On July 3, 2011 Michaan's Auctions held its estate sale to a packed audience, one of the most highly attended in recent months. Both sales figures and sell-through percentages saw impressive heights. LiveAuctioneers provided the internet live bidding.
An Asian embroidered silk dragon robe was the item that saw the most significant jump over its high estimate in the sale. Entered as lot 357 and depicting dragons flying amidst a mountain top scene, the robe hammered for $22,500, well over six times the high estimate of $3,500.
This follows on from the huge success the auctioneer had with Asian collectibles last month when a pair of carved Huanghuali horseshoe chairs trounced their listing to sell for a stunning $310,000.
The largest diamond shown in the sale, lot 229, was expected to bring high numbers and it certainly did not disappoint.
The Jewelry department offered the approximately 2.85 carat stunner to a bevy of interested buyers. Dealers, jewellers, collectors and investors clamoured for the two-piece diamond and platinum engagement set.
After a round of competitive floor and internet bids narrowing the competition down to two jewelry dealers, the final hammer price of $18,000 was achieved. The figure went two and a half times over the high estimate of $7,000, showing the strength of the diamond markets.
Commendable figures were also seen in the Furniture and Decorations and Fine Art departments. Furniture and Decorations saw a succession of lots more than tripling their high estimates, and ethnographic items saw a 90.50% sell through rate.
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