Thursday, October 22, 2009

Jewelry Biz - "As If The Recession Never Happened"

The full Christie's results are out
From Idex

Christie’s fetched $46. 51 million at its most recent sale, Jewels: The New York Sale & The Annenburg Diamond, Rare Jewels and Objets d’Art: A Superb Collection. Diamond traders noted with satisfaction that the auction further solidifies diamond prices.

This auction wasn't just about the big Annenburg rock, the Fred Leighton jewelry sold too.

And here's the key information

The international auction house reports that 327 out of 385 lots sold, which achieved a combined sell-through rate of 85 percent by lot and 94 percent by value
(The trade says that the estimates were purposely kept low, but still, the results were impressive.)

And here's the money quote

It was as if the recession never happened,” remarked Rahul Kadakia, head of jewelry at Christie’s New York..."

And let's face it, for Goldman Sachs gang there was no recession

Maybe that's who was doing all of the buying at Christie's this week.
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The Man Who Knew Too Much said...

Seriously, sometimes I doubt there is a recession when I see people spending so much money every day in the city!

Belle de Ville said...

What I see is a widening gulf between the uber rich and rest of society. But this is no surprise when for years we have had executive compensation that was so far above what upper and middle management was earning.
When the CEO makes 100 times, or more likely 1000 times more than middle management, wealth consolidates at the top and there is no trickle down effect. Then when a recession hits, the factory workers and middle managers get laid off, and once again the wealth is consolidated for the guys at the top.
I would suggest taxing the uber rich at even higher rates, but then the tax revenue would just get lost and wasted in the black hole that is our government.

kpeach said...

holy sh*t that is huge! I know I always wonder how 25 year olds become fashion editors-maybe it's a Euro thing. xx

WendyB said...

Sounds like wishful thinking (and a few exceptions to the rule) to me. I hope it's true. But my suppliers and manufacturers are not seeing it.

The Townhouselady said...

If I had the money I would love to own that Morganite or is it Kunzite ring. Gorgeous.

Kristin said...

Ah ha ha. The class divide is becoming wider by the day.

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