The Business of Jewellery Auctions: Why Vintage Pieces Are Surging in Value
Vintage jewellery has a unique charm that transcends fleeting trends. It's more than just an accessory; it's a piece of history, an heirloom, and increasingly, a smart investment. The recent surge in popularity of pre-owned jewellery, especially at auctions, is a testament to this shift. Global houses like Christie’s and Sotheby’s are seeing record-breaking prices for vintage jewellery — sometimes rivaling the fine art world. From iconic pearls once worn by royalty to legendary diamonds with stories spanning centuries, these pieces are reshaping how we view jewellery.
This blog explores the factors driving this phenomenon — from sustainability to investment potential — and illustrates them with auction stories that show how history, craftsmanship, and provenance converge to reveal the true value of jewellery.
1. A Sustainable Choice in a Conscious World
In today’s world, consumers are increasingly mindful of their environmental and ethical footprint. Vintage jewellery has surged in popularity because it embraces a circular economy. By choosing pre-owned pieces, buyers avoid the ecological costs of new mining and manufacturing while preserving the artistry of older eras.
Auctions are a major driver of this sustainable shift, providing platforms where pre-loved jewellery can be rediscovered and revalued.
Case in Point: Elizabeth Taylor’s Legendary Collection
Image Credits: WWD (Women's Wear Daily)
In 2011, Christie’s hosted the auction of Elizabeth Taylor’s jewellery collection, which raised a staggering $115 million. Her famous La Peregrina pearl necklace alone fetched $11.8 million. Beyond the glamour, the sale demonstrated how existing jewellery can be recycled into the market, retaining both financial and emotional value. Taylor’s jewels didn’t require new resources; instead, they extended the life of some of the world’s most precious treasures.
This auction became a landmark example of sustainability through luxury — where history, celebrity provenance, and recycling of artistry converged.
2. The Allure of Uniqueness and Exceptional Craftsmanship
Unlike mass-produced modern designs, vintage jewellery often embodies artistry that is hard to replicate today. From Edwardian filigree to Art Deco geometry, these pieces are miniature time capsules, carrying the aesthetics and techniques of their eras.
Case in Point: Cartier’s Tutti Frutti Bracelet
Credits: Christies
In 2020, Christie’s sold a dazzling Cartier Tutti Frutti bracelet for $1.3 million. The piece, with its vivid sapphires, emeralds, and rubies carved in Mughal-inspired floral motifs, showcased Cartier’s bold creativity of the Art Deco period. Each stone was hand-carved, and the piece reflected a cultural fusion that remains rare in jewellery today.
Its auction success highlighted how exceptional craftsmanship elevates a piece far beyond the intrinsic value of its materials.
Case in Point: Hutton-Mdivani Jadeite Necklace
Another extraordinary example is the Hutton-Mdivani Jadeite Necklace, which sold at Sotheby’s Hong Kong in 2014 for $27.4 million. Its luminous green beads, carved from the finest jadeite, were matched by a Cartier clasp of diamonds and rubies. With provenance tied to the heiress Barbara Hutton, this necklace epitomized both artistry and historical elegance — a combination that only auctions can bring fully into the spotlight.
3. The Investment Potential of Vintage Jewellery
Jewellery is no longer just adornment; it is increasingly viewed as a financial asset. In times of economic uncertainty, tangible assets like gold, platinum, and rare gemstones often appreciate in value. Auctions highlight this dual nature — beauty paired with wealth preservation.
Case in Point: The Pink Star Diamond
Pink Star Diamond (Courtesy of Sotheby’s Auction House)
In 2017, Sotheby’s Hong Kong sold the 59.6-carat Pink Star Diamond for an astonishing $71.2 million, setting a world record at the time. Its rare vivid pink hue and flawless cut made it one of the most valuable diamonds ever auctioned. For investors, it was not just jewellery, but a portable, enduring store of value.
Case in Point: The Oppenheimer Blue Diamond
Image Credits: CHRISTIE'S
Similarly, the 14.62-carat Oppenheimer Blue Diamond fetched $57.5 million at Christie’s Geneva in 2016. This vivid blue stone, once owned by Sir Philip Oppenheimer of the De Beers dynasty, became a benchmark for how rare gems can rival art as an investment.
These record-breaking sales underscore why collectors and investors increasingly view vintage jewellery as a hedge against volatility, while also indulging in its aesthetic brilliance.
4. How Auctions Uncover True Value
Auctions are unique in their ability to reveal the “true” value of jewellery. A piece’s worth is not just in its carats and metal weight but in its story, rarity, and cultural resonance. Auction houses employ specialists to evaluate provenance, craftsmanship, and condition — but ultimately, the competitive atmosphere sets the final price.
Case in Point: Marie Antoinette’s Pearl Pendant
Image Credits: SOTHEBY's est 1974
In 2018, Sotheby’s Geneva offered a natural pearl pendant once owned by Marie Antoinette. It sold for $36 million, setting a world record for a pearl. Its historical provenance — tied to the ill-fated French queen — elevated its price far beyond material worth. The sale proved how storytelling and history can redefine value at auction.
Case in Point: Andy Warhol’s Marilyn Monroe
Jewellery and art share the same value dynamics. In 2022, Christie’s New York auctioned Andy Warhol’s Shot Sage Blue Marilyn painting for $195 million, making it the most expensive 20th-century artwork ever sold. Like a rare diamond, its value came from cultural significance, rarity, and iconic imagery. The sale bridged the art and jewellery worlds, showing how auctions capture not only monetary worth but cultural capital.
5. The Business of Bidding: Driving the Market
At the heart of auctions is the theatre of bidding — the competition, suspense, and eventual climax when a gavel falls. Online platforms and global livestreams have only amplified this drama, opening participation to worldwide audiences and driving prices higher.
Case in Point: Canaletto’s Venice Masterpiece
Credits: Christie's
In 2025, Christie’s is set to auction Canaletto’s Venice, the Return of the Bucintoro on Ascension Day. Previous sales of his Venetian views have broken records, and this upcoming event is expected to reaffirm his standing as one of the great masters of cityscapes. The auction underscores how competitive bidding can turn heritage into headline-making value.
For jewellery, the same principle applies. When rare pieces appear, collectors worldwide compete, transforming auctions into barometers of cultural and financial trends. Each bid pushes the market, often creating new benchmarks.
The resurgence of vintage jewellery at auctions is not just about fashion; it reflects deeper shifts in sustainability, craftsmanship, and financial awareness. From Elizabeth Taylor’s glittering collection to Marie Antoinette’s historic pearls, from Cartier’s artistry to record-breaking diamonds, each story underscores the multifaceted value of jewellery.
Auctions — dynamic, transparent, and often theatrical — are the stage where these treasures reveal their true worth. By participating, collectors are not just buying jewellery; they are investing in history, artistry, and legacy.
In a world where trends fade quickly, vintage jewellery remains timeless — carrying both the weight of the past and the promise of future value.