Van Cleef & Arpels Diamond ‘Tie' Necklace Fetches $3.6 Million [Forbes]
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Source: Forbes
An important and rare Van Cleef & Arpels diamond “Tie” necklace smashed its estimate and blew past other impressive gems and jewels to be the top lot at Sotheby's Magnificent Jewels auction, held Friday in New York. The necklace, circa 1929, composed of graduated links set with variously cut diamonds with elongated tassels that partially rotate, sold for $3.6 million, triple its high estimate of $1.2 million, after a six-minute battle between seven bidders. It was one of the few marquee items in the sale of 95 lots, a low number for a major New York auction. However, many of the items that were offered were highly collectible and wearable as shown by the overall results. For example, the sale achieved $30 million, near its $35 million high estimate, with 90% of lots sold and 62% of sold lots achieving prices above their high estimate. Sotheby's said persons from 30 countries participated in the auction placing more than 1,200 bids. In addition, seven out of the 10 most valuable j
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