If you were in Geneva on May 17, 2011, then you may have experienced one of the most extravagant auction shows of a lifetime.
The Sotheby's auction is noted for displaying some the world's most expensive art and jeweled items for auction. This year, a rare tiara was up for grabs that was once in the collection of Princess Katharina Henckel Von Donnersmark. This unique hand-made tiara features 11 pear-shaped rare Colombian emeralds that weigh over 500 carats all together. According to Extravaganzi, "Each emerald has been drilled and held in diamond set cusp motifs, the nine largest tipped by rose diamonds, mounted in silver and gold, later detachable tiara fitting."
The tiara was expected to turn around $5 million to $10 million; however, one buyer forked over a whopping $11.3 million. This is one sale for the record books.
Extravagant Crown Auctions
The Sotheby's Auction Fetches a $11.3 Million Dollar Tiara
Trend Themes
1. Luxury Auctions - Extravagant auctions for high-end art and jewelry items are becoming a growing trend, offering a highly sought after experience for wealthy collectors.
2. Rare Jeweled Artifacts - The demand for rare, one-of-a-kind jewels and artifacts at auction is increasing, creating opportunities for innovation in gemstone cutting and intricate design work.
3. Sustainable Luxury - As eco-consciousness becomes more ingrained in luxury consumers, innovative jewelers and auction houses have the opportunity to focus on sustainably-sourced materials and environmentally-friendly practices.
Industry Implications
1. Fine Art - The fine art auction industry can utilize experiences like the Sotheby's auction to create more elaborate, exclusive events that appeal to the wealthiest collectors.
2. Jewelry - Jewelers can disrupt the industry by exploring new methods of gemstone cutting and experimental design work, allowing for the creation of unique, one-of-a-kind pieces like the tiara sold at the auction.
3. Sustainability - Sustainable luxury can be an untapped market for jewelers and auction houses, offering an opportunity to showcase how they ethically source materials for high-end items to appeal to eco-conscious high-end buyers.