Rubies Dominate Sotheby’s Hong Kong High Jewelry Auction as Mauboussin Necklace Leads HKD 267.5 Million Sale
The global market for ultra-high-end colored gemstones demonstrated robust health and exceptional investor confidence on September 17, as Sotheby’s Hong Kong concluded its flagship High Jewelry auction. Commanding the attention of collectors, international dealers, and private wealth buyers, the auction realized a staggering total of HKD 267.5 million (approximately $34.1 million). The undisputed stars of the evening were rubies, which captured the top three positions on the sales leaderboard, with multiple marquee lots shattering their pre-sale high estimates in a fiercely contested bidding environment.
The auction event, which featured over 180 curated lots, showcased masterworks from the world’s most prestigious heritage and contemporary design houses, including Cartier, Harry Winston, Chaumet, and Kat Florence. However, it was the historic house of Mauboussin that stole the spotlight, securing the highest-grossing single lot of the day and setting a powerful tone for the autumn auction season in Asia.
The Main Event: Mauboussin Claims the Crown
The crown jewel of the September 17 sale was an exquisite Mauboussin creation featuring a harmonious assembly of tumbled rubies, vibrant ruby beads, and a scintillating lattice of brilliant, old European-cut, square, and baguette-cut diamonds. Estimated conservatively by specialists prior to the event at HKD 11 million ($1.4 million), the historic necklace triggered an aggressive multi-party bidding war before finally hammering down at HKD 16 million ($2 million).
According to market analysts, the stellar performance of the Mauboussin necklace underscores a growing global appetite for signed, period-design high jewelry that combines exceptional gemstone provenance with master craftsmanship. The ability of the piece to outpace its upper estimate by a significant margin signals that premier collectors are willing to pay a substantial premium for rarity and historical pedigree.
Rubies Reign Supreme Across the Top Tier
While the Mauboussin necklace claimed the top overall slot, Burmese rubies dominated the upper echelons of the auction catalog, sweeping the top three positions and performing exceptionally well throughout the top ten.
Ranking closely behind the lead lot was a magnificent pair of earrings featuring two pear-shaped Burmese rubies weighing 5.20 and 5.08 carats, accented with delicate rose-cut diamonds. Offered with a pre-sale estimate of HKD 11.5 million to HKD 20 million ($1.5 million to $2.5 million), the earrings ultimately realized HKD 12.8 million ($1.6 million). Tying for valuation at HKD 12.8 million ($1.6 million) was an impressive ring centered on an oval, 5.06-carat Burmese ruby, brilliantly framed by a pear-shaped and brilliant-cut diamond surround. This lot surpassed its initial high estimate of HKD 16 million, demonstrating the resilient strength of untreated Burmese rubies in the upper-tier secondary market.
Continuing the gemstone’s triumphant run, a cushion-shaped, 6.05-carat Burmese ruby ring set within a delicate pear-shaped diamond frame brought in HKD 7.7 million ($978,955), safely landing within its estimated range of HKD 6.3 million to HKD 7.8 million.
Diverse Colored Gemstones Make Strong Showings
Beyond the reign of rubies, the auction catalog reflected a sophisticated diversification among high-net-worth buyers, with strong performances recorded across a variety of colored gemstones, including tourmalines, emeralds, sapphires, spinels, and multi-gem signature pieces.
Among the standout non-ruby lots was a cushion-cut, 7.52-carat Paraiba tourmaline ring flanked by brilliant-cut diamonds. Known for their electric, neon-blue hues, high-grade Paraiba tourmalines have experienced soaring demand over the past decade. This particular specimen captured intense interest, selling for HKD 10.5 million ($1.3 million) against a high estimate of HKD 15.5 million.
A masterclass in whimsical high jewelry design was also displayed by a pair of Cartier Tutti Frutti earrings. Featuring an intricate mosaic of carved rubies, sapphires, emeralds, and brilliant-cut diamonds, the iconic motif vastly outperformed expectations. Estimated modestly at HKD 650,000 to HKD 850,000 ($82,854 to $108,348), the earrings sparked a bidding frenzy that drove the final sale price to an astonishing HKD 7.9 million ($1 million)—nearly ten times their minimum valuation.
The emerald category was powerfully represented by Harry Winston, whose pair of earrings bearing two pear-shaped Colombian emeralds weighing 17.03 and 16.27 carats within a classic diamond surround fetched HKD 7.2 million ($913,685). Meanwhile, sapphire enthusiasts focused their attention on a statement ring featuring a 20.84-carat sugarloaf sapphire accompanied by cabochon sapphires and a complex matrix of baguette and brilliant-cut diamonds, which achieved HKD 5.8 million ($734,207).
Completing the upper tier of the auction were a vibrant, cushion-shaped 21.36-carat Tanzanian spinel ring that realized HKD 5.2 million ($660,859), and an intricate pair of Van Cleef & Arpels earrings showcasing circular-cut and signature mystery-cut rubies offset by pear-, marquise-, and brilliant-cut diamonds, which sold for HKD 5.1 million ($652,633)—far exceeding their high estimate of HKD 1.4 million.
Background Context and Market Implications
The successful execution of the September 17 High Jewelry sale provides a crucial barometer for the Asian luxury market, particularly Hong Kong’s enduring status as a primary global hub for high-end jewelry transactions. Despite broader macroeconomic headwinds and shifting global financial climates, the appetite for tangible, museum-quality assets among ultra-high-net-worth individuals in the Asia-Pacific region remains remarkably resilient.
Industry experts note that colored gemstones of exceptional provenance—most notably unheated Burmese rubies and Colombian emeralds—continue to function as a reliable store of wealth and a prestigious status symbol. Furthermore, the strong performance of iconic houses like Cartier, Van Cleef & Arpels, Harry Winston, and Mauboussin illustrates that modern collectors increasingly value brand heritage, historical continuity, and exceptional craftsmanship over unbranded investment stones.
As auction houses look toward the remainder of the autumn calendar, the robust turnout and aggressive competition witnessed at Sotheby’s Hong Kong suggest that the high jewelry sector is well-positioned for continued momentum, driven by a scarcity of top-tier natural gemstones and an unflagging global demand for wearable art.
