The Golden Eye Diamond - Auction Update

A quick departure from Elizabeth Taylor to bring you this update on The Golden Eye diamond auction results. This rare and exquisite stone was expected to bring anywhere from $3 million to $20 million dollars at auction, but I guess the economy is a little tough for everybody as the final price fell short of expectations. Selling for just $2.8 million dollars, the new owners of the Golden Eye are a semi-retired Ohio couple, Jerre and Donah Hentosh. Prepared to spend as much as $7 million dollars for the diamond, Mr. Hentosh placed an online bid for the diamond thinking he would never win. It was his first online purchase. Yeah...that's what happens when I put things in my fake shopping carts too, but it's usually a bra and a pair of panties in there.

Actually, Mr. Hentosh is a pretty smart business man. A very successful home builder, he and his wife opened Gold and Silver, Ltd. back in 1979 to carry them over when the construction business was hit hard by the recession. Mr. Hentosh knows that when times are tough, people tend to sell their personal property to make a little extra cash. According to him, "it's a good business to be in for a short time." The Hentosh's are not sure what they will do with the stone...keep it or sell it.  But for now, they've made the ultimate Internet purchase.

Bid4Assets, the online auction house that hosted the sale, started the bidding on September 6th. Bidding remained slow until the last day, September 8th. Sixteen bids were submitted in the last minutes of the auction, nine of which Mr. Hentosh claimed were his. Mr. Hentosh has learned the hard way that you must only click once at check out time.

Mr. Hentosh is on the left.

Elizabeth Taylor's Jewels

Who will carry the next jewelry torch? Is there someone out there who loves jewelry as much, or has amassed the level of important pieces, as Elizabeth Taylor? Wallis Simpson?  Even Joan Crawford had a respectable Agnes Moorehead-looking jewelry collection for god sake. Kim Kardashian may have a 20 carat diamond engagement ring, but she doesn't strike me as the type to have the insight that Liz and Dick had to acquire some of the most historically significant jewels of the world.  Madonna has purchased some pieces previously owned by Wallis Simpson, but jewelry looks better on a woman, not an aging rat terrier.

Liz Taylor by Richard Avedon

Today's celebrities are really cheesy in the way they beg, borrow, or steal the fabulous jewels they are seen wearing on the red carpet. They are wealthy, but apparently not the kind of wealthy that allows them to buy and wear Van Cleef & Arpels or Bulgari on a regular basis. However, it does appear to be a symbiotic relationship between the stars and the designers who need celebrities to help them establish their name. Are there no new designers out there who have enough confidence in their stuff to put their stuff out there for the sake of their own stuff? Does every new designer need a celebrity name behind them in order to get started, let alone survive? As I grow more and more tired of celebrity entitlement, I long for a true designer (jewelry or clothing) who can rest on their laurels alone.

Liz ignoring the rule... put all your jewelry on and then remove one piece.

Liz, Wallis, and Jackie were the last of a fine breed of American women who lived a life my generation is not familiar with. The uber-jewel collections have migrated to the Asian, Russian, and Middle Eastern communities (not including the Royals, who really don't own any of it - they just host it) because that is where the wealth is today. Enjoy ladies! Protect those sparkles, and like Liz said, "I am fortunate to have some very important pieces of jewelry. I don't believe I own any of the pieces. I believe that I am their custodian, here to enjoy them, to give them the best treatment in the world, to watch after their safety, and to love them."

Elizabeth Taylor's Jewels Go To Auction

For those amongst us who truly covet the beautiful gems of the world and the back stories of those who owned them, get ready because some of the most magnificent jewelry in the world are about to be recycled. From Cartier and Van Cleef and Arpels to JAR and Bulgari, this December, Christie's will auction Elizabeth Taylor's complete jewelry collection, estimated to be worth 30 million dollars or more. Christie's will also auction a group of Taylor's better costume jewelry along with some of her clothes, which seems a little Skelator to me; however, as we all know, there is a market for everything. Over the next few weeks I'll look a little more closely at Liz's jewels and the stories behind them.

One of her most memorable jewels is the Krupp diamond, now known as the "Elizabeth Taylor Diamond," which Richard Burton bought for her in 1968 for $305,000. At that time, this was the highest price ever paid for a diamond at auction. An Ascher cut diamond, weighing 33.19 carats of D, VS1 magnificence, today the diamond is valued at between $2,500,000 - $3,000,000.

Previously owned by Vera Krupp von Bohlen und Halback, wife of the German industrialist, Alfried Krupp, etc., etc., the diamond was auctioned after Vera's death. There is a somewhat creepy background to the stone as Alfried was a key supplier of weapons and material to the Nazis during World War II.  Krupp's insistence on using slave labor taken directly from the concentration camps, even when free German labor was offered from the government, resulted in his trial and ultimate three year imprisonment after the war. 

The Elizabeth Taylor Diamond, 33.19 carats, D Color, potentially Internally Flawless.
Gift from Richard Burton, May 16, 1968.
Eat your heart out Kim Kardashian.

Lorraine Schwartz Opens Exclusive Boutique in Bergdorf's

Elusive Lorraine Schwartz

Hot on the heels of Kim Kardashian's amazing wedding jewelry, and along with Beyonce, Angelina, and Jennifer's incredible sparkles, Lorraine Schwartz has opened an exclusive boutique in New York's fabulous little jewel, Bergdorf Goodman.

Schwartz told Women's Wear Daily, "The boutique is the only place where you can see my entire collection," which includes, Against Evil Eye, See No Evil, Hear No Evil, Speak No Evil Monkeys, and 2BHappy.

Bergdorf's has hosted many of Schwartz's little beauties for years now but made the decision to open dedicated real estate due to the need for extra space, which they will need in case Kim Kardashian's ass ever shows up for an event.  Bergdorf's is a small store as you know...

18 carats and worth $5 million dollars to get married, I wonder what Beyonce's push gift will be???

Are You A "Just Becauser?"....The New Jewelry Customer

Assorted Ippolita 18K bangles.  Starting at $695.

You've got a great job. You've worked hard, and over the years you've pushed other bitches out of the way...I mean you've snarled your way up the ladder of success. Along your star-studded path you've recognized important achievements with a nice piece of David Yurman jewelry, or maybe a Hermes handbag. When you scrutinize the Neiman Marcus website, picking out all the things you love, you see a beautiful pair of Christian Louboutins, and your feet start to itch, you have to have them so bad. Without a thought, you click, click, click those little red-soled gems into your authentic shopping cart, not the imaginary one that most people keep when they fake shop. You're used to treating yourself with nice things... because you can.

Heidi Mitchell, in her recent The Wall Street Journal article, "Jewelry Waits For No Man: Buy It For Yourself," notes how Mintel, a market research firm, identifies women who shop like this as a growing and important segment of high end buyers known as "Just Becausers." These are women, able to make exclusive purchases for themselves, just because. Because they want it, they think they need it, and most importantly, they can afford it. They are a professional women, age 45 and up, and last year, 59% of the purchases made by this group were for no particular reason.

It is exactly this logic that needs to be embraced by the jewelry industry. The industry has historically targeted a male market, and men generally only buy for some type of specific reason like an anniversary, birthday, or new baby, and, as men do, they apply way too much logic when making a purchase, especially a big one like jewelry. Most men buy jewelry like they buy a hammer at the Home Depot. Lots of dumb questions, like "what is the resale value of this ring?" or "where are diamonds made?" or "can my wife return it if she doesn't like it?" Do these analytical questions really have any bearing on the fact that  when you see a piece of jewelry that would look beautiful on your significant other and you can afford it, what's the big frigging deal?  Just buy it.

The jewelry industry is an old business and change took a long time. Back in the 90's, many of the smaller vendors we did business with were not even computerized. I remember visiting a vendor who pulled out samples that were wrapped in Kleenex tissues and stored in old shoe boxes.  Everything in his business was stored in his head. This would be tough for most of us if we were in our 80's (like this man) but he had a mind like a fox snare. Keeping with this attitude, much of the industry still designs for men who buy for women...not women who buy for themselves. If they were smart, they would start changing their direction toward this new trend.

H. Stern 18K YG Small Love Knot Earrings.  $2600

Some smart designers like Ippolita,  H. Stern and Ivanka Trump, have taken note.  They see that women think of jewelry as an extension of their wardrobe, not necessarily a reward for getting laid last night (well, maybe). These designers recognize that women want quality, but also want quantity...because they have the money.

Ivanka Trump - assorted rings.  Starting at $725.

But women are also being smart with their money in these tough times and many are turning to eBay, Gilt, and a growing number of designer consignment shops that resell gently used, authentic designer products for up to half, or less, than retail. Many women have purchased enough designer goods to spot a fake, and feel confident to shop on these sites, or if they feel insecure about this, many shops pride themselves on having the expertise to do this for you.  Align yourselves with a good one, like Bella Tutto, and you can save a ton of dough. 

The Kardashian Bubble

Do you think Kim Kardashian's wedding was more exclusive than Kate Middleton and Prince William's April nuptials?  Although there was similar mystery shrouding the dress and ring  beforehand, there isn't the same type of after buzz.  The Kardashian's cut a deal with E! News and People Magazine who control the rights to the wedding video's and photos, and when they will be released and we must suffer until October until we see the entire thing (sob).  As you scour the internet, you will find the same photos of Kris Jenner's ridiculous bow gown (was Vera playing a joke - I thought they were friends) and little Mason scampering erratically down the aisle (cue human element) but real information about her big day is being slowly squeeked out  like the air out of a balloon.

From the photos I've seen, I have to say she looked beautiful, including her unusual headpiece, which featured a 2.5 million dollar, 65 carat diamond strand, with large stones hanging throughout on her forehead.  I guess it's what you wear when you don't have a 300 year old tiara in the family that you can to dust off and sparkle in for the day.  But the real show stopper had to be those 28 carat diamond earrings.  Reports say all of her jewelry was exclusively provided by Lorraine Schwartz, the same designer who made that unbelievable 20.5 carat engagement ring, and totaled over 10 millions dollars.  The earrings, reminiscent of Oprah's fabulous Graff diamond earrings, have a huge pear shaped diamond swinging from a diamond element at the ear.

I think she'll get tired of this look as it's not easy to wear.

I was able to finally see an image of her wedding band and I called it in my previous post, "What Wedding Ring Will Kim Kardashian Choose?" Also by Lorraine Schwartz, it looks like Kim chose a 15 carat eternity band of emerald (or radiant or Ascher) cut diamonds, however, she's wearing it with her engagement ring which is not a very good idea.  Not only don't they fit very well, but diamonds rubbing against diamonds could cause damage to the stones (diamonds are the only stone that can damage another diamond).  Although it would be fun to wear thirty plus carats on your finger, alas, it's not very comfortable.

9.0tcw. Emerald Cut Diamond Eternity Band.
Blue Nile.  H-VS2, Platinum, $33,000. 

But I predict a Kardashain bubble is in the making.  Just like the internet bubble, the housing bubble and the banking bubble, the Kardashian's are approaching bubble bursting over-exposure.  They should cut back but show no signs of doing so.  There are even two new Kardashian sisters who are being cultivated in the lab as we speak because there can never be enough Kardashian's.  But even Oprah knew when it was time to go...I just hope we don't have 25 years of Kardashian's....I'm not interested in see Kim go through menopause.

The Golden Eye Goes On The Auction Block

The Golden Eye, believed to be one of the largest internally flawless diamonds in existence, will go on the auction block in early September. Evaluated by the GIA as a 43.51 carat, rectangular, natural, brilliant cut, intense yellow diamond, it was seized in 2006 during a federal drug and money laundering investigation in northeast Ohio. The auction opens with a minimum starting bid of $900,000 after which bids must increase by increments of $110,000. You can't even see or bid on the stone without first placing a deposit of $180,000 (refundable, thank you), which will be on display in Cleveland from August 29 - September 2.

Paul Monea

The origin of the diamond is unclear, but it is believed to be from southern Africa, known for producing intense yellow diamonds similar to the Golden Eye. But as with all outstanding gems, the more interesting history is the back story. This one links the stone to businessman, Paul Monea, famous for making millions with Billy Blank's Tae-Bo infomercials in the 90's (come on, you know you had one), and who was convicted in 2007 for money laundering and conspiracy. Monea, who many believe to be a professional schemer, came from humble roots and hit success early on with the idea of restaurant coupons, then went on to squander almost every cent he ever made by buying, among other things, fancy cars, an estate once owned by boxer Mike Tyson, and the Golden Eye diamond.  Authorities said Monea was caught in a sting when he tried to sell the Golden Eye, along with Tyson's tiger filled house, to an undercover FBI agent posing as a broker for a drug cartel, for 19.5 million dollars and a boat. Sitting at a conference table with his laywer, an associate, and the undercover agent who was working the sale, Monea was this close to romping with the unicorns in fields of happiness as this deal was about to go down. Everyone was waiting for a gemologist to authenticate the diamond before the money was to be wired. "It's real," the gemologist says, and the OK is given to send the money. This is when FBI agents rushed into the room and Monea quickly realized he was about to be lowered into a landfill of shit. What a boob.

Monea was a complicated man who spent a lot of time thinking up schemes in order to get over other people. In the end, he was caught in his own complex web of intrigue. Whereas, if he was a woman, she would have just handed it over to Sotheby's...that's the difference between a man and a woman. Monea made and spent millions of dollars, and now at 64, sits in prision not to be released until sometime in 2018, and...he lost the diamond. 

Sale projections of the stone are anywhere from 3 million to 20 million dollars, but the true value will be determined when the gavel drops. Buyers are anticipated to be mostly international, given the growing realization that they are the only people with the kind of disposable income required to purchase this type of stone. Americans are just too poor now, even the rich ones. 20% of the sale price will be going to the US Marshals Service, with the remaining money going to some of Monea's swindled victims and to the federal and local agencies that helped with the Monea case.