelry auctions in New York are easily keeping pace with multi-million-dollar watch auctions, and they remain the best venue for large diamonds, gemstones and signed pieces. Sotheby’s Magnificent Jewels sale in June totaled $30,033,900, and Christie’s hit the $44.4 million mark, for a combined haul of over $70 million between the two.
A 14.51 carat sugarloaf cabochon Kashmir sapphire ring that sold for $1.8 million at Sotheby’s
Fancy colored and large flawless diamonds, along with rare specimens of emerald, sapphire and ruby continue to rank in the top 10 lots at most auctions. In the Sotheby’s top 10, the seven highest-selling pieces sold for over $1 million, and the top two lots sold for over $3 million.
The auction was led by a $3.6 million piece of jewelry, a Van Cleef & Arpels necklace. The tassel-tie style long necklace was fully set with several cuts of perfectly matched diamonds in tapered sizes. It was made in 1929, and would be difficult to make or find anywhere today. The second-highest lot was a 53-carat internally flawless diamond, another rare find, especially given than diamond mining is not the prolific activity it once was. It sold for $3,480,000.
For final proof that rarity is the driving value factor at jewelry auctions, the next lots were Kashmir sapphires, the prized velvety blue gems that haven’t been mined in a century—including a 10.31-carat Kashmir sapphire and diamond ring that sold for $1,980,000, and a 14.51-carat sugarloaf cabochon sapphire ring that sold for $1.8 million. Natural pearls, also very rare, are fetching top dollar at auction as well. Among the top 10 at the Sotheby’s sale was a natural pearl, cultured pearl and diamond necklace selling for $552,000, along with exquisite pieces from Graff and Harry Winston.
Christie’s sold the the Eden Rose, a 10.2-carat fancy intense pink diamond for $13.3 million.
This 2.28-carat vivid blue heart shaped diamond ring, surrounded by yellow and white diamonds
Phillips, which has for several years been the leading auction house when it comes to watches, also started holding live jewelry auctions this year. It got off to a good start in June with a New York sale that totaled $2.8 million. Leading the auction was a 9.81-carat emerald and diamond ring, which doubled its estimate at $165,000. A pair of diamond ear clips sold for $165,100, and a Cartier gold and diamond necklace designed as an undulating fringe sold for $146,050. The sale also included pieces from Van Cleef & Arpels, Cartier, and Bulgari and Oscar Heyman.
Leading the Phillips auction was a 9.81-carat emerald and diamond ring, which doubled its estimate.
Seven days into the Winter Show antiques, art and design fair, there was still a steady flow of well-heeled collectors moving about the Park Avenue Armory on New York’s Upper East side. In its 70th year, the show, which ran from January 19 to 28, featured 76 exhibitors from seven countries including about nine exhibitors who specialize in collectible jewels. Several of the jewelry galleries and dealers have been longtime participants in the annual show, and nearly all were happy with business this year.
Each of the jewelry exhibitors holds a unique niche in antique and period jewels, and most say collectors were looking at a broad range of pieces that these dealers offered. As always, signed jewels were popular, but so were unsigned pieces. People were also looking for easily wearable and versatile pieces. Jewels and sketches by René Lalique were seen throughout the fair.
One of the exhibitors that had good results from pieces by the French jewelry artist was London-based Wartski, which focuses on Fabergé objects and historic European jewels, many with royal pedigree. The person behind the stand said attendees were looking for a variety of pieces from the firm’s vast collection of European and Russian jewels. Lalique was popular.
An Italian Renaissance Revival Bracelet. (Winter Show)
Benjamin Macklowe of Macklowe Gallery in New York also featured Lalique jewelry, displaying about a dozen items by the Art Nouveau jeweler at its booth this year.
“We sold across our product line. Bulgari, Cartier, Lalique and more,” he said. “Every time we sold something, regardless of the price, it was a great example of what it was.”
Macklowe’s firm handles Tiffany & Co. lamps and objects, furniture, and antique and period jewels. Among the highlights of its sales was a pair of Bulgari ruby cabochon earrings for $175,000.
A Bulgari Toi & Moi ring in platinum and yellow gold set with diamonds and a Burma ruby from Véronique Bamps. (Winter Show)
Veteran exhibitors reported feeling pleased with the outcome of the show.
This year’s installment drew “one of the best crowds” they’d ever seen, said Carrie Imberman and her brother Matthew Imberman, owners of Kentshire in New York, who have been working the Winter Show for 33 years. Like others, they say sales from the show continue after it’s over, based on the relationships they form.
Signed jewels were also popular. Among the company’s sales during the show was an Art Deco Boucheron diamond bracelet, a Hermès gold panel necklace and bombé diamond ring, and an Art Deco diamond bracelet by Cartier.
An Art Moderne gold and diamond bracelet in 18k and platinum by René Boivin. (Winter Show)
“We’ve had a good fair,” Matthew said. “We have jewels from different periods, designers and a variety of gem-set pieces. People are buying items that have a specific meaning to them.”
A La Vieille Russie has exhibited at the Winter Show almost since its inception. The company has expertise in Fabergé and other art objects of Russian origin, as well as European antique and vintage jewels. Peter Schaffer, one of the family members who lead the company, and specialist Adam Patrick were satisfied with the fair, saying they made some sales but just as importantly, they had the opportunity to meet new potential clients. For many, buying historic jewels isn’t an impulse purchase.
It’s the third time exhibiting at the Winter Show for Monaco-based dealer Véronique Bamps, who sells signed pieces from historic jewelry houses and designers. She plans to return, saying it attracts both well-cultured locals and an international crowd.
“I’ve spoken to people from a lot of countries and states,” she said. “[This show] attracts a very large crowd. And a lot of younger people who are buying pieces that they feel they could wear every day.”
Victorian ruby and diamond butterfly brooch, circa 1890. (ALVR)
For New York ladies, she added, the period is less significant. “The key is elegance when they buy jewelry,” she observed. “They fall in love, and they buy.”
Perhaps no one at the show was more pleased than Didier and Martine Haspeslagh, owners of Didier, a London-based firm that specializes in artist-designed jewels acquired on the secondary market. The couple sold several important pieces, including creations in the “five-figure” range by artists comprising Arnaldo Pomodoro, Franco Cannilla, Salvador Dali, Pablo Picasso and Sonia Delaunay, among others.
“We’ve had a very good show,” said Didier Haspeslagh. “We’ve had a number of new clients. This fair attracts people with taste, money and a need for artistic content.” People were most attracted to “big, spectacular pieces,” he continued.
18k yellow gold necklace with three abstract repoussé pendants with kinetic elements, and set with diamonds. Designed by Italian artist, Afro Basaldella, and made in the gold workshop of Mario Masenza, Rome. On offer by Didier. (Winter Show)
Like others, Simon Teakle, whose eponymous firm is located in Greenwich, Connecticut, said that jewels by the European heritage brands were popular at the show. “There’s always a demand for signed jewels,” he noted.
Simon Teakle pair of cameo and diamond earrings by Hemmerle. (Winter Show)
Another gallery owner who cited Art Deco jewels was James Boening, director of New York-based James Robinson, a New York-based gallery that spotlights vintage jewels, art objects, silver and flatware. He also sold items that can be worn in formal and casual surroundings. “Women are looking for jewels that are versatile,” he said. “Pieces that can be worn with jeans. Pieces that are more approachable.”
American black opal and diamond cluster ring mounted in platinum and 14k gold, circa 1910, from James Robinson. (Winter Show)
Still, not everyone experienced successful jewelry sales at the show. Tim Martin, owner of New York-based S.J. Shrubsole specializes in vintage jewels, silver and art objects. While the other two categories did well, jewelry sales were slow, he said.
