Into the Blue

A Kashmir sapphire necklace known as ‘The Royal Blue’ was bagged by a collector at Christie’s in Hong Kong late last year in one of the most celebrated gemstone sales of the decade. Rocketing to HK$125.5 million (US$16.2 million), the price broke the auction record for a necklace featuring these rare stones. Located in the remote Himalayas, the Kashmir mines were active for only a brief period in the late 19th and early 20th centuries, but produced gems so unique in texture and saturation that they are now considered among the most coveted sapphires in the world.

This exceptional creation features a suite of sapphires prized for their characteristic lush, velvety blue – often described as ‘cornflower blue’. It combines them with an elegant arrangement of diamonds, enhancing their vivid colouration and natural luminosity. Each sapphire was meticulously matched for tone and clarity, a process that can take years due to the scarcity of genuine Kashmir stones. The necklace’s outstanding sale price not only reflects the rarity of the materials but also the increasing global demand for top-tier coloured gemstones.

Winter Thrill

Fabergé’s ‘Winter Egg’ sold for £22.9 million (HK$237.2 million) at Christie’s in London last month, cracking the previous record by a massive £14 million. Created in 1913 for Tsar Nicholas II as an Easter gift to his mother, the Dowager Empress Maria Feodorovna, the 8.2-centimetre-high (3.2-inch) egg is celebrated as one of the finest masterpieces produced by the Russian jeweller.

Inspired by the stillness and brilliance of winter, it is crafted from rock crystal, platinum and diamonds. Intricately engraved patterns mimic frozen branches and drifting snow, rendering its iconic icy appearance. As with all imperial Fabergé eggs, it included a surprise within – a miniature basket of white quartz flowers.

The sale underscored the continuing global fascination with Fabergé objects, particularly those made for the Russian royal family. The Winter Egg’s rarity, immaculate condition and provenance contributed strongly to its record-setting price. Collectors and museums regard it as a pinnacle of early 20th-century jewellery art, an object in which technical precision, artistic imagination and historical significance meet in perfect harmony.

Auction Figure

Gustav Klimt’s Portrait of Elisabeth Lederer captured global attention when it sold for an extraordinary $236.6 million (HK$1.84 billion) at Sotheby’s New York, elevating it into the top two most valuable artworks ever auctioned. Painted from 1914-16 during his Golden Period, just a few years before his death, the work exemplifies the Austrian artist’s ability to merge human vulnerability with luxurious ornamentation. The daughter of one of his key patrons is depicted full-length, displaying a calm, introspective elegance reflective of both her social standing and the psychological depth of Klimt’s finest portraits.

Standing as a rare, radiant example of his mature style, the painting showcases intricate patterns, subtle gilding, a harmonious interplay of colour and texture, and a fascination with Byzantine art. It was hidden from public view for decades in the private collection of cosmetics heir Leonard Lauder.

Its excellent condition and distinguished provenance significantly contributed to the exceptional sale price – second only to US$450.3 million paid for Leonardo da Vinci’s Salvator Mundi in 2017. This result underscores the enduring cultural resonance of Klimt’s portraiture.

Praising the REF

An extremely rare and aesthetically stunning Patek Philippe wristwatch from the coveted Ref. 5016R family sold for HK$5.3 million (almost US$690,000) as Christie’s Hong Kong auctioned watches owned by prominent collector John Shaw. Claiming top spot in the sale, it was crafted in 18-carat pink gold circa 1995, and armed with a minute repeater, a perpetual calendar with retrograde date and a tourbillon.

Upon its debut in 1993, this reference was Patek’s most complicated, and the watch in question is one of only six known to exist in this colour of gold – its rosy hue complements a silvered dial with golden pink Breguet numerals. The dial layout showing retrograde date, three calendar windows, and moon phases with subsidiary seconds at six o’clock is also highly sought after. The tourbillon, however, is not revealed on the watch face – Patek habitually conceals this highly complex mechanism in order to safeguard its technical integrity.

All 59 timepieces offered in the sale late last year were snapped up for a total of HK$52.5 million in a testament to Patek’s timeless appeal.