Sotheby’s Hits $31.4M in Sale Last Week; Phillips Withdraws Top Lot

By Annie Davidson Watson | June 17, 2025

Sotheby’s New York achieved its highest-ever sell-through rate for a multi-owner jewelry auction at its High Jewelry event on June 13, with an impressive 95% of lots sold, for a combined $31.4 million.

The day before, Phillips had to withdraw the headline piece—a 3.03 ct. fancy intense pink diamond, estimated at $1.2 million to $1.6 million—from its New York Jewels auction because bids did not meet the reserve, though the auction house reported solid results for other lots in the sale.

These outcomes suggest that today’s market, while resilient, is selective: Buyers remain active, but many are increasingly discerning, with a focus on rarity, quality, and narrative. Sotheby’s success was “propelled” by the many exceptional colored gemstones, rare signed pieces, and provenance-rich design in its sale, the company said.

jar ring — *JAR ring with 8.62 ct. square emerald-cut Colombian emerald and single-cut diamonds, achieved $1.6 million*

Sotheby’s total take on High Jewelry fell just short of its high presale estimate of $31.6 million, and 65% of the lots exceeded their estimates. A Graff ring with a 35 ct. D-color diamond fetched $3.2 million, surpassing its $2 million–$3 million estimate. Other top lots included a Marcus & Co. diamond sautoir featuring a 9.6 ct. Burmese ruby (pictured at top) and a 2.02 ct. fancy vivid blue diamond of VS2 clarity, which each brought in $1.8 million.

Two separate jewels achieved more than double their $500,000–$700,000 estimate: an 8.62 ct. emerald ring by JAR, which sold for $1.6 million, and a striking 1930s Kashmir sapphire and diamond ring that went for $1.4 million. Signed works by renowned jewelers such as Suzanne Belperron, Jean Schlumberger, and Lalique also performed well, emphasizing the enduring appeal of craftsmanship and design pedigree.

sapphire ring — *1930s ring with 7.5 ct. rectangular step-cut Kashmir sapphire and baguette diamonds, achieved $1.4 million*

“These results reaffirm what we have long understood: that provenance, rarity, and exceptional craftsmanship continue to ignite the passions of collectors,” said Quig Bruning, Sotheby’s head of jewelry in the Americas, in a statement. The High Jewelry sale was “a great continuation for what has already been a phenomenal year for jewelry at Sotheby’s,” he said.

More than half the lots sold online, the statement noted. Yesterday, Sotheby’s New York concluded its two-week Fine Jewelry auction.

(Photos courtesy of Sotheby’s)

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