An interview with
BENOIT REPELLIN Director of Sotheby’s Jewellery Department and Magnificent Jewels sales,
© Sotheby’s. All images.
E
stelle Arielle Bouchet shares her conversation with Benoit Repellin, Head of Magnificent Jewels sales at Sotheby’s, ahead of the important May auction in Geneva.
Estelle Arielle Bouchet: You are at the Head of Magnificent Jewels sales for the illustrious Sotheby’s Auctions House, which assessment criteria validate the appellation of “Magnificent Jewels”, and is there a hierarchy in these criteria as signature, history, rarity or eventually others? Benoit Repellin: We have two types of jewellery auctions which fall under the titles “Fine Jewels” and “Magnificent Jewels”. Our Magnificent Jewels auctions happen twice a year in each main selling location: New York, Hong Kong and Geneva. Geneva is the flagship of our Magnificent Jewels sales in Europe. Our Fine Jewels sales are held in the three locations already mentioned and also in Paris, London and Milan. When a specialist values a jewel, he looks indeed at different criteria and characteristics. I usually say that there are three main criteria: Nature, Art and Provenance. “Nature” meaning the quality of the stones used in the jewellery piece. The diamonds are studied according to the “4 Cs”: Cut, Colour, Clarity and Carat weight. For coloured stones, the origin of the gem and the absence of treatment are very important to determine the value. Then “Art” would refer to the quality of the jewel itself, the craftsmanship, the date, the era of the jewel, the maker, the signature.
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Finally “Provenance” is the history of the piece: who were the previous owners? An important or famous provenance can impact greatly the final price at auction. Sotheby’s inaugurated the “Noble Jewels” sales in 2007, which are part of our “Magnificent Jewels” auctions in Geneva twice a year - mid-May and mid-November. An aristocratic provenance can attract clients, collectors and connoisseurs who are paying attention to the provenance and history of a piece. Since the start of these auctions almost 15 years ago, these noble jewels sale have performed extremely well, with over 94% of the jewels offered sold, and 80% of the lots sold achieving prices beyond the pre-sale high estimate. When we have determined the estimate of the jewel, we decide which sale the jewel would best perform. Sotheby’s, as an auction house, listing on behalf of the seller and tries to achieve the best final price for the client. A piece with an important provenance, with an interesting signature, an iconic design, an important gemstone would be featured in a “Magnificent Jewels” sale. There is also a matter of estimates, pieces over 50,000 USD would be considered for a Magnificent Jewels sale, but it is not a rule, some pieces below this value would perform better in a Magnificent sale, and others above this mark would be better suited to a Fine Jewels sale. EAB: Through your own experience which law dominates this category of Auctions, the one of the Market or the one of the emotion? Or eventually both? B. R: There is no rule at auction to determine the reason for a purchase! Each client has their own motif and reason to buy a piece. But indeed, the market can determine the final price; clients who are looking for an investment or a “good buy” will consider the previous results at auction, the prices of the diamonds, the quality of the item, the “resell” value. But there is also, as you mentioned, an important emotional factor. If a client is looking for a gift for a special occasion, if there is a bidding battle and once one starts, it is difficult to stop! Or when there is an interesting provenance, the emotion very often takes over the intrinsic value. A jewel is one of the most personal objects someone owns. The owner wears it, on their skin, close to their heart. There is often a meaning, it reminds the wearer a precious souvenir, an important moment, a beloved one. Jewels are often said to “reflect the soul”, and clients understand this emotional part.