The controversy over Christie’s auction of Heidi Horten’s jewels did not seem to affect its results.
The first part of the sale, held May 10 in Geneva, garnered $156 million—a new record for a jewelry auction, and an amount that topped the low end of its presale estimate, $139 million. It beat the previous record holder, Christie’s 2011 sale of Elizabeth Taylor’s jewelry, which raised $115 million.
The second part of the Horten auction will be held Friday, May 12.
Uneasiness over the source of Horten’s wealth cast a shadow over the sale. Horten’s late husband, German department-store magnate Helmut, made his fortune in part by buying businesses from Jews who were forced to sell them during the Nazi era at cut-rate prices.
While the auction house would normally send out press materials trumpeting a record tally, this time it just announced the results in a release on its website. Christie’s did not respond to a request for comment.
Press accounts pointed out that two of the auction’s top items did not meet expectations. The 26 ct. Sunrise Ruby sold for over 13 million Swiss francs (about $14.6 million), below its presale estimate of 14 million to 18 million francs. It had been purchased by Horten for $30 million at a Geneva auction seven years ago. Also underperforming: The 90 ct. Briolette of India diamond sold for 6.3 million francs (about $7 million), rather than within its presale estimate range of 9 million to 14 million francs.
On the other hand, a Bulgari colored diamond and diamond ring sold for 9.1 million francs (about $10.1 million), beating its estimate of 2.7 million to 4.5 million francs.
The auction’s proceeds for the Horten estate are going to the Heidi Horten Foundation, which supports medical research, children’s welfare, and access to the arts.
In response to criticism, Christie’s noted that Horten, who died last year, purchased the jewelry from the 1970s through 2022. The auction house pledged to donate a “significant” portion of its commission from the sale to Holocaust education.
The World Federation of Diamond Bourses (WFDB) condemned the sale, and said Christie’s should provide more transparency about who would receive money if the auction house insisted on holding it. Christie’s said in its release, “It will be up to these organizations [that will receive donations from Christie’s], if they wish, to communicate about these donations.”
Jewish groups were also opposed to the auction. “Don’t reward those whose families may have gained riches from desperate Jews targeted and threatened by the Nazis,” stated Rabbi Abraham Cooper, associate dean and director of global action of the Simon Wiesenthal Center, a Jewish human rights and Holocaust research organization.
(Photo courtesy of Christie’s)
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