Zobel matriarch’s diamond brooch nets P7.8M at auction
Amid the recent torrential rains brought by Typhoon Katrina, a different kind of storm was brewing at Leon Gallery La Fuerza. The onsite preview of the recent Leon Exchange Online Auction, featuring the vintage jewelry collection of Margarita Zobel de Ayala, captivated bidders and onlookers alike.
The auction’s highlight was Zobel de Ayala’s Belle Epoque diamond brooch. Initially estimated at P2.6 million, the stunning piece ultimately fetched a staggering P7,810,400—three times its original value.
Leon Gallery founder/director Jaime Ponce de Leon described the winning bidder as a “mature, sophisticated and beautiful lady who would grace upcoming social events with the exquisite jewelry.”
Other noteworthy items that sparked intense bidding wars included: Eugenio Lopez Jr.’s spare refectory table, initially priced at P70,000, which was sold to a woman who was building her home for a remarkable P720,960; Jose Joya’s “Comet Bonet (1968),” soaring to P1,441,920 from its original estimate of P400,000; and Hans Brumann’s diamond ring and a diamond-encrusted bracelet watch from the collection of jeweler Suzette Ayson, fetching P2,042,720 and P2,222,960, respectively.
Leon Exchange, a subsidiary specializing in estate sales and online auctions, has become a platform for affluent individuals to downsize their lifestyles. This volume-based online auction caters to those who wish to sell their belongings, from the mundane to the extraordinary.
Transparency
“We take in practically everything from the home and sell them,” said Ponce De Leon. “Some could appear to have little value but end up being very expensive pieces in the auction.” This transparency, especially during estate divisions, has attracted many families seeking a fair and open process.
The recent auction showcasing the jewelry of Zobel de Ayala highlighted the diverse range of items available at Leon Exchange. This first-generation member of the prominent Zobel de Ayala clan, married to Spanish aristocrat Antonio Melián, was instrumental in establishing the foundations of Ayala Corp. The third-generation consignor of the jewelry collection felt it was no longer practical for her lifestyle and opted to auction it off.
The auction also included objets d’art from renowned figures such as collector J. Antonio Araneta and Dr. Roberto Macasaet, the founding chairman of Maxicare.
The online auction format has attracted a global audience. Bidders from Hong Kong, China, the United States and Dubai have actively participated, purchasing porcelain, artwork, gold coins from the Marcos era, and tambourin jewelry.
The recent auction, which began at 11 a.m. with 683 lots, concluded before 6 p.m. with an impressive 85-percent sell-through rate.
Excitement
Online auctions gained significant popularity in the Philippines during the pandemic, offering a convenient alternative for both buyers and sellers. “It eliminates the need for physical presence, allowing buyers to rely on the provided images,” explained Ponce De Leon. “This simplifies the process for both parties to finalize the sale.”
Asked about the rapid pace of the online auction, with 100 lots bid per hour, he clarified that it streamlines the process by avoiding the traditional live auction format, where auctioneers detail the provenance and prices of each item.
“Some individuals may feel uncomfortable with live auctions,” he said. “Online auctions provide a more democratic and confidential experience, as bidders can participate from the comfort of their homes.”
While online auctions offer convenience, Ponce De Leon acknowledges the excitement of live auctions, replete with bidders holding paddles and the auctioneer hammering away. “The live auction format elevates the prominence of each lot,” he said.
To ensure a continuous supply of exceptional pieces for his auction house, Ponce De Leon frequently travels abroad to meet with collectors and dealers. “We’ve sourced the finest Amorsolos, Ossorios and Zobels from international markets,” he said.
One such acquisition was Fernando Amorsolo’s “Under the Mango Tree (1929),” from the collection of industrialist Edward J. Nell, who introduced air conditioning to the Philippines.
This masterpiece, sold for P57,676,800 during the September auction, broke the record for Amorsolo’s works.
Thus, the auction’s success underscored the appeal of jewelry and fine art, particularly when associated with prominent figures such as Margarita Zobel de Ayala.
