Issue link: https://www.balharbourdigital.com/i/175740
"Like a Picasso or Warhol, whatever is really special and exceptional can reach prices we never thought possible." —Henri Barguirdjian, Graff Buying exceptional stones and high jewelry as a portable form of wealth is a sound idea, experts insist. However, they also caution against buying as one would a stock, bond or gold. Like a Picasso or Warhol, "whatever is really special and exceptional can reach prices we never thought possible," says Barguirdjian. "With jewelry I always tell clients they're always better off buying a smaller stone of fine quality versus a larger stone of mediocre quality because it's easier to sell something impeccable versus having to apologize for this defect or that." While art can sometimes be more about status than security, Nicolas Luchsinger, vice president of American retail operations for Van Cleef & Arpels, says jewelry as investment has material substance behind it. "First you have precious gold and the pure value of the stone, whether it be an important diamond or sapphire," he says. After that you have design and a signature. A signed piece by a noted artist is always more valuable, and a guarantee of quality. "These things hold their value, not like a piece of clothing," he says, adding how it's important to buy with trends rather than fads in mind. Some pieces, like tiny watches from the 1950s and the diamond-covered Shamballa bracelets so popular today, aren't as likely to hold their value as great designs from the Art Deco and Art Nouveau periods. Instead, says Luchsinger, signature designs from the 1970s are fetching high prices now, as are Cartier's Tutti Frutti pieces from early 20th century and Van Cleef's Egyptian revival pieces from the 1920s, all of which were ahead of their times. And then you have provenance. Notes Luchsinger: "If it is something that belonged to Marlene Dietrich or a Rockefeller or Elizabeth Taylor that can be a big plus." But not always, says Barguirdjian. "At auction it's easy to get caught up in the moment and pay very high prices. Most of the time when those pieces come back to market they don't reach the price they previously achieved at auction. What is most important is the quality of the stone, the beauty of the design and the skill of the crafter," he says. "It's like art. You can have a Picasso for $15 million or $150,000. One is exceptional and one is just okay. It's the same with jewelry." 50 BAL HARBOUR Van Cleef & Arpels diamond, carved rubellite and turquoise Lady's cocktail ring was recently included in the exhibition, "Van Cleef & Arpels, l'Art de la Haute Joaillerie," at Les Arts Décoratifs museum in Paris. The piece channels the house's style from the '60s and '70s, incorporating vivid color and a bold use of materials.