Christie’s New York has had quite a spring, wrapping up their auction season with another big sale. The results are in on Margaret Adderley Kelly’s jewels and they are astounding. The sale brought in $27.6 million, way over the pre-sale estimate of $18 million. Of the 230 lots offered, 94% were sold by value and 79% were sold by lot. The higher than estimated sale total is partly owed to every magnificent jewel from the collection of Margaret Adderley Kelly being sold, realizing $9.8 million against a pre-sale estimate of $5 million.
Margaret Adderley Kelly helped turn staffing company Kelly Services Inc. (founded in 1946) into a Fortune 500 company with her late husband William and their son, Terence.
In addition to being a businesswoman and philanthropist, Kelly was also a jewelry and fine gemstone collector. All 28 pieces of hers included in the sale found buyers.
The jewel in Mrs. Kelly’s collection was The Kelly Sapphire, a Cartier designed diamond mounting featuring the 21.71 cushion cut Kashmir sapphire, which sold for $4,197,000 or $193,000 per carat, more than double its high estimate of $2 million. Another exciting lot from the Kelly Collection was the 16.24 carat pear shaped, D, IF Art Deco diamond pendant necklace that was purchased for $2,225,000 or $137,000 per carat.
Rahul Kadakia, International Head of Christie’s Jewelry, commented: “The magnificent collection of Mrs. Margaret Adderley Kelly was 100% sold for a total of just under $10m wrapping up a solid series of jewelry auctions at Christie’s worldwide for Spring 2015. From Kashmir sapphires to Burmese rubies and fine quality diamonds, collectors and members of the trade showed great enthusiasm to acquire beautiful jewels and rare gemstones.”