Deep blue diamond, Sotheby's November 2008 in Geneva

New York, USA and Geneva, Switzerland (GenevaLunch) – The art markets and in particular fine jewels auctions were being watched closely at the end of 2008 for signs that they were suffering from the global economic crisis, but a new report from Art Market Review suggests that the jewelry market in particular has been more stable than expected. The review was prepared for Sotheby’s by industry observer Art Market Monitor.

“Results at the two houses suggest more stability in the jewelry market than most would have been bold enough to predict,” says the article, referring to an in-depth study of auctions at Christies and Sotheby’s in New York in December. Predictions for the sales, normally based on October and November sales in Hong Kong and Geneva, were almost impossible to make. Combined sales at the December auctions were nearly $37 million for 504 lots, which averaged out to slightly more than $73,000 per lot. In recent years the trade has dominated the market in large white and coloured diamonds, the report notes, but “as the trade pulled in its horns, private buyers in the United States, Middle East and particularly Asia bought the top lots at both auction houses.”

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