Lauren Bacall Auction to Include Jewelry by Schlumberger, Elizabeth Gage, Tiffany, Chanel and Cartier

Lauren Bacall wearing two 18k yellow gold ropework bracelets
 on the same wrist, designed by Jean Schlumberger for Tiffany & Co. Photo credit: NBC/NBC via Getty Images

Lauren Bacall is known for her beauty, her distinctive voice, her high-profile marriage to actor Humphrey Bogart and her impeccable taste. She was less known for her jewelry collection.

Two 18k yellow gold ropework bracelets by Jean Schlumberger with pre-sale estimates of $5,000 - $7,000 and $6,000 - $9,000. The actress was frequently pictured wearing the bracelets together (see top photo), layered on the same wrist. 

However, more than 30 items of the late actress’s jewelry will be part of the extensive 700-lot auction of the “Lauren Bacall Collection,” being offered by Bonhams New York on March 31 and April 1. It will include pieces by Chanel, Cartier, Tiffany, as well as her personal favorite, French jewelry designer Jean Schlumberger (1907-1987).

“Her jewelry was unique in that it reflected her personal taste and the fact she was very sentimental,” Susan Abeles, Bonhams’ head of Jewelry in the United States, said in a recent interview. “The pieces offered are timeless, understated and classic in design and represent the sophistication and glamour of a true Hollywood legend.”

Lauren Bacall wears Elizabeth Gage Camel Brooch while attending the Juvenile Diabetes Foundation Promise Ball Benefit Gala on
November 10, 1990, at Waldorf Astoria Hotel in New York. Photo credit: Ron Galella, Ltd.

Abeles, who has been spending a great deal of time researching the life of Lauren Bacall to prepare for the auction, said the actress “didn’t have a tremendous amount of jewelry.” But the collection of rings, bracelets, brooches and earrings had personal significance.

The Elizabeth Gage Mogul-inspired Camel Brooch is made of 18k yellow gold enamel, cultured pearl, and rose diamond. It has a pre-sale estimate of $5,000 - $7,000.

For example, Abeles showed me a Tiffany & Co. gold necklace with dangling gold hearts. Each heart has a letter that spells out the phrase, “To my own beautiful star from my proud director Ron.” Abeles said that she believes the necklace was a gift from Ron Field, who directed Bacall in the Broadway play, “Applause.” Both Bacall and Field won Tony awards for their parts in the play.

Tiffany & Co. 18k yellow gold necklace necklace, each dangling heart has a letter that spells out the phrase, “To my own beautiful star from my proud director Ron.” It is believed that the necklace was a gift from Ron Field, who directed Bacall in the Broadway play, “Applause.” Both won Tony awards. It is shown with a gold pocket watch.

Although it isn’t documented Abeles is certain that Bacall and Schlumberger were friends. Bacall purchased many of her most prized Schlumberger pieces in Paris, where the designer lived and worked.

“I do like that she had a relationship with the designer,” Abeles said. “She had a great thirst for knowledge.”

A sampling of the Schlumberger pieces that are up for auction at Bonhams.

Standout Schlumberger pieces from the collection (all pictured above) include an 18k yellow gold and blue enamel bangle bracelet (estimate $20,000 - $30,000); an 18k yellow gold, diamond, amethyst and turquoise ring designed by Schlumberger for Tiffany & Co., (estimate $8,000 - $12,000); and a pair of amethyst, sapphire and emerald ear clips, mounted by Schlumberger (estimate $6,700 - $8,500).

Perhaps Bacall's most icon jewelry pieces are two 18k yellow gold ropework bracelets, (estimate $5,000 - $7,000 and $6,000 - $9,000). The actress was frequently pictured wearing the bracelets together, layered on the same wrist (top two photos).

Bacall also had personal relationships with other jewelers. One auction highlight is a Mogul-inspired, 18k yellow gold, enamel, cultured pearl, and rose diamond camel brooch by the British jeweler, Elizabeth Gage, (estimate $5,000 - $7,000). The brooch is accompanied by the original drawing and correspondence from the jeweler, which reveals collaboration and friendship between the two.

“Bacall’s style was unmistakably her own,” Abeles said. “Her jewelry collection represents a woman who knew her own style—one who wore the jewelry rather than the jewelry wearing her. Pieces that might have overshadowed another woman perfectly complemented her beauty.”

Another highlights of the sale is a pair of diamond and grey South Sea cultured pearl ear pendants by Elsa Peretti for Tiffany & Co (estimate $4,600 - $6,700). 

Lauren Bacall

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes website.

Colorless Diamonds and Celebrated Collections Lead Sotheby’s Jewelry Sales

A platinum-topped gold and diamond necklace presented to Helen Hay on the occasion of her marriage to Payne Whitney in 1902 was the top lot at Sotheby’s Magnificent Jewels sale. 

The necklace (pictured above) features four diamonds ranging from F to H color, and weighing 27.48, 15.53, 13.08 and 8.91 carats respectively, the necklace sold for nearly $3.2 million. The marriage of Hay and Whitney was a society event that made headlines across the United States. All seven jewels from the estate of Helen Hay Whitney were sold for $4.8 million. 

In addition to the Helen Hay Whitney estate, collection from Estée Lauder, Evelyn H. Lauder and Grand Duchess Vladimir of Russia were among the most sought after jewels from bidders, which included a world record price for a Cartier “Tutti Frutti” bracelet

Jewels from the collections of Estée Lauder and Mrs. Evelyn H. Lauder together achieved $3.9 million, with more than 80 percent of the pieces on offer fetching prices above their high estimates.

Thirty-two jewels from the collection of Evelyn H. Lauder—sold to benefit The Breast Cancer Research Foundation—were led by a “Tutti Frutti” bracelet by Cartier, circa 1928 (pictured above), that sold for more than $2.1 million (more than double its high estimate), marking a new world auction record for any Tutti Frutti bracelet by Cartier.

Ten pieces from the Estée Lauder collection sold to benefit the Alzheimer’s Drug Discovery Foundation were led by a pair of fancy brown-yellow diamond and diamond earclips by Van Cleef & Arpels that fetched $233,000.

A pair of platinum, emerald and diamond pendant-earclips (pictured above) that originally belonged to the legendary collection of Grand Duchess Vladimir of Russia sold for more than $1 million. After being smuggled out of Russia by an English friend of the Duchess following the abdication of the Tsar in 1917, the emeralds descended to the Duchess’s daughter and granddaughter, and were acquired at auction at Sotheby’s Geneva in 1987 for Princess Gloria von Thurn und Taxis, the auction house said. 

From the collection of Marlene Dietrich—the legendary actress, singer and cabaret star—a 14k tri-color gold and lapis lazuli bracelet, Cartier circa 1940, sold for $179,000, nearly six times above its high estimate. The bracelet was a gift from longtime friend Erich Maria Remarque, author of “All Quiet on the Western Front.”

Two platinum and diamond rings were among the top four lots of the auction, showing that despite the trend toward colored diamonds, statement colorless diamonds can still bring in world-class prices. 

The first featured a 25.44-carat emerald-cut diamond of D color, VVS1 clarity and potentially Internally Flawless. It sold for $2.96 million, or $116,548 per carat (pictured above).

The second featured a 47.48- carat, round brilliant-cut diamond of K color, VVS1 clarity that sold for $1.8 million. 

Other highlights of the auction were:

* A platinum and diamond ring centered by a 3.02 emerald-cut fancy grayish blue diamond with VVS2 clarity, circa 1930, sold for $1.4 million, or $478,476 per carat, well above its high estimate.

* A platinum, fancy intense purplish pink diamond and diamond ring, 3.07 carats, SI2 clarity, sold for $1.2 million ($392,508 per carat).

* Platinum and diamond earclips by Harry Winston, 10.20 carats, G color, VVS2 clarity and 9.53 carats, G color,VS1 clarity, sold for $1.08 million ($54,992 per carat).

* Egyptian-revival platinum, diamond and colored stone bracelet, LaCloche Frères, Paris, sold for $1.5 million. 

The December 9 auction achieved more than $44.1 million in sales, with 75.8 percent sold by lot and 81.1 percent sold by value. It raised Sotheby’s worldwide jewelry sales in 2014 to $597.5 million, already surpassing the record $529.3 million the company achieved in 2013 in this category. This is without including Sotheby’s London jewelry sale held Thursday. The auction house estimates that sales for 2014 will exceed $600 million.

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes website.

Colorful Louis Comfort Tiffany Antique Jewelry Suite Fetches $161,000 at Bonhams

Photo credit: image courtesy of Bonhams

A rare antique jewelry suite of sapphire, demantoid garnet and enamel attributed to Louis Comfort Tiffany sold for $161,000 (including premium), soaring past its high estimate at Bonhams Fine Jewelry auction in New York.

The suite, created for Tiffany & Co., circa 1920, is led by a pendant centered by an oval, irregularly-domed cabochon sapphire. It sits within a scrolling frame suspending a flexible swag, accented by circular and oval-cut demantoid garnets and sapphires, highlighted by enamel floral sprays and suspended from a chain of floral links. It is completed by a box clasp set with circular-cut sapphires, pendant earrings en suite; chain and pendant earrings.

Photo credit: image courtesy of Bonhams

The top lot of the evening was an 8.45-carat Cartier diamond ring (pictured above). The rectangular step-cut diamond within a pierced and openwork pavé-set diamond surround sold for $293,000. 

Despite being the top lot, the diamond ring must have felt a bit lonely at the sale dominated by rare sapphires, emeralds and other colored gems. As a signed piece, it was among many that were in high demand at the December 8 sale, which realized $4.1 million. 

“More contemporary signed jewels continue to thrive in the auction environment,” said Susan Abeles, VP and director of the Jewelry at Bonhams North America, “The sale was dominated by colorful estate property which was well received by an international audience.”

Other highlights of the sale include:

Photo credit: image courtesy of Bonhams

* A 3.2-carat Kashmir sapphire and diamond ring that fetched $118,750, almost twice the high estimate.

Photo credit: image courtesy of Bonhams

* A sapphire and diamond brooch with a diamond weight of 6.85 carats, which realized $112,500, nine times the high estimate.  

Photo credit: image courtesy of Bonhams

* A Colombian emerald and diamond ring, featuring a large emerald cabochon weighing approximately 50 carats surrounded by diamonds. It achieved $106,250, over 3.5 times the high estimate.

* A late Art Deco ruby and diamond bracelet, circa 1935, with a total diamond weight of 14.00 carats, which sold for $106,250, well past its high estimate.

* Natural button pearl diamond ear studs, each over 10mm, realizing $45,000, close to 6.5 times its high estimate. 

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes website.

Burmese Ruby and Diamond Necklace Highlights Sotheby’s Hong Kong Sale

Burmese rubies, colored diamonds and Cartier jewels led Sotheby’s Hong Kong Fine Jewels and Jadeite sale. 

The top lot was a ruby and diamond necklace with 50.57 carats of unheated “Pigeon’s Blood” Mogok Burmese rubies that sold for $805,128 (top photo). 

The necklace is set with 37 graduated oval rubies, decorated with approximately 42.70 carats of pear-shaped and brilliant-cut diamonds mounted in 18k white and yellow gold. 

Other items of note at the November 28 sale include the following: 

* A 13.88-carat fancy intense yellow diamond and white diamond ring sold for $466,667. The yellow diamond is flanked by two trapeze-shaped diamonds together weighing approximately 3 carats, mounted in platinum and 18k yellow gold.

* A Cartier “Tiger” clip-brooch sold for $451,282, more than double its high estimate of $206,352. Set with brilliant-cut yellow diamonds and diamonds together weighing approximately 9.95 carats, speckled by onyx, embellished by pear-shaped emerald-set eyes, mounted in 18k yellow gold, signed and numbered.

* A 4.79-carat unheated “Pigeon’s Blood” Mogok Burmese ruby and diamond ring by Cartier sold for $435,897. The oval ruby is flanked on each side by a half-moon shaped diamond, decorated by brilliant cut and baguette diamonds together weighing approximately 1.30 carats, mounted in platinum, signed and numbered. 

* Fancy intense yellow diamond and white diamond ear clips that sold for $312,821. Each ear clip has a cut-cornered rectangular modified brilliant-cut fancy intense yellow diamond weighing 6.30 and 6.15 carats respectively, suspended from a pear-shaped and brilliant-cut diamonds weighing a total of 4.45 carats, mounted in platinum and 18k yellow gold.

The 180-lot auction of signed pieces, colored gems and diamonds, modern and vintage pieces, and a charity session to aid Operation Smile China Medical Mission, which provides free surgery to underprivileged children and young adults with cleft lips or cleft palates in China, fetched more than $7.85 million, with 87.2 percent of the items sold by lot and 75.8 percent sold by value. 

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes website.

‘Brilliant: Cartier in the 20th Century’ At Denver Art Museum

Flamingo brooch worn by Duchess of Windsor. Cartier Paris, special order, 1940. Platinum, diamonds, emeralds, rubies, sapphires, citrine; Cartier Collection. Photo credit: Nils Herrmann

It was the most creative time for what is arguably the supreme international jeweler of the 20th Century.

Necklace worn by Elizabeth Taylor. Cartier Paris, 1951, altered in 1953. Platinum, diamonds, rubies. Cartier Collection. Photo credit: Vincent Wulveryck

The Denver Art Museum is the sole venue worldwide for “Brilliant: Cartier in the 20th Century,” on view till March 15, 2015. The exhibition contains more than 250 pieces of jewelry, timepieces and precious objects produced between 1900 and 1975. Most of the pieces are from the jeweler’s “Cartier Collection,” with items on loan from other museums and private collections.

Tiara worn by Mrs. Townsend Cartier. Cartier Paris, special order, 1905. Platinum, diamonds; Height at center 9.8 cm. Provenance: Mary Scott Townsend and Mrs. Donald McElroy. Cartier Collection. Photo credit: Vincent Wulveryck

Curated by Margaret Young-Sánchez, curator of the museum’s Frederick and Jan Mayer Center, the exhibition celebrates and chronicles the creative rise of Cartier in the 20th Century and its place in the dynamic history of the period.

Necklace worn by Countess of Granard. Cartier London, special order, 1932. Platinum, diamonds, emerald; Cartier Collection.  Photo credit: Vincent Wulveryck

It was a time when old world royalty was being replaced by democratically elected governments and when captains of industry, world class entertainers and a handful of politicians stood on equal terms with the old aristocracy. Cartier stood at the intersection of this cultural change and took a leadership role, creating jewelry, timepieces and objects of art for some of the most important and famous people of the period. The exhibition has items belonging to the Duchess of Windsor, Princess Grace of Monaco, Dame Elizabeth Taylor, Franklin D. Roosevelt and Mexican film star María Félix.

Engagement Ring worn by Princess Grace of Monaco.Cartier Paris, 1956. Platinum, one 10.48-carat emerald-cut diamond, two baguette- cut diamonds. Palais Princier de Monaco 

This is an exhibition for those who cherish Cartier’s most creative period when it was a family-owned firm (family members sold the business in 1964).

Crocodile Necklace made for Maria Félix.Cartier Paris, special order, 1975. Gold, diamonds, emeralds, rubies; Cartier Collection. Photo credit: Nick Welsh

“The evolution of Cartier takes us on a journey through 20th century history, from the era of the last czars in Russia to the Roaring ’20s in America to the onset of Hollywood glamour as we know it,” said Christoph Heinrich, director of the Frederick and Jan Mayer Center. “Focusing in on the creativity and pioneering vision of the Cartier brothers and their designers, visitors will walk away not only in awe of Cartier’s stunning works of art but also aware of the drastic cultural shifts that took place throughout the history of the maison.”

Laurel Leaf Tiara owned by Marie Bonaparte. Cartier Paris, 1907. Platinum and diamonds. Qatar Museums Authority.

Cartier’s international clientele reflected the rapid changes of the 20th Century. The jeweler’s rise took place in the context of an increasingly cosmopolitan cultural scene and aligned with international social, political and economic trends. The exhibition will present a selection of themes that span time periods and styles to display the influence and innovation of the jeweler.  

Tiger Lorgnette owned by Duchess of Windsor. Cartier Paris, special order, 1954. Gold, enamel, emeralds, glass. Cartier Collection.  Photo credit: Nick Welsh

Exhibition themes include: 

* Aristocracy and Aspiration: Focusing on objects from 1900–1918, this section features diamond, sapphire, rock crystal and pearl jewelry and enameled decorative items that showcase a refined and elegant aesthetic embraced by European royalty and aristocrats—and the wealthy Americans who aspired to join their social class. 

Stomacher Brooch, Cartier Paris, special order, 1907. Platinum, sapphires, diamonds. Cartier Collection. Photo credit: Nick Welsh

* Art Deco: New Outlook: Cartier was a leader in the Art Deco movement of the 1910s to 1920s that highlighted a bold look with a new emphasis on color and geometry. The firm used new materials in this era such as jade, coral and black onyx.

Necklace created for Sir Bhupindra Singh, Maharaja of Patiala. Cartier Paris, special order, 1928. Platinum, diamonds, zirconias, topazes, synthetic rubies, smoky quartz, citrine; Cartier Collection. Photo credit: Nick Welsh  

* Art Deco: Foreign Fascination: After World War I, Cartier created original designs that incorporated exotic styles and materials including imported carved jade, lacquer and faience. This style culminated in the colorful tutti-frutti jewelry and sculptural mystery clocks. 

Tutti Frutti Strap Bracelet worn by Mrs. Cole Porter.Cartier Paris, 1929. Platinum, diamonds, sapphires, emeralds, rubies. Cartier Collection.  Photo credit: Nick Welsh

* Masculine View: Louis Cartier is credited with inventing the modern men’s wristwatch. The exhibition includes numerous models and styles, in addition to elegant and complex pocket watches, cuff links, pocket items, cocktail and desk accessories, and inscribed cigarette cases. Historic events commemorated by inscribed gift items made by Cartier are featured in the exhibition. 

Santos wristwatch, Cartier Paris, 1915. Gold, sapphire, leather strap. Cartier Collection. Photo credit: Nick Welsh

* Art of Smoking: Textured, enameled and jeweled cigar cutters, cigarette cases and lighters from 1907 through the 1940s. 

Five-Dial Clock owned by Franklin D. Roosevelt.Cartier New York, 1930. Ebonite, silver, nephrite, enamel, clock movement. Private collection. 

* Age of Glamour: Designs from the 1930s to 1960s preferred by celebrities and “Café Society.”  

Set of Three Clip Brooches worn by Princess Grace of Monaco. Cartier Paris, 1955. Platinum, brilliant- and baguette-cut diamonds, three cabochon rubies weighing approximately 49 carats. Palais Princier de Monaco.  

More photographs from the exhibition can be viewed by following this link. 

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes website.

Richemont Sales Up 37%, Jewelry Sales Up 32%, Watch Sales Up 38%

Richemont headquarters

Luxury goods group Cie. Financiere Richemont said Friday that year-over-year sales for the six months of 2010 increased 37 percent to 3.26 billion euros ($4.47 billion). At constant exchange rates (excluding currency fluctuations and other conditions) the increase was 27 percent for the period ended September 30. When removing the company’s recent acquisition of Internet retailer Net-A-Porter.com, sales increased by 22 percent.

The Geneva-based company said the strong growth in sales reflects, in part, low comparative figures in the prior period, when reported Group sales decreased by 15 percent.

Profit for the period rose 87 percent to 644 million euros ($883 million) and operating profit increased by 95 percent.

Its jewelry business (which includes Cartier, Van Cleef & Arpels and Piaget) saw its sales increase 32 percent to 1.69 billion euros ($2.31 billion) for the period. Both Cartier and Van Cleef & Arpels saw double-digit sales growth, Richemont said.

Watch sales (which include Vacheron Constantin, Baume & Mercier, Jaeger-LeCoultre, Lange & Söhne and IWC) rose 38 percent to 901 million euros ($1.23 billion).

Overall Group sales as measured by constant exchange rates increased 37 percent in the Americas, 36 percent in Asia-Pacific, 23 percent in Europe and 4 percent in Japan.

Johann Rupert, Richemont executive chairman and CEO, stressed that the strong sales figures benefited from favorable exchange rates and better economic conditions when compared to the post-recession prior year and cautioned that growth may slow during the second half of the year.

“The good performance achieved by Richemont in the first half of this year has been driven by a marked improvement in all business areas and across all geographies compared to the depressed levels seen last year,” Rupert said. “Richemont’s Maisons were able to benefit fully from this improved trading environment, further enhancing their leading positions in jewelry, watchmaking, writing instruments and accessories. … The robust sales momentum that the Group has seen for several months has continued through to the end of October; sales for the month were 36 per cent above those of October 2009 at actual exchange rates.”

He added, “For the second half of the financial year, we expect the high rate of growth in sales seen in the year to date to slow as a consequence of exchange rate movements and the more challenging prior year comparatives.”

Richemont’s Half-Year Sales Up 29%, led by Asian Demand and Jewelry and Watch Sales

Luxury goods conglomerate, Cie. Financiere Richemont SA, said Friday that sales for the six-month period, ended September 30, increased by 29 percent to 4.2 billion euros ($4.68 billion), year-over-year. At constant exchange rates (stripping out the effects of currency exchange rates), the increase was 36 percent.

The Swiss company reported solid growth across all segments, regions and channels. Operating profit increased by 41 percent to 1 07 billion euros ($1.2 billion). Net income for the period increased by 10 percent to 709 million euros ($791.3), reflecting the impact of a one-time gain in the comparative period.

Richemont owns several leading luxury goods companies, which it calls Maisons, with particular strengths in jewelry, luxury watches and writing instruments. These companies include Cartier, Van Cleef & Arpels, Piaget, Vacheron Constantin, Jaeger-LeCoultre, IWC, Panerai and Montblanc.

“Our Maisons were able to benefit from a favorable trading environment to enhance their positions in jewelry, watchmaking and accessories,” said Johann Rupert, Richemont, executive chairman and CEO. “The rate of increase in net profit was lower than the increase in operating profit primarily due to a one-off gain in the comparable period.”

Rupert also noted that the group’s net cash position is 2.6 billion euros ($2.9 billion) and that sales in month of October, not included in the report, increased 28 percent, year-over-year. Sales were strengthened by the group’s own retail network bolstered by very strong demand in the Asia-Pacific and Americas regions.

Although gross profit rose by 26 percent, gross margin percentage was 160 basis points lower at 63.2 percent of sales, due to adverse currency movements affecting sales, the strengthening of the Swiss franc and, as expected, the impact of Net-a-Porter, the online luxury goods retailer. The company’s brands raised prices in order to offset the strength of the Swiss franc during the period. The stronger Swiss franc is of particular importance to the cost of sales as the majority of the Group’s manufacturing facilities are located in Switzerland.

Compared with the group’s other brands, Net-a-Porter’s gross margin percentage is well below the average reflecting its distinct business model as an online retailer, Richemont said. Given its above-average sales growth, Net-a-Porter has a dilutive impact on the Group’s gross margin percentage.
 
Earnings per share increased by 11 percent for the period.
 
Double-digit organic growth was registered across all regions, including Russia and the Middle East. Travelers to Europe continue to be an important sales driver. All brands improved their performance in the region versus the comparative period.

Sales to the Asia-Pacific region increased 48 percent (60 percent at constant exchange rates) to 1.7 billion euros ($1.9 billion), led by China, which is now the company’s third strongest market, after Hong Kong and the U.S.

In Europe, sales increased 20 percent (22 percent at constant exchange rates) to 1.5 billion euros ($1.67).

Sales in the Americas grew by 23 percent (35 percent at constant exchange rates) to 602 million euros ($671.7), driven by significant High Jewelry sales, although business in general has been very encouraging, the company said.

Sales in Japan increased 9 percent (8 percent at constant exchange rates) to 380 million euros ($424 million), despite the dramatic events of last March. Van Cleef and Arpels and watches performed particularly well.
 
Directly operated boutiques and Net-a-Porter sales increased by 37 percent. This was well above the growth in wholesale sales and Richemont now generates 49 percent of its sales through its own retail network.

The growth in retail sales partly reflected the good performance of Net-a-Porter and the expansion of the Maisons’ network of boutiques to 919 stores. Openings during the period were primarily in high-growth markets such as China.
 
Jewelry sales grew by 34 percent to 2.16 billion euros ($2.4 billion). “Both Van Cleef & Arpels and Cartier performed exceptionally well,” Richemont said.

Watch sales increased 30 percent to 1.17 billion euros ($1.3 billion).  “All watch brands performed well worldwide, reflecting the strong demand for haute horlogerie,” Richemont said. “Despite higher input costs and the strength of the Swiss Franc, the contribution margin was 27 percent, reflecting the brand’s pricing power and operating leverage.”
 
Montblanc reported strong growth with a 10 percent increase to 334 million euros ($372.6 million), reflecting good demand for its range of watches and accessories particularly in the Asia-Pacific region.
 
Richemont’s fashion and accessories brands saw double-digit sales growth and more than tripled its profits to 23 million euros ($25.6 million). Alfred Dunhill and Chloé performed particularly well.
 
Net-a-Porter incurred losses during the period amounting to 22 million euros ($24.5 million), resulting from the amortization of intangibles and the costs associated with the continued expansion of its platforms in the U.K. and the U.S

Richemont Sales Up 21%, Profit Up 52%

Swiss luxury goods conglomerate, Compagnie Financière Richemont, said Friday that sales increased, year-over-year, for the first half of the fiscal year by 21 percent to €5.1 billion ($6.5 billion). By constant exchange rates sales grew 12 percent.

Profit for the period rose 52 percent to €1.08 billion ($1.37 billion); with operating profit up by 28 percent to €1.38 billion ($1.75 billion), benefiting from favorable currency movements, and gross profit up 24 percent to €3.31 billion ($4.2 billion). Operating margin gained 150 basis points to reach 27 percent.

The Geneva-based company cited “solid growth in all segments, regions and channels” along with favorable currency rates and Asian tourism in Europe for the strong performance.

Richemont owns many of the world’s best-known luxury brands (known as “maisons” by the company) including Cartier, Montblanc, Vacheron Constantin, Van Cleef & Arpels and Piaget. It also has wholesale businesses and owns the luxury retail website, Net-A-Porter.com. A list of its businesses can be found by following this link.

“The Group’s maisons benefited from favorable exchange rates effects, successful product launches as well as strong pricing power,” said Johann Rupert, Richemont executive chairman and CEO. “The increase in net profit was well above the prior period, reflecting both the growth in operating results and the non-recurrence of non-cash losses, which stemmed from the Swiss franc’s appreciation against the euro.”

He added, “Sales growth rates moderated, as evidenced by the October sales which grew by 12 percent at actual exchange rates. At constant exchange rates, they were 7 percent higher. Richemont is seeing good growth in Europe, supported by Asian tourism which is compensating for slower domestic Asia Pacific sales. Retail continued to lead wholesale, reflecting robust jewelry sales.”

Rupert did warn that sales and profits could slow as exchange rates will like be “less favorable” for the remainder of the fiscal year.

By region the company reported that sales in Europe accounted for 36 percent of overall sales as the region enjoyed good growth, with tourists driving the above-average increase. The highest growth rates were in the Maisons’ own boutiques in tourist destinations, including the Middle East. Europe’s reported a 23 percent growth in sales for the period to €1.85 billion ($2.35). At constant exchange rates, sales increased by 19 percent.

Asia Pacific remains the strongest region for Richemont but sales growth has slowed. The region accounted for 41 percent of the Group’s total, with Hong Kong and mainland China the two largest markets. “Sales growth in our maisons’ own boutiques in the region was well above the increase in sales to wholesale partners, partly reflecting the number of boutique openings in the last two years,” the company said. Asia reported a 22 percent growth in sales for the period to €2.1 billion ($2.67). At constant exchange rates, sales increased 9 percent.

After two years of what the company termed as “outstanding sales,” the Americas region reported that sales grew 16 percent to €698 million ($877 million). However, at constant exchange rates, growth was 4 percent. The region represented 14 percent of overall sales for Richemont.

Japan, which Richemont lists separately, saw what the company terms as “continued momentum” in sales in all retail segments. The struggling market saw its sales increase by 18 percent to €448 million ($570 million). At constant exchange rates the increase was 4 percent.

Its group of jewelry brands saw sales grow by 20 percent to €2.6 billion ($3.3 billion) with operating results of €958 ($1.21 billion), a 31 percent increase. Operating margin gained 280 basis points to reach 36.7 percent.

Meanwhile, its specialist watchmakers group reported that sales increased 25 percent to €1.46 billion ($1.85 billion) with operating results of €470 ($592 million), a 51 percent increase. Operating margin gained 560 basis points to reach 32.2 percent.

Montblanc, the German brand known for its luxury writing instruments but also manufactures and sells luxury leather goods, jewelry and watches, is listed separately by Richemont. It reported that its sales increased 10 percent to €368 million ($468 million) with operating results of €53 million ($67.3 million), a 2 percent decline. Operating margin lost 180 basis points to reach 14.4 percent. Richemont said that Montblanc doesn’t benefit much from sales in tourist destinations.

For its other businesses—which includes Richemont’s Fashion and Accessories businesses, Net-a-Porter and watch component manufacturing activities—results are as follows:

* Fashion & Accessories maisons saw double-digit sales growth and operating profits were in line with the prior period at €25 million.

* Sales growth at Net-a-Porter is “normalizing” but continues to exceed the Group’s average. Net-a-Porter reduced its losses during the period, but generated a positive operating cashflow.

* Losses at the Group’s watch component manufacturing facilities were in line with the comparative period.

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Web site.

Georg Jensen Acquired by Investment Group for $140 Million

Georg Jensen Fusion Rings

Investcorp, a group that invests in what it calls “alternative products,” said Monday that it has signed a definitive agreement to acquire Danish luxury silver brand, Georg Jensen, for $140 million from private equity group Axcel Capital Partners.

With the sale comes a change in key personnel. David Chu, founder of Nautica, will join the company on closing as chief creative director and co-chairman of the Investcorp board. Also joining the board on closing will be Guy Leymarie, former CEO of DeBeers Diamond Jewellers, Cartier International and Dunhill.

Georg Jensen is a global luxury brand that designs, manufactures and distributes silver jewelry, watches, fine silverware and high-end housewares. With a history that spans more than 100 years, the Georg Jensen brand has a deep heritage in fine silver goods and represents quality craftsmanship and timeless designs.

“We are pleased to be entrusted with taking Scandinavia's preeminent luxury brand to a global level. We believe that in partnership with the current solid management team, said Hazem Ben-Gacem, head of Investcorp's European corporate investments activities. “Georg Jensen stands to become one of the leading hard luxury brands in the 21st Century.”

Georg Jensen was founded by the eponymous Danish designer in 1904. Today the business has 94 fully owned stores and three franchised stores around the world. The vertically integrated company has approximately 1,200 employees worldwide. In 2011, the company had sales of approximately $160 million. Georg Jensen is part of the Royal Scandinavia Group, which was bought by Axcel in 2001. 

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Web site.

Jewelry From Empress Eugenie and Duchess of Windsor Headlines Christie’s Geneva Sale

Empress Eugenie's Feuilles De Groseillier brooch

The “Feuilles de Groseillier” brooch, commissioned in 1855 by Empress Eugenie of France (1826-1920) to French jeweler Alfred Bapst, is one of two statement lots of jewelry with royal provenance to be offered at Christie’s Geneva Magnificent Jewels sale on November 11. Once part of the French Crown Jewels, of which very few examples in original condition have survived, it has an estimate of $2 to $3 million.

The jewel is designed as a cluster of three gold and silver openworked currant leaves with three tassels. It is set throughout with old mine diamonds and is centered with a cushion-shaped mine diamond.

The Parure de Feuilles de Groseillier was originally designed as a guirlande (garland) and worn in multiple ways. In 1870, at the fall of the Second Empire, Empress Eugenie and her husband Napoleon III moved to England, leaving behind most of the Crown Jewels. Seventeen years later, the French government conducted a 12-day auction where all the belongings of the French Royal Family were offered for sale, including the jewelry. Several of the larger pieces were broken up prior to the auction so the stones could be sold individually. The guirlande was sold as eight parts and the present brooch was acquired by Tiffany & Co. The jeweler then gifted the brooch to the Metropolitan Opera of New York as a tribute to the famous opera singer Madame Lucrezia Bori (1887-1960).

Duchess Of Windsor's Cartier Tiger jewels

The other lot is of British royal provenance. They are two pieces of tiger jewelry by Cartier, formerly from the collection of the Duchess of Windsor. They were given to Sarah Brightman, the world’s best selling soprano, by her then husband Andrew Lloyd Webber, composer and impresario of musical theater. They were a present to her to celebrate the London and Broadway success of “The Phantom of the Opera,” which he wrote and she starred. They were purchased during the legendary sale of Duchess of Windsor’s collection in 1987.

The two tiger pieces comprising of an onyx and diamond clip brooch and bracelet, with emerald eyes, were both made in the 1950s and will be sold as one lot with a combined estimate of $1.8 million to $2.5 million.

The Cartier Tiger Collection has been a highlight of 20th Century jewelry design since it first appeared in 1928. These pieces were bought by the Duke and Duchess of Windsor from Cartier between 1956 and 1959.

Brightman will offer a portion of the proceeds from the sale to The Andrew Lloyd Webber Foundation, which supports the arts, music in schools, The Architectural Heritage Fund and awards 30 performing arts scholarships annually.

Bulgari diamond ear pendant

While the two items of monarchial heritage are impressive, the top lot for the upcoming sale at the Four Seasons Hotel des Bergues goes to a sparkling pair of Bulgari pear-shaped colored diamond ear-pendants with a pre-sale estimate of $12 million to $15 million.

The ear pendants, which the auction house is calling “A Bulgari Masterpiece,” have marquise and pear-shaped diamond cluster tops weighing approximately 19.28 carats. Suspended from the clusters are a 6.95-carat, pear-shaped fancy vivid blue diamond and a 6.79-carat, pear-shaped fancy vivid pink diamond. Both statement diamonds are detachable. The diamonds are mounted in platinum and gold.

This auction of 390 lots has several other significant colored gems, signature jewels and important natural pearls. Among them are:

The "Blue Belle of Asia"

* The fourth largest faceted sapphire in the world, the “Blue Belle of Asia,” a cushion shaped Ceylon sapphire of 392.52 carats. It has an estimate of $7 to $10 million. The gem was discovered in 1926 at Pelmadula, Ratnapura (‘The City of Gems’), in Ceylon and was sold to British motor magnate Lord Nuffield (1877-1963), founder of Morris Motors Limited in 1937, according to the auction house. It was rumored that he purchased the sapphire to present to Queen Elizabeth the Queen Mother, on her Coronation Day on May 12, 1937. The gem is suspended on a diamond tassel pendant and attached to a diamond neckchain mounted in gold.

* A 23.66-carat Burmese ruby mounted by Cartier, known as “The Queen of Burma,” was purchased at Cartier in London on November 1937 by the Maharao of Cutch (1866-1942). Its estimate is $5.5 - $7 million. The auction house says the gem “combines all the most sought-after qualities in a ruby: an attractive vivid pinkish red color, an excellent purity, an impressive size and the finest origin.”

* Seven jewels by JAR, some of which were recently on display at the ‘Jewels by JAR’ exhibition at the Metropolitan Museum of Art in New York. Among the group of jewels offered for sale are the ‘Gardenia’ ring, formerly in The Collection of Ellen Barkin ($330,000 - $390,000), the sculpted gold Parrot Tulip cuff ($210,000 - $310,000) and a pair of diamond ‘String’ ear pendants ($140,000 - $200,000).

Art Deco diamond and pearl necklace

* Formerly in the collection of Baroness Edouard de Rothschild, an Art Deco diamond necklace, suspended with two natural pearls, measuring 16mm each ($700,000 - $1 million).

Harry Winston diamond ear pendants.

* Diamond ear pendants by Harry Winston with two drop-shaped natural pearls weighing more than 100 grains each ($2.8 - $3.5 million).

* A two-strand natural pearl necklace with rose overtones by Cartier ($530,000 - $850,000).

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes website.