The 55.22-carat ‘Estrela de Fura’ Ruby at Sotheby’s New York, which sold at auction for US$34.8 million in June 2023. Photograph: © Sotheby’s

Not long after Catharine Becket joined the jewelry department at Sotheby’s in 2005, she and her colleagues faced some big questions about the future of jewelry. “Millennials were starting to become a buying force in the world and it became apparent to us that many of them prized experiences over objects,” says Becket, now senior vice president and global head of high jewelry at Sotheby’s. “There was a bit of anxiety in the industry as people wondered: ‘Are buyers aging out? Will people forgo a diamond engagement ring because they want to take an around-the-world tour?’ This loomed large in our thinking. And then, lo and behold, it became acceptable—even fashionable—to buy luxury objects again, including jewelry.”

The pandemic certainly fast-tracked the shift – “You couldn’t travel, so you went shopping,” Becket says – but social media usage, especially among Gen Z, has arguably played an even bigger role in shaping the tastes of modern collectors of jewelry. “We have seen a dramatic increase in buyers under 40,” Becket says. “Previously, our sweet spot would be people in their 50s, 60s and into their 70s.”

Among this new generation of buyers, branded jewels from established houses (think Trinity bracelets from Cartier, and Alhambra pendants from Van Cleef & Arpels) are highly coveted because clients “are seeing them on their peers as status symbols,” Becket says. “Then, as their tastes develop and their budgets expand, they might move toward the high jewelry lines and the one-of-a-kind pieces. Of course, that’s a much higher price of entry.”

The gold and diamond ‘Trinity’ bracelet by Cartier. Photograph: © Sotheby’s

To define “high jewelry” simply by price, however, would be missing the point. “We could have, say, a $10,000 piece, but it might be incredibly rare, or it has a really distinguished provenance—maybe from a royal collection,” Becket says. “And because of that, we want to place it alongside other pieces in a high jewelry sale.”

As a general rule, Becket notes, high jewels boast rarity, provenance and/or the signature of a top maker. Rare and sizable stones, such as the 10.03-carat Mediterranean Blue—a fancy vivid blue diamond going on the block on May 13 at Sotheby’s High Jewelry sale in Geneva, where it’s expected to bring around $20 million—also qualify.

But every jewelry sale at Sotheby’s reflects the market’s evolving tastes, whether it’s in Hong Kong, home to more contemporary jewels; Geneva, a bastion of antique and royal pieces (“It’s not a Geneva sale without a tiara,” Becket says); or New York, which is hosting its High Jewelry sale on June 13, and often features all of the above.

A one-of-kind ‘tie necklace’ by Van Cleef & Arpels, circa 1929, at Sotheby’s New York, which sold at auction for US$3.6 million in June 2024. Photograph: © Sotheby’s

For buyers contemplating a purchase this season, there are a few key trends to keep in mind, according to Becket. “When I joined in 2005, and in the years prior, art deco was perennially in style, and it makes sense—it’s about such classic, relatively simple forms,” she says. “But for the first time last year, we noticed a slight softening in the deco market. It still does well, but it isn’t guaranteed to ‘go through the roof.’ Jewelry tends to go in arcs of about seven years. And Bulgari has been on fire for five or so years. And that has overlapped with the popularity of bold and gold jewels.”

Becket says there are opportunities in antique jewels, or any jewel older than 100 years, because they are rare, beautiful, and remain relatively affordable. This goes for jewels from the Retro period of the late 1930s and 1940s, too. “It’s the period that everyone who works in the industry really loves,” she says. “They didn’t have much in the way of materials during World War II. Platinum was scarce because it was used in the war effort. So you had these big yellow gold looks, but often the gold was thinner.”

A Retro period emerald and diamond bangle by Trabert & Hoeffer–Mauboussin. Photograph: © Sotheby’s

As a newcomer building a collection, it’s important to clarify your goal, Becket says. “Do you want to have your classic jewelry wardrobe? “In which case, you’re going to have your diamond studs, pearls—which you can buy quite affordably these days—and a great chunky gold bracelet.”

“But I think there’s a case to be made for the character of your collection,” she adds. “You sometimes learn more about the personality of the owner from a Van Cleef scarecrow brooch versus their 10-carat diamond ring.”

Explore Sotheby’s jewelry sales and how to consign your jewelry with Sotheby’s. Our Collecting Focus series also features expert advice on watches, wine, historic books, modern and contemporary prints and Americana

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