In the glittering world of high-end jewellery, few experiences rival the allure of a jewellery auction. For collectors, investors, and connoisseurs, these auctions are the ultimate playground for acquiring rare and valuable pieces. With pieces commanding astronomical prices, luxury jewellery auctions are where history, artistry, and wealth converge.
Australia, though geographically distant from the glamour of global auction houses, is no stranger to the magic of jewellery auctions. While Melbourne and Sydney host smaller, yet still prestigious, events, it’s the famed auction houses of Christie’s, Sotheby’s, and Bonhams that truly shape the international jewellery market. These houses are synonymous with luxury, offering clients a front-row seat to the spectacle of bidding wars for some of the world’s most sought-after treasures.

The Allure of Rare Jewels

When one thinks of jewellery auctions, the first images that often come to mind are sparkling diamonds, extraordinary coloured gemstones, and legendary timepieces. But what is it that makes these pieces so captivating? The value of a jewellery piece at auction is determined by a combination of rarity, provenance, and quality. Take, for example, the record-breaking Pink Star Diamond, a flawless 59.60-carat fancy vivid pink diamond. In 2017, it shattered records, selling for a staggering US$71.2 million at a Sotheby’s auction in Hong Kong—setting the highest price ever paid for a gemstone at auction. Such pieces are not only magnificent to behold but also rare beyond comprehension, often being the result of years, if not decades, of expertise and precision.

Other pieces, like the Blue Moon Diamond, another Sotheby’s record-breaker, command astronomical prices due to their intrinsic rarity. At a mere 12.03 carats, this flawless blue diamond fetched US$48.4 million at auction in 2015. These numbers are not just a reflection of the diamond’s weight or size, but of its extraordinary colour, clarity, and the rarity of its type.

Behind the Gavel: The Auction Houses

Sotheby’s, Christie’s, and Bonhams are the names most synonymous with auctioning the finest jewellery. Established as purveyors of luxury, these auction houses are integral to shaping the global jewellery market. Christie’s has long been a staple in the jewellery auction world, regularly hosting sales that feature everything from contemporary pieces to historic collections. One of the most iconic auctions in recent history was the sale of Elizabeth Taylor’s jewellery collection in 2011. The collection, which included the La Peregrina Pearl Necklace, sold for US$115 million, a record for a single-owner jewellery auction. The sale wasn’t just about the gemstones; it was about the provenance. The value of these pieces was as much about their previous owner—the actress’s unique legacy—as it was about their intrinsic beauty.

Sotheby’s, too, is synonymous with jewellery auctions. The house’s jewellery sales have seen some of the world’s most expensive gemstones, including the Wittelsbach-Graff Diamond, which was sold for US$24.3 million in 2011. This 35.56-carat blue diamond is notable not just for its quality but for its storied past, having once been part of the crown jewels of the Kingdom of Bavaria.

Meanwhile, Bonhams has carved a niche for itself in the sale of fine jewellery from private collections. The auction house often offers bespoke items, many of which have been created by top-tier jewellers such as Cartier, Bvlgari, and Van Cleef & Arpels. For Australian collectors, Bonhams offers an interesting mix of international luxury and local appeal, often featuring gems with ties to the country’s history.

Auctions Down Under: The Australian Market

Though Australia may not be the first place that comes to mind when thinking of luxury jewellery auctions, the local market is growing. Auction houses like Leonard Joel, Mossgreen, and Leski Auctions in Melbourne regularly feature high-end jewellery sales, with some remarkable pieces that capture the attention of international buyers.

Australian buyers often look to these local auctions as a way to access exclusive international pieces without having to travel abroad. While the market may not yet rival the magnitude of auctions in New York or London, there’s an increasing demand for luxury jewels from local collectors, investors, and even institutions seeking to build a collection. In 2019, for example, a stunning diamond necklace by Wallace Chan was sold at auction in Melbourne for nearly A$1 million, cementing Australia’s place as a growing market for luxury jewellery.

The Future of Jewellery Auctions

As wealth and demand for rare gems continue to grow globally, so too will the significance of jewellery auctions. The rise of online auctions, which allow international buyers to participate from anywhere in the world, is making these events more accessible. The appeal of owning a piece of history, whether it’s a historic diamond or a one-of-a-kind custom creation, will only continue to fuel the high stakes world of luxury jewellery auctions. In the years to come, it’s likely we’ll see even more record-breaking sales and ever-more extraordinary pieces reaching the gavel. For those fortunate enough to take part in these auctions, the opportunity to own a piece of the world’s most luxurious jewellery is more than just an investment—it’s a connection to the glamour and prestige of one of the world’s oldest and most glittering industries.

Written by: Kesia Trevor-Massey

Published: 5th March 2025