An interview with
BENOIT REPELLIN Director of Sotheby’s Jewellery Department and Magnificent Jewels sales,
© Sotheby’s. All images.
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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.
“With their mix of magnificence and intimacy, tiaras have an X factor that transcends times and cultures. This tiara encapsulates all the pomp, power and presence associated with royal jewels and over the past couple of weeks, it has captured the imagination of collectors and Instagram users alike. The price achieved today is testament not only to its exceptional craftsmanship and the quality of its materials which makes it a true work of art, but also to its historical and emotional resonance.”
Benoit Repellin, -Head of Sotheby’s Jewellery Department and Magnificent Jewels sales
EAB :According to you, which anecdotes or examples could illustrate this previous question? B.R: There are a lot of examples which could illustrate this statement. Sometimes, one needs to start the bidding for the price to go to the sky. Clients can wait to see if there is competition on a lot and if several clients are bidding, then a “battle” can start and end on a very high note. Statistics show that each additional client entering the bidding competition can drive the price up by 20%. Provenance, as I mentioned, is also a great factor to generate competition during the auction. The sale of the Royal Jewels from the Bourbon Parma Family in November 2018 in Geneva is the perfect illustration of the importance of the provenance. The auction was a “white glove” sale, which means 100% of the lots offered were sold. The top lot was a natural pearl and diamond pendant which belonged to Queen Marie-Antoinette, the most famous queen of France and probably even of the world. The estimate was between 1 and 2 million USD and it sold after a wonderful and fascinating bidding battle for 36 million USD, setting a world auction record price for a pearl jewel and an antique jewel. The previous record for a pearl jewel was set by the Peregrina, from the Royal Spanish Collection and then the collection of Elizabeth Taylor, that sold for 11.8 million USD. The provenance of the Queen of France has surpassed the famous Hollywood star!
More and more, jewellery is also considered as a collectible category, the same way as paintings, sculpture, and other fine art. Traditionally, the Hong Kong sales offered modern pieces, exceptional gemstones and jadeite, and Europe was the place where vintage and historic jewellery collections were offered for sale. But we now see an interest on the evolution of the jewels, the history of jewellery, the brands, etc., coming from all around the world. Some Asian clients are building very important jewellery collections illustrating the evolution of style, emphasizing the provenance and the jewellery maisons. Last year, an exhibition called Awaken: Royal Jewellery Arts from Renaissance to the 20th century took place at Shenzhen in China and showcased nearly 200 royal treasures and historic jewels. EAB: The current pandemic does not seem to affect the auction results of the recent jewellery sales held at the Sotheby’s, instead an emerging trend seems to be a growing interest for this type of investment? How do you reflect on this? B. R: High jewellery market is indeed very resilient, as seen in the past during previous Mondial crises. Diamonds, gemstones and jewels have always been considered as safe placement and investment. Sotheby’s had been increasingly moving towards a more digitalised format in recent years, and we were therefore ready to face the challenge despite the travel restrictions or the closed exhibition spaces. Our website has seen an increased number of connections and our new format has attracted a broader and younger audience. EAB: What are important auctions in Sotheby’s calendar for the rest of the year and could you tell us about these coming auctions? B.R: As I mentioned before, we have our Magnificent Jewels sales in three main selling locations. The summer opens with one sale in New York on 9 June, followed by Hong Kong in July and October, November in Geneva, and finally ending the year in New York in December. Our Fine Jewels sales will take place in New York and London in June, Geneva and Paris in July, and we will have a thematic sale around Fauna and Flora jewellery in September in Geneva.
EAB: In terms of investment is it more relevant to buy a modern piece or a vintage one? B. R.: Modern pieces or antique ones have different appeal. A client can decide to go for exceptional gemstones, coloured diamonds, D Flawless diamonds for example, and for these categories, most of the pieces appearing on the market are modern jewels. But there is, with no doubt, an attraction and a premium for signed vintage pieces. An important Cartier Art Deco pendant dated 1927 and from a Indian noble collection (see image above), or a fine ruby and diamond brooch by Chaumet from a year later (Magnificent Jewels and Noble Jewels: Part I, 11 May 2021 in Geneva) will definitely catch the eye of the collectors.
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EAB: In this context what could you say about the future of fine jewellery demand? B. R: I wish I knew how the market will evolve! But I can imagine constant demand and interest for jewellery and gemstones. The jewels have been collected and coveted for centuries, and even over thousands of years, so I don’t think the appeal of these works of art and wonder of nature will disappear any time soon. Sothebys.com
© Sotheby’s courtesy all images. Important emerald and diamond pendant/brooch combination, Cartier, 1927. Above and left adorning Princess Elisabeth von Thurn und Taxis. Far left: Portrait of Marjorie Merriweather Post and her daughter, 1829. Artist: De Blaas, Giulio (1889-1934). Marjorie Merriweather Post wearing a similar jewel by Cartier in this painting. Below: Property of a European Noble Family Exceptional ruby and diamond brooch by Chaumet circa 1928.
An interview with
ESTELLE ARIELLE BOUCHET Author, Publisher of Edition Méditerranée en Lumière
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stelle Arielle Bouchet author of Egypte Secrète-Secret Egypt, first book of the trilogy “Egypte Secrète”, "Provence Secrète” and “Italie Secrète” speaks to Moralmoda about the creation of Méditerranée en Lumière Publishing House and its first book “Egypte Secrète-Secret Egypt”.
MM: You are the the editor of Méditerranée en Lumière- (MEL) Publishing House, what is the spirit of MEL? Estelle Arielle Bouchet: When I went to Frankfurt Book Fair three years ago to find a publisher for my niche Art Book Egypte SecrèteSecret Egypt, and to promote another book “Louis Lliboutry, le Champollion des Glaces” Editions UGA, I have been striken by this plethoric market: they are so many international publishing houses of all kinds, I should admit that I was a bit lost there to publish my trilogy. I saw Taschen, Mondadori and some others relevant publishers. In the past I have been an editorial consultant for the major Publishing Houses in Milan: Franco Maria Ricci (FMR publisher and black silk art books), Leonardo Arte, Mondadori, Electa, Hachette, Conde Nast Italia. And for some of them, I have been striken by the importance of sponsorship which could limit if not jeopardize, the independence of the editorial choices and creative directions especially for the big editorial groups. Sometimes, it happens they behave more as printing houses and money makers without specific strategies or relevant ideas losing thus if not their Soul, their intellectual spontaneity. So I decided to create my own small intimate and artisanal Publishing House “Méditerranée en Lumière” based in north Avignon, former City of Popes in Provence. The concept of Méditerranée en Lumière is to foster the economical, cultural and human exchanges between Peoples and Cultures from the Mediterranean Sea what we use to call from the latin world I belong “Mare Nostrum”- Our Sea. The idea of generosity and exchange comes from this appellation itself and highly seduced me. My purpose being to provide an exposure to Peoples and Cultures having things to say. So all books projects laying the emphasis on these themes are most welcome and will be highly considered. MM: Which books do you plan to publish in the next three years? Do you have an editorial strategy? EAB: Egypte Secrète-Secret Egypt will be launched in October 2021, then Provence Secrète is already on the fire and will be launched in 2022, achieving the trilogy with Italie Secrète-Secret Italy, in 2023, dedicated to my younger florentine son Leonardo as Egypte SecrèteSecret Egypt is dedicated to my eldest, Nazem Shah. Then our committee has validated Princess Catherine Gagarin’s Memories. I am also fascinated by Cultures from the East countries and these incredible and strong destinies… We’ll also publish “Terre Battue” the destiny of Leonora Shreger, young Hungarian lady which is a symbol of strength and resilience-she was Champion of Tennis of ex Yugoslavia and had to grapple, as a young jewish woman, with the threat of the Second World War. The family had to grapple with both Hitler Regime and Communism. My editorial strategy is the one of the Heart and uncommon Destinies. Moralmoda Magazine | 48
Photo 1. The Publishing House Méditerranée en Lumière-MEL 2. Decor of the author's house in Cairo, Zamalek (from Secret Egypt book). 3. Estelle Arielle Bouchet, Publisher Méditerranée en Lumière and writer of the book Egypte Secrète-Secret Egypt. Photo 4. Water color of the Nile, 19th century.
MM: Could you tell us more about Egypte Secrète-Secret Egypt what is the genesis of this art book and initiatory path? EAB: Egypte Secrète-Secret Egypt is dear to my heart. It is an intimate book, a love story that I have dedicated to my son Nazem Shah. I met Egypt and his father when I was twenty years old and I have been completely moved on by the balance and Spirituality of this Civilization. My father, Professor Alain Bouchet was an illustrious anatomist and surgeon from Lyon and his knowledge was very much connected with Ancient Egypt. I lost him last year and he wanted me to write, what I always did since a child, and to become also an editor to publish historical and literary writings what I will do. Egypte Secrète-Secret Egypte is a sequence of my life as a woman. There are in the lives of women Seasons and Colors.... And also a permanency with children, with the birth of this son which gave my young life its whole centrality. Here is then the Egypt as I lived through Her in the years of 1990, through this journey which spontaneously led me to a space of which I had always dreamt as a child. While in Lyon where I was born, in this city and its austere, studious and cold Latinity, I would gaze, as a little girl, at anatomy plates that my father meticulously drew. They would soon conjure the symbolic significance of the organs which Isis desperately attempted to recreate a scattered Osiris. I could foresee then that Egypt would play an important part in the path of my life, and would feel a deep anchor, still not knowing future yet, to this civilization ardently leaning towards the afterlife. Here also are a few figures, for the most part older persons, today having passed away, whom I met in Cairo, with enthusiasm, while I was a twenty years old and to whom I pay tribute in this book. Last bastions of a vanished Egypt, a Secret Egypt, one of a far away Orient which disappears alongside my own balanced and nomadic path.
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On right the author's late father, Professor of Medicine Alain Bouchet with Raymond Barre, Major in Lyon and Minister of Economy and Finance.
Secret Egypt, (Fr. Egypte Secrète) art book in FrenchEnglish version, 300 pages circa, 59 euros Pre-order at Méditerranée en Lumière Publisher: medlumiere@gmail.com or WWW.MEDITERRANEE-EN-LUMIERE.COM