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From being a part of the estimated $400 million (Rs1,900 crore) Indian art market, Minal and Dinesh Vazirani have expanded the scope and reach of their online auction house Saffronart. The couple recently held a preview in Mumbai for their forthcoming auction of jewellery and watches—a first for India.
The auction, which will be held online on www.saffronart.com on 7 and 8 October, includes jewellery created by Indian designers, pieces set with important gemstones, limited edition watches as well as unmounted diamonds. “It is very much a 20th century auction in the sense that there are no antique pieces, though there is some pre-owned jewellery," says Minal. One of the highlights is an unmounted 42.02 carat natural yellow Forevermark diamond.
Bidders from 30 countries are expected to log in at 9am IST to bid on the 130 pieces, which are valued between Rs22crore and Rs28crore.
“Auctions allow you to explore the concept of collecting jewellery," says Minal. “It presents a very different view on how you buy jewellery." What prompted the duo to expand beyond art was the case study that the Harvard Business School recently conducted on Saffronart, which is India’s largest art auction house. “It made us look more closely at Indian aesthetics," says Minal.
This jewellery auction is the result, with the next scheduled for April 2009.. If your collection could use a few new baubles, here are a couple of choices:
A brilliant oval-cut natural yellow diamond weighing 42.02 carats, with VS1 clarity.
Estimate: From Rs2.70crore to Rs3.20crore.
Lot 71: A natural pearl necklace with a seven-strand cascade
Estimate: From Rs1crore to Rs1.3crore.
Lot 75: A diamond and spinelSarpechor turban ornament
Estimate: From Rs50lakh to Rs60lakh.
Lot 29: An emerald pendant with a diamond necklace
Estimate: From Rs1.4crore to Rs1.8crore.
Lot 80: A diamond ring
Estimate: From Rs1.8crore to Rs2.2crore.
Lot 47: An emerald bead, ruby and diamond necklace
Estimate: From Rs38lakh to Rs40lakh.
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