Controversial jewelry collection fetches a record- shattering$ 196 million

Hundreds of jewels formerly possessed by late Austrian billionaire Heidi Horten have brought a combined 176 million Swiss francs($ 196 million) to come the most precious private jewelry collection ever to appear at transaction.

The trade smashed a record set over a decade ago by the collection of Elizabeth Taylor, whose gems racked up nearly$ 116 million in New York in 2011.

Last week’s transaction went ahead despite enterprises raised by Jewish groups about the source of Horten’s wealth. The late art collector, who Forbes reported having a net worth of around$ 3 billion when she failed in June last time, inherited$ 1 billion from her first hubby, Helmut Horten, after his death in 1987. According to Christie’s, the German businessman bought Jewish businesses vended under constraint during the Nazi period.

The American Jewish Committee had called for the transaction to be put on hold until “ a serious trouble ” was made to probe the source of the Hortens ’ wealth. In a statement published before this month, the group described Helmut Horten as one the “ unconscionable businessmen ” who “ took advantage of aryanization laws and the hopeless requirements of Jews fleeing the Nazis. ”

In an open letter to Christie’s, Jewish mortal rights association the Simon Wiesenthal Center meanwhile said it “ demanded ” that the trade be halted. The Holocaust Educational Trust told the UK’s Jewish Chronicle review that the transaction was a “ true personality to victims of the Holocaust. ”

In an online trade roster, Christie’s said that the source of Horten’s wealth was “ a matter of public record ” and that her former hubby’s business practices are “ well proved. ” The transaction house added that it'll make a “ significant donation ” from the trade’s proceeds to associations advancing Holocaust exploration and education.

Christie’s also said that proceeds will go to The Heidi Horten Foundation, which supports The Heidi Horten Collection, the gallery she established in Vienna, Austria, before her death, as well as medical exploration, child weal and other humanitarian causes.

The two- day trade, which took place last week at the Four Seasons Hotel des Bergues in Geneva, Switzerland, is accompanied by an online transaction that concludes Monday. Another online transaction will take place in November. Horten’s collection featured over 700 jewels, which Christie’s originally prognosticated would vend for over$ 150 million.

But while the collection went on to smash estimates, several of the big- ticket particulars underperformed. The most precious lot, a ruby and diamond Cartier ring that's “ chump blood ” in color, brought just over 13 million Swiss francs($14.5 million), despite Christie’s awaiting flings as high as 18 million Swiss francs($ 20 million). A 90- carat “ Briolette of India ” diamond choker by jeweler Harry Winston also came in below estimate, dealing for 6.3 million Swiss francs ($ 7 million).

Away, still, a Bulgari diamond ring further than doubled its high estimate to cost9.1 million Swiss francs($10.1 million). Other jewels on trade included particulars from luxury names similar as Tiffany and Van Cleef & Arpels.

Horten was introduced to the appeal of beautiful objects from a youthful age as her father was an engraver. Her love for jewelry and art strengthened after her marriage, according to the transaction house.

She went on to retain an array of ornamental, ultramodern and contemporary artworks, some of which are housed in her gallery.

“ The World of Heidi Horten is the collection of a continuance, ” said Rahul Kadakia, Christie’s transnational head of jewelry, in a press release previous to the trade. “ From Bulgari to Van Cleef & Arpels, from a small particular memory piece to the Briolette of India, this is a collector’s dream.

“ Structure from extraordinary early pieces she acquired in the 1970’s and 1980’s,Mrs. Horten continued to grow and curate her sophisticated collection, eloquently combining stretch and ultramodern designs from the leading jewelry houses of the world that moment represent some of the finest exemplifications ever to come to request, ” Kadakia added.