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Jewellery

Hong Kong’s jewellery auctions hold strong as the 2026 season builds

STORYWilson Lau
Cartier’s Tutti Frutti necklace sold at Sotheby’s. Hong Kong’s auction houses posted record results in the second half of 2025. Photo: Handout
Cartier’s Tutti Frutti necklace sold at Sotheby’s. Hong Kong’s auction houses posted record results in the second half of 2025. Photo: Handout
Jewellery

Fierce bidding drove record jewellery auction results last year, with Cartier and Van Cleef & Arpels on the block – and spring 2026 is following suit

Supported by a rebound in local economic confidence and a gradual revival in regional consumer sentiment, sales at live high‑end jewellery auctions in Hong Kong surged in the second half of 2025, defying global headwinds and reaffirming the city’s status as Asia’s premier luxury hub. Leading auction houses posted record‑breaking results, driven by spirited bidding, exceptional sell‑through rates, and a renewed appetite for rare, tangible assets.

Yet global pressures – rising fuel prices and the looming risk of stagflation – are expected to temper consumer sentiment from the second quarter of 2026 onwards.

The late-2025 live auctions drew a diverse international clientele, reflecting an increasingly international collector base, and a growing preference among collectors and investors for physical luxury as a hedge against uncertain macroeconomic conditions. Above all, expertly curated pieces of outstanding quality remained the primary draw for discerning buyers in the ultra-high-end segment.

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Pear-shaped emerald pendants at Bonham’s. Photo: Handout
Pear-shaped emerald pendants at Bonham’s. Photo: Handout
The resurgence in auction performance coincided with Hong Kong’s wider economic recovery, fuelled by increased tourism, a buoyant stock market, and renewed optimism among affluent consumers across Asia. “In 2025, the jewellery auction market demonstrated increasingly positive momentum, with sustained strength across categories, particularly within the mid- to high-end segments. Buyers continue to show a clear preference for rare, distinctive and exceptional-quality pieces,” says Katy Lai, specialist and head of sale in Bonhams’ jewellery department.

That momentum was reflected in stand-out individual results across the second half of 2025. Sotheby’s High Jewelry sale in September achieved a total of HK$223.75 million (US$28.57 million), marking the house’s strongest high jewellery performance in Hong Kong since 2022.

The Royal Blue necklace sold at Christie’s. Photo: Handout
The Royal Blue necklace sold at Christie’s. Photo: Handout

That momentum was amplified in November when Christie’s Magnificent Jewels auction realised a market-leading HK$538.13 million. The sale was 92 per cent sold by lot; hammer prices averaged 106 per cent above the low estimate, and nearly 60 per cent of lots exceeded their high estimates – testament to the intense competition across saleroom, telephone and online channels. The total represented a 15 per cent year‑on‑year increase and marked Christie’s highest autumn jewellery sale in Hong Kong since 2017.

The stand-out lot was The Royal Blue, a necklace set with 16 Kashmir Royal Blue sapphires totalling 104.61 carats. It realised HK$125.45 million, breaking the world auction record for a Kashmir sapphire necklace previously set at Christie’s in 2018, and became the most valuable jewel sold at auction in Asia in 2025. The second-highest price went to Red Butterflies: a pair of earrings by James W. Currens, set with Burmese pigeon’s blood rubies, which sold for HK$25.51 million.

Bonhams’ Hong Kong Jewels and Jadeite auction, also in November, reinforced the market’s momentum with strong results for rare coloured gemstones and vintage pieces from iconic houses like Cartier, Van Cleef & Arpels and JAR. The top lot was a pair of pear‑shaped Colombian emerald pendants weighing 64.37 and 63.19 carats, which sold for more than three times their low estimate to achieve HK$6.10 million. A pair of unmounted pear‑shaped Colombian emeralds of natural vivid green colour, weighing 25.10 and 24.22 carats, fetched more than four times their low estimate to achieve HK$1.21 million. A GF & F The Haute Joaillerie ring, set with a 17.10‑carat octagonal step‑cut unheated Burmese sapphire, rock crystal and diamonds, realised HK$3.69 million.
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