Magna Art Auctions inaugurates its first auction with an initial value of 4 million euros

The auction house Magna Art Auctions, which opened its doors in Madrid last October, has inaugurated its first art auction with a starting price of 4.5 million euros in which there will be jewelry such as a ring with an 8.02-carat princess-cut diamond in white gold.

“There are only two on the diamond market, in the four exchanges there are, only two in the world. When it comes to manufacturing a diamond, no one makes a princess cut because the brilliant cut diamond is much more commercial. That’s why this makes it exceptional,” said the Jewelry Director of Magna Art Auctions, Nacho Luna, during the presentation of the pieces this Monday to the media.

So, This ring with a princess cut diamond has a starting price of 165,000 euros, while the second one on the Antwerp (Belgium) stock exchange has a price of 250,000 euros. However, Luna explained, these figures are for which it is sold to manufacturers; in jewelry it could reach 1 million euros.

The auction also includes a 6.51-carat cushion-cut diamond solitaire in color ‘Fancy Yellow’ –diamonds with natural color, which are not treated–, whose initial price is 32.500 euros; or a white gold and 38 diamond necklace, which has a starting price of 37,500 euros.

In that sense, the director of the house, José Miguel Carrillo de Albornoz, hopes that in the inaugural auction on December 3, the profile of the buyer will be investors of “finite assets.”

“If you buy a diamond in a jewelry store that costs half a million euros, it is not an investment. Diamonds are long-term investments. Diamonds are very finite, they run out. Now there is the laboratory diamond, which I think is wonderful, but I don’t believe in it, because natural is natural. The profile I see (of a buyer), in addition to the one who wants a treat, is the investor who wants to invest a piece of 125,000 euros who knows that the market is 500,000 euros“added Luna and then assured that in the auction there will be pieces of all prices because they want to sell “accessible luxury.”

“WE WANT TO CREATE DIAMOND CULTURE”

Thus, both Luna and Carrillo de Albornoz have reiterated that their intention is to create “diamond culture” in Spain at a time when the shortage of pieces is beginning to be “complicated” by factors such as the war with Israel.

“We want to create diamond culture (…) Right now there are no two princess sizes that are the same to make a pair. We are truly talking about a shortage in the diamond market. It is a little complicated because of the war with Israel. There are four diamond exchanges in the world: Antwerp, Bombay, New York and Tel Aviv. Tel Aviv is totally devastated by the issue of war, which has made Antwerp, being the most important exchange, pay even more. There has been a shortage of small stones,” Luna said.

Among the pieces that will go up for auction, Carrillo de Albornoz has highlighted a 120-carat aquamarine piece and a cross-shaped diamond, which he has described as “great rarity”; the ‘Ganesha’ rigid bracelet, attributed to the jeweler Luis Gil; and a gold necklace with a 15th century coin from the Duchy of Milan, signed by the jeweler Palloti.

Besides, You can also find pieces of decorative arts, a collection of viceregal art, ancient and 19th century painting and sculpture, as well as contemporary art.

“I also wanted us to have a nod to history, which is my passion: the history of the art of jewelry. I have asked Nacho (Luna) that each auction, if possible, have some slightly exceptional piece to be able to show to people, which I think people also like a lot.“, he concluded.