The Louvre Picks Up A Crown Jewel

by Deidre Woollard (RSS feed)
Apr 23rd 2008 at 8:02PM

The wonderful thing about vintage jewelry is the history that comes with it. The intricate piece shown here is Empress Eugénie's brooch which was made in 1855 by the Parisian jeweler François Kramer for the French Empress. The brooch was set to be part of the Christie's Eye of a Connoisseur sale which was halted at the last minute due to a court order and a complicated situation involving Fred Leighton owner, Ralph Esmerian and a few outstanding loans from Merrill Lynch. Esmerian was having trouble paying his debts and had to surrender the collateral, his collection. Merrill Lynch tried to cash in the jewels at a Christie's auction in New York but Esmerian was able to block the sale although he had to declare bankruptcy in the process and will sell the pieces privately.

The brooch had a pre-sales estimate of $4 million to $6 million but the Louvre paid close to $11 million, eager to get back a piece of the crown jewels. The brooch was first auctioned off in 1887 when the French government decided the property of French queens and kings would be sold to the highest bidder. The jeweler Emile Schlesinger bought the piece which was originally meant to be a belt buckle and was later turned into a stomacher: a pin that extends from the chest to the waist. Schlesinger bought the piece for Mrs. William Astor and remained in the Astor family for more than 100 years. The Astors were also, for a time, a type of American royalty so this beautiful piece acquired an additional worthy provenance.

Would the piece have been worth less without the history? A piece like this is just the sum of its parts, stones and metal. But it is also so much more, craftsmanship and history and that history was what the Louvre was willing to pay for.

Tags: auction, brooch, diamonds, empress eugenie, EmpressEugenie, france, louvre