A jadeite necklace once owned by U.S. retail heiress Barbara Hutton was bought by the Cartier Collection at a Sotheby’s auction in Hong Kong on Monday evening for 214 million Hong Kong dollars (US$27.6 million), a record price for jadeite jewellery.
The necklace is made up of 27 large jadeite beads, which were given to Hutton from her father, the founder of the Woolworth retail chain, as a wedding present when she married Prince Alexis Mdivani in 1933. The necklace is adorned with a ruby and diamond clasp by Cartier.
Jadeite is particularly popular among wealthy Chinese collectors, and prices for jadeite items — especially large beaded necklaces — have fetched high prices in recent years at auction. The stone was venerated by the imperial court, which often preferred the stone to other gems such as rubies and diamonds.