Dubbed the “100-carat man”, David Bennett has overseen the sale of some of the most exquisite jewels in the world.
Since joining Sotheby’s in 1978, the worldwide chairman of the auction house’s international jewellery division has been responsible for the sale of seven diamonds weighing more than 100 carats each (hence the superhero-sounding moniker), including the 110.03-carat Sun-Drop Diamond; the 100.10-carat Star of the Season; and the 100.09-carat Graff Vivid Yellow, which sold for 14.5 million Swiss francs (Dh54.95m) in 2014, becoming the most valuable yellow diamond ever sold at auction. Bennett also presided over the sale of the Graff Pink, a 24.78-carat fancy intense pink diamond that sold for 45.4m francs (Dh172m) in 2010; and the collections of Ava Gardner, Begum Sultan Mohamed Shah Aga Khan, Maria Callas and Gina Lollobrigida.
But there is one stone that holds particular significance for the auction-industry stalwart. “When it comes to individual stones, I would have to say that the Beau Sancy was simply out of this world. One of the most important historic diamonds ever to come to auction, it was passed down through the royal families of France, England, Prussia and the House of Orange. I remember a lady ringing me up before the sale and asking to see the Beau Sancy. I opened up the box, she took one look at it and burst into tears. It was a magical stone.”
Weighing 34.98 carats, the Beau Sancy fetched 9m francs (Dh34.3m) at the Sotheby’s Magnificent Jewels and Noble Jewels Sale in Geneva in May 2012. The stone was believed to have been brought to France from India via Constantinople by the then-ambassador of France, Nicolas de Harlay, Lord of Sancy, who gave the gem its name, and worn by Marie de’ Medici in 1610 at her coronation as Queen Consort of King Henry IV. It was the oldest diamond to go under the hammer and sold for double its estimate. These are the kinds of pieces that Bennett is used to dealing with.
He cites the 1987 sale of the Jewels of the Duchess of Windsor as a watershed moment for his career and for the jewellery auction market as a whole. King Edward VIII, best known for abdicating the British throne in 1936 in order to marry the controversial American divorcee Wallis Simpson, was prone to buying his belle expensive jewels. Over the course of their courtship in the United Kingdom, and then their married life in France and the Bahamas, the Duke and Duchess of Windsor became enthusiastic collectors, with a particular penchant for custom-created Cartier.
The pieces in the 1987 Sotheby’s sale, which were a testament to what Bennett has dubbed “perhaps the greatest love story of the 20th century”, sold for a total of US$50m (Dh183.6m), with one particularly high-profile buyer. Elizabeth Taylor, who had been a close friend of the royal couple, acquired a plume-shaped diamond brooch designed in 1935 by the then-Prince of Wales for his future bride. “I loved it so much, I had to buy it. It’s the first important jewel I’ve ever bought myself,” Taylor said at the time.
“We sold the Jewels of the Duchess of Windsor in Geneva in April 1987, and that sale really was a turning point,” Bennett notes. “There was a huge amount of publicity generated around the auction, and the BBC even made a documentary about it. It was a spectacular sale, the first really big theme auction – bringing the world of jewellery collecting to the attention of the broader public for the first time. It was an early point in my career and, so, unforgettable for me. Also, appearing in the BBC documentary suddenly brought me in front of the public for the first time.”
The auction industry has, of course, changed dramatically since then. “I took my first auction in 1978, and in those days things were radically different,” Bennett recalls. “Jewellery auctions were very much focused on the trade, and so those sitting in the sale room and bidding were mainly jewellery dealers. It was very rare to have someone bidding on the phone – whereas now a fair number of our clients choose to participate that way.
“There’s also the huge influence of the internet and social media: the digital age gives collectors access to more information than ever and offers us countless new ways to connect with our clients. We’re seeing more and more people taking part in our auctions by bidding online – many of whom are bidding for the first time.”
This is resulting in an increasingly global landscape. Since 2006, for example, collectors in the Middle East have bought jewels worth more than $250m (Dh918m), and have sold nearly $170m (Dh624m) in jewels and precious stones, Bennett notes. “Of course, the Middle East has a rich history of collecting – well over a thousand years – and a deep appreciation and appetite for exceptional jewels and gemstones. Collectors in the region often pursue the very finest diamonds and jewels on the world stage – starting in the 1990s, many record diamonds have been sold to buyers from the Middle East.”
Across the board, diamonds continue to reign supreme, particularly the coloured variety, but there is also growing interest in coloured stones, especially rubies, at the very top end of the market. “The very highest quality diamonds, in particular coloured diamonds, continue to command the highest prices we are seeing at auction – the most obvious example of course is the Blue Moon of Josephine, which set a new world record for any diamond or gemstone at Sotheby’s in Geneva last November, [selling for] 48.6m francs [Dh184m].
“However, we have seen some remarkable results recently for the finest of coloured stones, too: for example, in November 2014 we set a world record for a ruby with the sale of the stunning Graff Ruby, and then six months later, in May, we broke that record – in fact we more than tripled it. The Sunrise Ruby, which weighed 25.59 carats, sold for an unprecedented sum of $30m (Dh110m), a figure that places it among the most valuable gems ever sold at auction.”
So how does Bennett explain the inimitable power of jewels? “Jewellery is intensely personal: it is among the possessions we own that we keep closest to our bodies. And, of course, there’s the emotional connection – a jewel can symbolise a relationship, it can mark an important event, it can remind us of a certain time in our lives. It’s a very unique and powerful connection. Jewellery is also something that everyone has – many more people own jewellery than fine art, for example.”
One has to wonder, after so many years in the industry and so many important sales under his belt, what is it that drives Bennett at this point in his career? “Every sale is different, and so each sale brings with it excitement and the thrill of discovering exceptional pieces. We, as specialists, are constantly searching for the next beautiful jewel or stone to present at auction – as soon as one sale is completed, we begin to prepare for the next one. It’s the thrill of the chase: visiting a client, a bank vault, a collection, and not knowing at all beforehand what you may discover.
“On one hand, it is very special and exciting when we discover a beautiful period jewel, in particular one with historical significance or noble provenance. These pieces are like a fragment of history, and they offer not only a window into the past of jewellery design, but also a glimpse into the life of their owner. At the other end of the spectrum, it is always a thrill to discover a top-quality, newly mined diamond such as the Blue Moon of Josephine. To handle a stone that has been hidden deep underground, in the heart of the Earth, and which has only reached the surface thanks to the presence of a volcano, you almost feel like a midwife to this brand-new stone, which has yet to ‘belong’ to anyone.”
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Read this and related stories in Luxury magazine's Watches & Jewellery issue, out with The National on Thursday, April 14.
sdenman@thenational.ae
