A late 18th century diamond devant de corsage has sold 381.6% above estimate to head yesterday's (December 11) auction of Michael Wellby's jewellery collection.
Appearing at the Sotheby's London sale with a £80,000 ($129,115) valuation, it sold for £385,250 ($621,994) as part of the auction house's last jewellery sale of the year.
 The diamond devant de corsage’s stunning sale is indicative of the buoyancy of the collectible jewellery sector |
Featuring floral motifs and three detachable tassels, the stunning price has much to do with the item's considerable eye appeal.
Even before the auction, Sotheby's had amassed a company record of $450.5m in jewellery sales this year, evidence of the growing appetite for rare pieces among global collectors.
The figures are borne out by Barclays' 2012 Wealth Insights report, which revealed that 70% of the world's wealthiest individuals own precious jewellery, up from 57% in 2007, making it the most popular of any treasure asset.
This increased demand is clearly causing values to grow.
There was also a strong showing from a 19th century wheat sheaf diamond tiara, which made £373,250 ($602,648) against an £80,000 ($129,115) valuation.
Wellby, a Mayfair, London silver dealer, amassed a fine selection of jewels over a period of 60 years, with his collection spanning the 16th to the 20th century.
 The wheat sheaf tiara also made a mockery of its estimate |
Sotheby's Alexandra Rhodes, a jewellery specialist, remarked: "Michael Wellby's jewellery collection was a labour of love.
"He and his wife Joy shared a passion for antique jewellery and they would often return from their travels with a new prize."
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