Bonhams sale led by Burma ruby necklace topping $2.1 million

The sharpest number in Bonhams’ New York sale was not the $2.178 million hammer price, but the estimate it left behind. A Burma-origin ruby and diamond necklace, centered on an approximately 5.02-carat unheated ruby, sold for nearly 15 times its high estimate of $150,000, confirming how aggressively collectors are chasing rare colored stones when the setting and provenance are equally strong.

The necklace anchored Bonhams’ Exceptional Jewels auction, a 153-lot sale held at the house’s New York headquarters in Steinway Hall at 111 West 57th Street. Bonhams said the auction realized $9,476,620, with 78 percent sold by lot and 98 percent sold by value. The top lot came from the collection of Janet Phipps of Denver and paired the ruby with alternating baguette and round brilliant-cut diamonds, for an estimated total diamond weight of 39 carats, a composition that gave the piece its architectural force as much as its glitter.

Collectors rewarded exactly the qualities that now separate top-tier jewelry from interchangeable luxury: origin, color, and design restraint. Burma rubies remain among the most coveted stones in the market, and an unheated stone only strengthens the appeal because it preserves the gem’s natural state. In necklace form, a ruby also carries a different emotional charge than a solitary ring stone. It sits close to the collarbone, reads instantly in motion, and feels ceremonial, which helps explain why ruby necklaces are increasingly resonant as gifts and as self-purchases that signal significance rather than status alone.

Bonhams’ second standout lot extended the same argument in a different color. A 30.61-carat oval Mozambique-origin Paraíba-type tourmaline, from philanthropist Glorya Kaufman’s collection, brought $1,452,000 against a $150,000 to $250,000 estimate. Its hexagonal frame and link necklace construction emphasized shape and rhythm over carat weight alone, the kind of design detail that can turn a good stone into a memorable jewel. Caroline Morrissey, Bonhams’ senior vice president and head of jewelry in the United States, said the results underscored strong global demand for rare colored gemstones and exquisitely crafted jewels.

The rest of the sale followed the same pattern. Jewelry from Harry Winston, Chaumet, Bulgari, Graff, Tiffany & Co., Cartier, Van Cleef & Arpels, Oscar Heyman, Taffin and J.E. Caldwell drew serious bidding, while a 30.20-carat Fancy Intense Yellow diamond ring sold for $470,400 and an 11.20-carat emerald-cut diamond ring from the estate of Linda Dresner brought $445,000. For readers looking for similar value markers without auction-house budgets, the clues are consistent: vivid natural color, an identifiable origin, a clean silhouette, and a setting that flatters the stone instead of overwhelming it.