Emeralds Dominate Bonhams California Fine Jewelry Auction in March 2026

Two Colombian emeralds turned a March 5 Bonhams sale in California into something closer to a reckoning than a routine auction. An unmounted oval-shaped stone weighing 2.95 carats, estimated at just $6,000 to $8,000, sold for $83,050, more than thirteen times its pre-sale high. A platinum necklace centering a heart-shaped 6.10-carat Colombian emerald achieved the same price, $83,050, surpassing its $18,000 to $22,000 estimate by more than four times. Neither lot was subtle in what it said about where collector appetite currently sits.

The necklace itself rewards close attention. Set in platinum and suspended from a scroll motif, the heart-shaped emerald is surrounded by a constellation of marquise-shaped, round brilliant, and baguette-cut diamonds, a combination of cuts that creates movement and layered brilliance against the deep green center stone. That a piece of this construction, with a 6.10-carat Colombian emerald at its heart, carried an estimate of only $22,000 at the top speaks to how dramatically the room outpaced expectations.

The broader sale confirmed that the emerald lots were not outliers. The 318-lot auction generated a total of $3,072,212, with 85% sold by lot and an extraordinary 99% sold by value, figures that reflect both strong turnout and fierce competition for the highest-quality pieces. Caroline Morrissey, SVP and Head of Jewellery at Bonhams US, described the dynamic plainly: "the sale generated intense bidding activity, particularly for high-quality coloured gemstones. Emeralds, in particular, attracted strong competition, while the complete sale of the David Webb collection demonstrated the enduring fascination collectors have for distinctive, signed jewellery."

That David Webb collection, comprising 12 pieces offered as a single-owner group, achieved a 100% sell-through rate. The result reinforces a pattern visible across the major auction houses: signed jewelry from designers with a clearly defined aesthetic, Webb's bold, sculptural work among them, continues to attract a collector base willing to pay for provenance and authorship, not just material weight.

The California sale also drew bidders for works from Cartier, Van Cleef & Arpels, Tiffany & Co., Bulgari, Andrew Clunn, and Verdura, a lineup that covered both institutional heritage and the kind of American fine jewelry craftsmanship that has historically been undervalued at auction relative to its European counterparts.

Bonhams moves next to Paris, where its Fine Jewellery sale on March 19 will present 182 lots. The top estimated piece is a diamond necklace designed as articulating links set with old brilliant-cut diamonds, carrying an estimate of up to EUR 80,000 (approximately $92,937). A pair of Graff earrings featuring fancy-yellow diamonds is expected to fetch up to EUR 60,000 (about $69,703), and a Van Cleef & Arpels bow brooch carries an upper estimate of EUR 40,000 (around $46,468). A ring set with a 25.56-carat Sri Lankan sapphire in a diamond surround rounds out the headline lots with an estimate of EUR 35,000 (roughly $40,672). After what the California room demonstrated, those estimates may prove conservative.