Auction Houses Add a Little Sparkle: Why Sotheby's and Christie's Are Dressing Their Talent in Jewels

"In just over an hour and half, Sotheby's auctioneer Oliver Barker, sheathed in a tuxedo and black bowtie to celebrate the house's inaugural sale at the Breuer building, coaxed in $527.5 million in sales, breezily surpassing the pre-sale low estimate of $379 million. That included the season's most talked about piece of treasure, Gustav Klimt's portrait of Elisabeth Lederer for which sold for $236.4 million, earning Klimt an auction record and the portrait the distinction of being the second most expensive work at auction."

"Kao is usually a stunner and knows it. So does the media. Her fashion forward and often colorful outfits, combined with an expansive personality, can lean a bit camp (her signature move is switching to Mandarin or French for ten to 30 seconds at a time-what feels like a lifetime while fielding bids mid-auction), but the extravagance is balanced by keen intellect and even sharper wit."

"That Tuesday, however, she was elegant and simply dressed, the deep V of her black tuxedo jacket punctuated by a neckless so gleaming and distinguished it could have been stolen from the Louvre. The neckless in question was made in the mid 1980s by jewelry designer David Webb, and features carved emeralds, rubies, and cabochon sapphires. The center emerald is approximately 38 carats. It also happens to be on view, and on sale, at Sotheby's retail salon in the Breuer's lobby."

Sotheby's Contemporary and the Now sale at the Breuer generated $527.5 million, exceeding the pre-sale low estimate of $379 million. Oliver Barker led the auction and secured Gustav Klimt's portrait of Elisabeth Lederer for $236.4 million, an auction record for Klimt and the second-most-expensive work sold at auction. Phylis Kao appeared later in an elegant black tuxedo accented by a striking mid-1980s David Webb necklace. The necklace features carved emeralds, rubies, and cabochon sapphires with a center emerald of approximately 38 carats. The piece is on view and offered for sale in Sotheby's Breuer lobby retail salon.

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