Bonhams Brings 245 Lots to the Block
One of the major events of the fall auction season arrives Sept. 26, as Bonhams hosts its California Jewels sale. With 245 lots ranging from signed jewels and rare gemstones to period pieces spanning art deco through bold contemporary, the auction promises spectacle—and scrutiny.
A Star Lot: Opal, Diamonds, and Legacy Wealth
Leading the sale is a diamond necklace by American jeweler Raymond Yard, featuring a 5.1 ct. oval opal surrounded by diamonds and pear-shape rubies. Once designed as a ring, the piece belonged to Doris Merrill Magowan, daughter of Merrill Lynch founder Charles Merrill.
Her husband, Safeway CEO Robert Magowan, personally traveled to Australia to source the opal—her favorite stone—before commissioning Yard for the custom design. The finished necklace, set in platinum and boasting approximately 6.3 cts. of diamonds, is estimated at $30,000–$50,000.
But here’s the question: do collectors today crave legacy family jewels, or are they leaning toward modern, ethical jewelry that speaks to current values?
Market Expectations After a $2.1 Million Spring Sale
Bonhams isn’t new to headline-making results. Its May 20 California Jewels auction realized more than $2.1 million, proof that there’s global appetite for rare gems and storied provenance. This September sale, mixing historic with contemporary treasures, is expected to spark strong international bidding.
Still, some observers argue auctions like these cling to nostalgia. With sustainable gemstones and lab-grown diamonds reshaping the future of luxury, how much should the market pay for one family’s curated wealth versus new categories of socially conscious jewels?
Necklace (circa 1925), convertible to two bracelets, in platinum with a carved sugarloaf cabochon emerald, two carved emerald beads, and old European–cut diamonds, estimate $5,500–$7,500
Ting in platinum with 4.19 ct. pear-shape fancy intense yellow diamond, round diamonds, and pear-shape diamonds, estimate $25,000–$35,000
Bracelet in platinum with approximately 28.9 cts. t.w. round, tapered baguette, and marquise-shape diamonds, estimate $20,000–$30,000
Ring (circa 1950) in gold with 3.05 ct. oval diamond and baguette diamonds, estimate $15,000–$25,000
Viewing Before the Frenzy
Potential buyers can view the full collection at Bonhams’ Los Angeles showroom, 7601 W. Sunset Blvd., from Sept. 23 to Sept. 25. Transparency of access is laudable—but transparency of sourcing remains another story. While provenance is secure here, the broader industry is under pressure to meet modern standards of accountability, certification, and traceability through organizations like .
My Take
California Jewels illustrates both the enduring allure and the fragility of the fine jewelry auction market. On one hand, Raymond Yard’s opal necklace connects personal history, craftsmanship, and wealth narrative. On the other, auctions risk becoming museums of outdated luxury if they fail to engage with a generation prioritizing lab-grown gemstones, ethical sourcing, and relevance over prestige.