Another area where prices have risen sharply is designer jewelry. Opinion is divided as to whether this is due to collectors’ crossing over from contemporary art. Star designers in the field now command huge prices: Three pieces by Paris-based Joel Rosenthal, known as jar, have already posted $1 million prices at auction, led by the $1.81 million his 22.76-carat diamond oval-cut diamond Thread ring earned in the Christie’s New York 2006 sale of pieces from Ellen Barkin’s collection. A pair of jar diamond ear pendants brought $576,000 (est. $500–700,000) at Christie’s debut Dubai sale last year.

Curiel is confident there will be plenty of competition for what promises to be the highlight of the season: a 101.27-carat colorless diamond in the Christie’s Hong Kong sale on May 28. It is the largest such stone to appear at auction in nearly 20 years; only three weighing more than 100 carats have ever come on the block, all in Geneva. This one is expected to clear $6 million. “With Asia becoming such a vibrant market, it is fitting that this rarest gem should be offered to the collectors in the region,” says Curiel.

Will the world economic woes hurt prices? Sotheby’s David Bennett is optimistic. “The greatest years for jewelry were 1991 to 2000,” the period of the last downturn, he notes. “Jewelry doesn’t seem to be connected with financial markets.” But Curiel isn’t sure: “I can’t believe it will be business as usual—too many people have lost money.”

"Diamond Minded" originally appeared in the May 2008 issue of Art+Auction. For a complete list of articles from this issue available on ARTINFO, see Art+Auction's May 2008 Table of Contents.