RAPAPORT. Phillips garnered $27.6 million from its flagship New York watch auction, led by Paul Newman’s Rolex “Big Red” Daytona, which sold for $5.5 million.
The price for the timepiece, purchased by an anonymous private collector, is the third-highest ever paid for a Rolex watch at auction, Phillips said last week.
The December 12 auction, named Racing Pulse, also saw a record price for any Tag Heuer watch, with a Monaco-style timepiece worn by actor Steve McQueen in the film
Le Mans selling for $2.2 million. That figure was more than 10 times the original estimate, and double the previous record.
A collection of watches belonging to actor Sylvester Stallone sold for more than three times its presale valuation. The set, which included four Richard Mille timepieces, and one by Panerai, realized $3.1 million.
RAPAPORT. De Beers’ rough sales rose in December, albeit at a slower rate than in previous months, as steady retail demand ahead of the holidays supported trading at the rough and polished levels.
The final sales cycle of the year brought in $440 million, up 3% from the $426 million the miner recorded a year earlier, it reported Thursday. However, the figure was 5% lower than the November cycle’s $462 million.
“Positive consumer demand for diamond jewelry as we enter the holiday season is supporting the continuation of retail orders for polished diamonds from the diamond industry’s midstream sector,” said De Beers CEO Bruce Cleaver. “This, in turn, supported steady demand for De Beers rough diamonds at our final sales cycle of 2020.”
RAPAPORT. Mountain Province reported strong sales during the fourth quarter, noting that rough prices surpassed pre-Covid-19 levels in most categories.
Revenue for the final three months of the year reached $61.7 million, the Canada-based mining company said Thursday. That represented an increase of 25% compared to the same period a year earlier. Sales volume grew 24% to 956,348 carats, while the average price achieved grew 1% to $65 per carat. Full-year revenue fell 18% to an estimated $171.2 million, according to Rapaport records.
“The diamond industry has faced immense challenges during 2020, so to end the year with such a strong sales performance is very encouraging,” said Mountain Province CEO Stuart Brown. “Rough diamond prices in the larger and better qualities have been exceptional, and pleasingly we saw further improvement in the smaller and lower-quality diamonds, which we believe will continue to strengthen in 2021.”
Positive sentiment in final week before Christmas as Covid-19 vaccine receives FDA approval. Holiday season successful for e-commerce businesses. Online sales now slowing as delivery deadlines approach. US Nov. retail sales -1.1% vs. previous month after boost from early holiday shopping in Oct. Chinese demand driving polished market ahead of Feb. 12 lunar festival. Dealers anticipate good inventory replenishment in 1Q. Rough market robust after prices increased 1% to 2% in select categories at De Beers sight. Premiums strong on secondary market. De Beers cuts 2021 production plan to 33M/35M cts. Belgium Nov. polished exports -9% to $612M, rough imports -14% to $702M.
RAPAPORT. US retail sales struck a disappointing note in November due to an uptick in coronavirus cases and the lack of a second government stimulus package.
Revenues fell 1.1% month on month to $546.5 billion, though they were still 4.1% higher than in November 2019, the US Census Bureau reported Wednesday.
“Consumers held back on spending in November as virus rates spiked, states imposed retail restrictions, and congressional stimulus discussions were gridlocked,” commented Matthew Shay, CEO of the US’s National Retail Federation (NRF). “While consumers have been bolstered by increases in disposable income and savings, it’s clear that additional fiscal stimulus from Congress is needed and we are hopeful it will be passed soon as we enter the final stretch of the holiday season.”