Thiers Necklace. In the galleries of the Louvre at Paris may be seen a pearl necklace formerly owned by the wife of President Thiers (1797–1887), consisting of 145 pearls in three rows. The weights of the three largest individual pearls are fifty-one, thirty-nine, and thirty-six grains, respectively. The aggregate weight is 2079 grains, and the value at the time of their deposit was estimated at 300,000 francs. This is on a base of $2.02; at a higher valuation the figures would be:

the last being very probably nearer to the correct value of the necklace at the present time.

Tiffany Queen Pearl. Doubtless the most famous pearl ever found within the limits of the United States, and likewise one of the choicest, is the well-known “Queen Pearl,” found in Notch Brook near Paterson, New Jersey, in 1857.^[518] In form it is a perfect sphere, and weighs ninety-three grains. The history of the discovery and of the sale of this beautiful gem is set forth on page 260.

The Bapst Pearls. Very practical is the account given by Streeter of a pair of magnificent spherical pearls exhibited at the Paris Exhibition in 1878 by Messrs. Bapst of Paris. One of these pearls—then weighing 116 grains—was purchased by Mr. Streeter in 1877, and by him sold to a leading merchant of London, who skilfully removed a blemish on it, reducing it to 113¾ grains in weight. After holding it for some months, it occurred to him that it would match a pearl sold by Hunt and Roskell to Dhuleep Singh about fifteen years previously. On comparison, the two were found to match perfectly, one weighing 113¾ and the other 113¼ grains. The two were eventually sold early in 1878 “for £4800, which was even then much below their value, and to-day they would be worth £10,000. They were exhibited in the great Paris Exposition in 1878, where they attracted universal attention, and were pronounced by connoisseurs to be the most extraordinary pair of pearls ever seen in Europe. They were sold from the exhibition to an individual for a very large sum.”^[519]

The “Southern Cross.” The “Southern Cross” is an unusual pearl or rather cluster of pearls which attracted much attention twenty years ago. It consists of nine attached pearls forming a Roman cross about one and one half inches in length, seven pearls constituting the shaft or standard, while the arms are formed by one pearl on each side of the second one from the upper end. The luster is good, but the individual pearls are not perfect spheres, being mutually compressed at the point of juncture and considerably flattened at the back. If separated, the aggregate value of the individual pearls would be small, and the celebrity of the ornament is due almost exclusively to its form. This striking formation was exhibited at the Colonial and Indian Exhibition at London in 1886, and later at the Paris Exhibition in 1889, where it was the center of interest, and obtained a gold medal for the exhibitors. It is reported that an effort was made to bring about its sale at £10,000, the owners suggesting that it was especially appropriate for presentation to Leo XIII, on the occasion of his jubilee in 1896. The writers have been unable to obtain information as to its present location.

Much information relative to the “Southern Cross” was volunteered by Henry Taunton in the very interesting account of his wanderings in Australia. He presents apparently reliable statements showing that it was found on March 26, 1883, off Baldwin Creek in Lat. 17° S. and Long. 122° E., by a boy named Clark, in the employ of James W. S. Kelly, a master pearler. When delivered to Kelly, it was in three distinct pieces, but the boy reported that it was in one piece when he found it a few hours before. Kelly sold it in the three pieces in which he received it for £10 to a fellow pearler named Roy; Roy sold it for £40 to a man named Craig, and he sold it to an Australian syndicate.

However, according to Taunton’s positive statement, there were only eight pearls in the cluster when it was sold by Kelly in 1883, and to make it resemble a well-proportioned cross—the right arm being absent—another pearl of suitable size and shape was subsequently secured at Cossack and attached in the proper place to the others, which, in the meantime, had been refastened together by diamond cement, thus making three artificial joints in the present cluster. “As if to assist in the deception, nature had fashioned a hollow in the side of the central pearl just where the added pearl would have to be fitted; and—the whole pearling fleet with their pearls and shells coming into Cossack about this time—it was no difficult matter to select a pearl of the right size and with the convexity required. The holder paid some ten or twelve pounds for the option of selecting a pearl within given limits; and then once more, with the aid of diamond cement and that of a skilful ‘faker,’ this celebrated gem was transformed into a perfect cross.”^[520]

Morgan-Tiffany Collection. Probably the most interesting assortment of American pearls is the Morgan-Tiffany Collection in the American Museum of Natural History, New York. The excellence of this collection lies, not in the high cost of any individual pearl, but in its illustrating in a comprehensive manner the great variety, colors, and forms of American pearls. Not only are the many varieties of fresh-water pearls represented, but likewise abalone pearls from the Pacific coast, conch pearls from the Gulf of Mexico, and a good assortment of pearly concretions from edible oysters and clams of the Atlantic coast.

This collection contains 557 species of white and colored Unio pearls, four multicolored, five mallet-shapes, 166 baroques, thirty-nine hinge pearls, twenty pearlaceous masses, thirty-four clam (Venus) pearls, fifteen abalone pearls, eleven conch pearls, and twelve oyster (Ostrea) pearls. The collection was exhibited in two parts, the first at the Paris Exposition of 1889, and the second at the Paris Exposition of 1900. On each occasion a gold medal was awarded.

Count Batthyani’s Pearl. A curious history is connected with a beautiful black pearl^[521] which was at one time in the possession of Count Louis Batthyani, the premier of the revolutionary government of Hungary. The count was shot in 1849, by the orders of a court-martial, and on the eve of his execution he gave the pearl, which he had worn mounted on a scarf-pin, to his trusty and faithful valet. The latter left it to his son, who, when in straightened circumstances, sought to raise money upon the pearl. The pawnbroker of the small town was distrustful of its value and took it to Budapest for appraisal. There the suspicions of the authorities were aroused, an investigation was ordered, and it was finally discovered that the pearl had been stolen one hundred and fifty years before from the English crown. The English government redeemed it for the sum of £2500 ($12,500). How it came into the possession of Count Batthyani is a mystery; probably he purchased it from some antiquarian.

In 1900 there was shown in Paris one of the most important black pearls of any time, a pear-shaped pearl of forty-nine grains, of a most wonderful black color with a green sheen, as perfectly formed as though it had been turned out of a lathe; it did not terminate in a point at the small end, but was slightly flattened. It was so beautiful an object that it almost seemed it should never be drilled for mounting. This pearl ultimately sold for more than $30,000, and it is probably the finest black pearl that has ever reached the European markets.

According to a personal communication from E. Z. Steever, governor of the District of Sulu, the largest pearl that he has seen in the islands belongs to the sultan, and is now in the possession of Hadji Butu, former prime minister. It is an oblate spheroid, there being a trifling difference between the two diameters. The upper hemisphere is very beautiful; the lower one has a few minute, black specks which are superficial and could be easily removed, the pearl not having been treated since it was taken from the oyster. This pearl measures five eighths of an inch at its greatest diameter and is said to weigh twelve carats (forty-eight grains). Hadji Butu informed Governor Steever that the sultan had refused $25,000 for the pearl in Singapore.

The Nordica pearl is the finest abalone of which we have any record. It weighs 175 grains, is a drop pearl of a greenish hue, with brilliant red fire-like flashes, and serves as a pendant to the famous collection of colored pearls belonging to the beloved and admired American prima donna, Madam Nordica.

At the International Exposition in Paris in 1889, Mr. Alphonse Falco, president of the Chambre Syndicale, exhibited a round pearl, white and lustrous, weighing seventy grains, and valued at 50,000 francs.

Augusto Castellani, the well-known Italian jeweler of Rome, in the year 1868, during the Papal regime, executed a crown for King Victor Emmanuel II. This crown was destined for the Church of the Holy Sepulchre, in Jerusalem, and on it is a pearl which, although slightly irregular, is as large as the famous Gogibus pearl.

A remarkable golden-yellow pearl from Shark’s Bay, West Australia, is in the possession of a New York lady; it weighs thirty and one half grains, is perfectly round, and is without a flaw or blemish.

Crown Jewels of France. The collection of gems known as the Crown Jewels of France owed its origin to Francis I (1494–1547). While in Bordeaux, on his way to meet his bride, Eleanor of Austria, sister of Emperor Charles V, Francis created by letter patent the Treasure of the Crown Jewels, giving to the state a number of his most valued diamonds, under the condition that at each change of sovereign a careful inventory should be made. The original collection consisted of six pieces of jewelry valued at 272,242 “écus soleil,” or about $700,000. The crown jewels have passed through many vicissitudes in the course of time. A number of the gems were at various times pledged as security for loans made in France and Italy, and it is said that in 1588, during the reign of Henry III, all the jewels disappeared from the royal treasury. Henry IV strove to regather the scattered ornaments, but it was only in the reign of Louis XIV that the collection became really important. At the time of the French Revolution, in 1791, an inventory was made by the order of the National Assembly.

The jewels were then deposited in the Garde-Meuble, where they were exposed to public view. Either they were very carelessly guarded, or the guardians were in collusion with a band of thieves, for the room wherein they were kept was entered on five successive nights, and when the theft was finally discovered only about 500,000 francs’ ($100,000) worth of the gems remained. Many of the most valuable objects were, however, traced and recovered. Napoleon I, when he became emperor, made every effort to enrich the treasure, and purchased gems to the value of 6,000,000 francs ($1,200,000), and subsequent rulers added to the collection on various occasions.

At the time of the official inventory in 1791 the entire collection of pearls was estimated at about 1,000,000 francs ($200,000). The finest specimen in the collection was a splendid round pearl weighing 109¼ grains^[522] and estimated at 200,000 francs ($40,000), or $366 per grain, on a base of $3.35. Then came two pear-shaped pearls of a fine orient and well-matched, weighing respectively 117¾ and 113 grains, and valued at 300,000 francs ($60,000) or $260 per grain, on a base of $2.25. In addition to the above there were twenty-five separate round pearls which had constituted the necklace of the queen; they ranged in weight from 36 to 165½ grains, and were valued at about 90,000 francs ($18,000). Beside the pear-shaped pearls to which we have alluded, there were two other pairs, each valued at 32,000 francs ($6400) for the two pearls; they averaged about 100 grains in weight. In addition to these there were two weighing respectively 175½ and 205¼ grains, each valued at 20,000 francs ($4000), and seven others ranging in weight from 92½ to 167 grains and valued at from 10,000 to 15,000 francs ($2000 to $3000). The best oval pearl was one weighing seventy-six and one half grains and estimated at 20,000 francs ($4000); there were two others, one of ninety-three grains, valued at 12,000 francs ($2400), and one of 121 grains, valued at 10,000 francs ($2000). We may also mention an egg-shaped pearl weighing 145¼ grains, estimated as worth 10,000 francs ($2000), and a button pearl of 198 grains entered at 15,000 francs ($3000). Beside these separate pearls there were eleven strings comprising 310 pearls, weighing in all 6778 grains and valued at but 29,400 francs (about $6000). The average per pearl was 95 francs ($19), less than one dollar a grain.

These pearls, according to their beauty, would now be worth from four to six times the valuation here given, so that the two large pear-shaped pearls of the French crown may be worth to-day $200,000 and the great round pearl from $100,000 to $250,000.

Many of these pearls were a century old. They were collected at a time when not as much attention was paid to their absolute perfection and beauty as at the present time, for there probably never has been a period when rare and perfect pearls, diamonds, or rubies have been appreciated so much more highly than those of mediocre quality.

After the downfall of Napoleon III and the proclamation of the French Republic, the jewels were inventoried, and, by a law passed December 10, 1886, it was decreed that a large part of the treasure should be sold at public auction. The sale was held in the Pavilion de Flore, a part of the Palace of the Tuileries, on May 12, 1887, and, very naturally, all the principal gem dealers and collectors were represented. A number of remarkable pearl ornaments were among the objects offered at this sale, one of the most beautiful being a diadem of an exceptionally artistic openwork design, adorned with large, round pearls and surmounted by a row of magnificent pear-shaped pearls. The total number of pearls in this diadem was 212, and their weight 2452 grains. It was sold for the sum of 78,000 francs ($15,600). The coronet which accompanied the diadem comprised 274 pearls, weighing 984 grains; the design was similar to that of the diadem, but the points consisted of a round and a pear-shaped pearl in alternation. This ornament realized the sum of 30,000 francs ($6000). A large brooch of very elaborate and beautiful design, beside a number of smaller pearls, comprised four fine, pear-shaped pendants, weighing 100 grains each, and two choice bouton pearls, and had in the center the famous pearl known as “La Régente,” which was purchased in 1811 for 40,000 francs ($8000). This splendid ornament brought the sum of 176,000 francs ($35,200). Four other brooches each contained seven pearls and many brilliants, the twenty-eight pearls having a total weight of 1496 grains, an average of more than fifty-three grains. Each brooch had two pearls surrounded with brilliants, and five large, pear-shaped pearls set as pendants. They were sold to different purchasers at prices ranging from 18,500 francs ($3700) to 43,000 francs ($8600), the four together realizing 113,500 francs ($22,700).

Six pearl necklaces were also offered. One of forty-seven pearls weighing 698 grains was sold for 34,600 francs ($6920), and two others, each consisting of fifty-eight pearls, with a total weight of 524 and 400 grains respectively, brought the sum of 22,300 francs ($4460) and 15,000 francs ($3000). Another necklace composed of thirty-eight round pearls and nine pear-shaped pendants, the total weight being 1612 grains, sold for 74,300 francs ($14,860). The two finest necklaces were broken up into a number of separate lots. One of them, consisting of 362 pearls and weighing in all 5808 grains,—an average of a trifle over sixteen grains,—was offered in four lots which together brought 295,800 francs ($59,160). The other necklace comprised 542 pearls weighing 6752 grains, and was disposed of in eight lots, realizing in all 331,800 francs ($66,360). Two bracelets adorned with 202 pearls and a number of small brilliants were purchased for the sum of 90,200 francs ($18,040). The total amount realized for the pearl ornaments was 1,261,500 francs ($252,300). There are several American ladies who own single strings of pearls which are of more value than the whole pearl parure of the Empress Eugénie.

Pearl parure of the crown jewels of France, worn by the Empress Eugénie, and sold at the Tuileries, May 12, 1887.

A diadem containing 212 pearls, weighing 2452 grains.

A coronet with 274 pearls, weighing 984 grains.

Four brooches, each containing four large pearls, two round, two pear-shaped, and three smaller ones, weighing in all 1496 grains.

A larger brooch comprising four large pear-shaped pearls, each weighing 100 grains. In the center is the pearl called “La Régente.”

Two necklaces each consisting of forty-seven pearls, with an aggregate weight of 698 and 1612 grains, respectively.

Two bracelets with 202 pearls, weighing 2000 grains.

Five buttons, three with nine and two with ten pearls.

A necklace of 542 pearls, weighing 6752 grains.

Another necklace of 362 pearls, weighing 5808 grains.

Two other necklaces, each containing fifty-eight pearls, the total weight being 400 and 524 grains, respectively.

Imperial Austrian Schatzkammer. The weights and values of the great gathering of pearls of the imperial Austrian Schatzkammer were carefully estimated by one of the authors and by his friends, and it is the first attempted inventory ever published.^[523]

The imperial crown of the Holy Roman Empire, preserved in the treasury of the imperial Burg at Vienna, and known as the crown of Charlemagne, has in front seventeen pearls weighing 424 grains, of which two weigh fifty-six grains each. The remaining fifteen pearls average 20.8 grains. The values of these pearls are as follows:

At the back of the crown there are eighteen pearls, weighing 180 grains. One of these has a weight of twenty-six grains; the remaining seventeen average 9.058 grains. The values estimated are as follows:

The pearls in the cross surmounting the crown have a weight of thirty-six grains.

The imperial cross is profusely ornamented with pearls in front, while the back consists simply of silver-gilt. There are three strings of pearls in the front running in each direction. The total weight of the pearls is 4092 grains; one weighing sixty-four grains, and the smallest two grains.

The crucifix of the Golden Fleece is ornamented only in front with pearls; these have a weight of but 136 grains.

The imperial Austrian regalia, dating from the time of Emperor Rudolph II, are also in the imperial Burg; some of the emperor’s jewels were sold at auction in Prague in 1728.

The crown is adorned with two rows of pearls, weighing respectively 960 and 840 grains; between these rows are pearls having a total weight of 440 grains, while the ornaments and eight large drops weigh 2052 grains. The largest pearl on this crown weighs 104 grains. It is drop-shaped and belonged to Rudolph II; it is slightly uneven and the color, although white, is not that of a new pearl, but this pearl has a positive history of three hundred and six years, and at the present time is probably the oldest known unchanged pearl with a direct and authentic record.

The imperial orb is studded with pearls weighing in all 1560 grains. Four of these weigh forty grains each, the others are of lesser size, the smallest weighing ten grains. The scepter is adorned with pearls to the weight of 300 grains.

In addition to these insignia and regalia there are in the treasury two magnificent pearl necklaces, deposited by Empress Maria Theresa in 1765. The first consists of a single string of 114 large-sized pearls with the “Baden Solitaire,” a diamond of 30 carats, as a clasp. Three of these pearls weigh from 92 to 100 grains each, and the whole string has a total weight of 3400 grains. This would give us the following values, the pearls averaging 29.82 grains.

The other necklace contains 121 pearls of a total weight of 3788 grains, arranged in three rows; these pearls average 31.3 grains, the largest weighing forty grains and the smallest ten grains. The necklace has a diamond clasp of 14¹⁄₃₂ carats. The pearls are worth:

Two bracelets with brilliant clasps, belonging to the same set, and consisting of 240 medium-sized pearls weighing 2800 grains and averaging 11⅔ grains, have the following values:

There is also a pendant of six pearls, weighing 300 grains and averaging fifty grains; these pearls are worth:

Another necklace, bequeathed to the treasury by the late Empress Caroline Augusta, consists of eighty-six pearls disposed in two rows, the largest pearl weighing seventy-two grains and the smallest eight grains. The total weight is 2600 grains and the average, 30.2. This necklace is worth:

Still another necklace is composed altogether of black pearls, of which there are thirty, the largest weighing forty-eight grains and the smallest ten. The total weight of this necklace is 1040 grains, an average of 34.66 grains for each pearl. On a base of $5 this necklace is worth $180,150.

The diamond crown of the empress bears pearls to the total weight of 2000 grains; among them are four weighing 100 grains each. These pearls alone, on a $5 base, would be worth $200,000.

The total weight of the pearls in all these ornaments is 35,816 grains, equal to four and a half pounds, avoirdupois, and they are worth from $2,000,000 to $4,000,000.

The so-called crown of Charlemagne bears the inscription: “Chuonradus Rex Dei gratia Romanorum Imperator Aug.” It is believed to be a work of the twelfth century and originally the royal crown of Conrad III, king of the Germans (1093–1152), the first Hohenstaufen.^[524] The arch is said to have been added to adapt this royal crown for use in the expected coronation of Conrad as emperor. He died, however, while making preparations for his journey to Rome.

The imperial vestments used in the coronation ceremonies of the Holy Roman Empire, were produced in the celebrated Hôtel de Tirâz, at Palermo. Roger II, King of Sicily (1096–1154), after a victorious campaign in Greece, brought back with him to Sicily a number of skilled silk-weavers and embroiderers, whom he established at Palermo. The imperial mantle is of a brilliant purple and bears an inscription, embroidered in gold and pearls, stating that the garment was made in the royal manufactory in the year 1133. Two pearl-embroidered representations of a lion, who has stricken down a camel and is about to tear it to pieces, also appear on this mantle. This symbol of royal power was used frequently by the Saracens, and it is said that Richard Cœur de Lion had this design embroidered on his saddlecloths.^[525]

A fine collection of large baroque pearls is preserved in the Grüne Gewölbe (Green Vaults) in the palace at Dresden, which contains the treasures of the royal family of Saxony. Most of these were mounted during the eighteenth century by J. M. Dinglinger (1665–1731), the famous goldsmith to the Saxon Elector, King Augustus II of Poland, and who is sometimes called the German Cellini. A splendid specimen of his work is a vase of Egyptian jasper in the shape of a shell, bearing a representation of Hercules fighting with the Nemæan lion; this bears reference to the immense personal strength and power of Augustus II, whose portrait is painted in enamel on a mirror at the back. The pedestal is adorned with a great many precious stones, pearls, and enamel paintings in the shape of cameos representing the twelve labors of Hercules. A dragon is studded with emeralds and its back is formed of pearls, with a large sardonyx in the middle. Hercules and the lion are in enamel.

In the same collection may be seen the figure of a dwarf made by Ferbecq, who was one of the goldsmiths of King Augustus. The body of the dwarf is formed of a baroque pearl, which is studded with small diamonds. His sleeves and trousers are in black and green enamel; his hat is also of green enamel and on it is a string of diamonds. In his right hand the dwarf holds a spit and in his left a roast. On his left shoulder he bears a goose, the upper part of whose body is formed of a pearl; at his right side hangs a bottle also formed of a pearl. The gilded pedestal is ornamented with white enamel work on a pink ground. Above and below, it is set with white and yellow diamonds. Another figure, similarly formed of a large baroque pearl ornamented with gold and diamonds, shows a drunken vintager and his dog; and an exceedingly grotesque, ornamented baroque is said to bear a striking resemblance to Señor Pepe, the court dwarf of Charles II of Spain.

Exhibited at the Palace of Rosenberg at Copenhagen, are similar designs in which large baroques form the principal part of fish, birds, dragons, mermaids, etc. Prominent among them is the figure of a skater, executed by the jeweler, Diederichsen; it is said that this was made for Frederick VII, who died before it was accepted, and in 1895 it was presented to the museum.

A beautiful and costly figure of this nature was completed a year or two ago by the court jeweler, Alfred Dragsen, of Copenhagen. This is nearly four inches in height, and represents a female snake-charmer. A very long baroque pearl forms the body from the shoulders to the knees, and the head, arms, and the legs below the knees are of gold. The figure is ornamented with a diamond-studded garland, ruby necklace and earrings, and garters set with similar gems, a red enameled girdle ornamented with pearls, and golden anklets with black pearls. With a flute she charms a serpent twined about her body and grasped with the other hand.

What is said to be the finest collection of black pearls in all Europe is that belonging to the Duchess of Anhalt Dessau, Germany. It consists of three large caskets of black pearls that have taken a century to collect. It is traditional in the family that these pearls are never to be sold except as their last possession, since they know they will always find a purchaser.

A collection of pearls had been kept for many years in the Monte de Piedad of Mexico City, which it was claimed had been pawned by a friend of the Empress Carlotta, in order to provide her with money at the time of the assassination of Emperor Maximilian. These pearls were contained in a necklace and a pearl and diamond tiara, which were sewn upon cardboard covered with black velvet, and had the appearance of not having been disturbed for many years. The necklace consisted of old pearls, both of the so-called Madras and Panama varieties; in the center was a large diamond medallion from which pear-shaped pearls were suspended. It is believed that these pearls were part of Empress Carlotta’s marriage portion, and that they came from the Austrian crown jewel collection. None of them possessed much quality with the exception of one, a large pear-shaped pearl which was set at the base of the necklace and weighed eighty-four grains. The drilling of this pearl was of a very old style, being of that type in which a tube is inserted in the drill hole, through which a gold wire passes to hold the pearl; a diamond is then set at the base of the tube to disguise the drill mark. It is, however, possible that the pearl came from the East Indies, where large drill holes are usual.

The pearls were sent in bond to the United States as a collection, and then to Europe, where they were sold separately, the pear-shaped pearl appearing again in the New York market in 1906. There has been some doubt as to these really being Carlotta’s pearls, but the Mexican account is fairly consistent, and it satisfactorily disposes of the newspaper romance in which it was claimed that Carlotta had taken these pearls with her to Europe and that they had been buried in a casket in the Adriatic Sea.

Recent Auction Sales. In England and in France, more than in the United States, great auction sales of jewels are common. They are held in London, principally at Christie’s, originally a coffee house, established in 1880; and in Paris, at the Hôtel Drouot. Good prices are generally realized, as the buyers of the entire continent attend these great sales. The purchases are usually made by dealers who frequently do not neglect each other’s interests if private buyers are present. No matter how great may be the amount involved, no matter whether the collections consist of paintings, furniture, or jewels, there are always buyers, to a much greater extent than in the United States. The price for fine jewels may naturally vary a trifle in the different markets, according to the conditions of payment. It must evidently make an appreciable difference whether almost the entire amount is paid in cash or whether a credit of thirty days is extended, or one for a much longer period, in some countries for as long as one, two, or even three years.

While in the United States such sales of valuable jewels are very unusual, it has been a custom in England and in France for many years, in the settlement of estates, to sell not only the furniture, bric-à-brac, etc., but also the jewels. Sales of this kind are naturally calculated to attract not only the dealers, but also many rich collectors and connoisseurs, and as they are frequently widely advertised, and London and Paris are, at the most, but one to two days’ journey from all parts of Europe, many people attend, most of the private buyers being represented by their agents. By means of these sales many heirlooms, which have been handed down from generation to generation, often pass into the possession of strangers. In the matter of jewels, it has been frequently noticed that dealers are in the majority of cases the ultimate buyers, and it has also been inferred that when an outsider participates in the bidding, the prices are advanced to such an extent that it does not often appear profitable for him to buy in the face of such competition. All manner of people have had their estates disposed of in this way, and the list of these sales during the past twenty years is a striking one: royalty, nobility, merchants, and people in many other conditions of life find a place in it.

It is not an infrequent custom in London for solicitors to advance money on jewels, and when the payments are not forthcoming these jewels are sold. Hence, many sales appear at the larger auction rooms in which no name is given, the owners frequently being people of high degree.

On July 19, 1892, a necklace containing eighty-five graduated pearls of unusual size and quality, the property of the late H. W. F. Bolchow, M.P., was sold in London for the sum of £2500 ($12,500). Another necklace of 146 fine graduated pearls disposed in two rows, brought £2400 ($12,000); a single-row necklace of eighty-five pearls realized £1600 ($8000), and one of 118 pearls in two rows £1660 ($8300).

An exceptionally fine pearl necklace which belonged to her Grace the late Caroline, Duchess of Montrose, mother of the present Duke of Montrose, was sold at Christie’s on April 30, 1895. The necklace comprised 362 graduated pearls, arranged in seven rows of forty-four, forty-seven, forty-eight, forty-nine, fifty-two, fifty-eight, and sixty-four pearls, respectively. The amount realized for this ornament was £11,500 ($57,500).

On July 9, 1901, a pearl necklace, advertised as the property of “a French lady of rank,” and several other valuable pearl ornaments, were offered at Christie’s. It is supposed by many that these jewels belonged to Madame Humbert. The necklace was composed of six rows of graduated pearls consisting of fifty-five, sixty-one, sixty-seven, seventy-three, seventy-nine, and eighty-nine pearls, respectively, a total of 424, all of good color and luster. A London dealer considers that they owed their value mainly to skilful matching and fineness of color; they are perhaps a century old. As may be supposed, there were many bidders who competed eagerly for possession of this fine ornament, and it was at last adjudged for the sum of £20,000 ($100,000). While this was, up to that date, a record price in an auction room, it was by no means an exceptional figure for private sales; indeed, at about the time this necklace was sold, a London dealer disposed of another for £34,000 ($170,000).

A necklace, the property of the late Lady Matheson of the Lews, was sold at Christie’s, March 5, 1902. Well-matched and graduated round pearls, to the number of 233, were disposed in four rows, and strung with seed-pearls between. This necklace, which had been presented to Lady Matheson at the time of her marriage in 1843 by Sir Jamsetjee Jejeebhoy, Bart., brought the sum of £6800 ($34,000).

A pearl necklace, containing fifty-three fine and graduated pearls, was sold in London, June 9, 1902, for the sum of £2250 ($11,250). Another necklace of sixty-eight fine round pearls, one of which formed the clasp, brought £1580 ($7900). A beautiful pearl and brilliant pendant of open scroll design, with a large, round white pearl in the center, and a large, pear-shaped black pearl as drop, realized £800 ($4000), and a pearl collar of ten rows of round pearls brought £820 ($4100). A noteworthy offering at this sale was a rope of 135 pearls, an heirloom sold under the will of Lady Marianna Augusta Hamilton. These pearls had been given to Lady Augusta Anne Cockburn in 1769 on the occasion of her marriage to Sir James Cockburn, Bart., by her godmother, Augusta, Duchess of Brunswick, sister to George III. The rope was sold for £900 ($4500).

The pearls of Lady Dudley were sold at Christie’s on July 4, 1902. Among them was a magnificent necklace of forty-seven slightly graduated round pearls, of large size and unusually brilliant orient; their gross weight was 1090 grains. This necklace brought the sum of £22,200 ($111,000). A single pear-shaped pearl of the finest orient mounted with a diamond cap, as a pendant, and weighing 209 grains, was sold for £13,500 ($67,500). A rope of 222 graduated round pearls of the highest quality, weighing 2320 grains was purchased for £16,700 ($83,500), and a pearl and brilliant tiara brought £10,300 ($51,500). The entire casket of thirty-one lots realized £89,526 ($447,630).

At the sale of the jewels of Mlle. Wanda de Boncza, at the Hôtel Drouot, Paris, December 6, 1902, a fine necklace was disposed of for the sum of 150,000 francs ($30,000), and a rope of 100 small pearls realized 38,100 francs ($7620); the proceeds of the entire sale of these jewels were 1,249,578 francs ($249,915).

Among the Aqualia jewels, sold in London in 1903, was a pearl necklace that brought £4480 ($22,400).

The jewels of the late Marquis of Anglesey, an enthusiastic jewel and art collector, were disposed of at Christie’s on May 4 and 5, 1904. At the time of his death, the marquis was supposed to be a bankrupt, but the value of the gems which he had purchased had increased so rapidly that the sale realized the sum of £22,988 10s. ($114,942), more than enough to cover all the obligations of the estate. Of this amount a magnificent drop pearl, mounted as a scarf-pin, brought £4000 ($20,000); another drop pearl of the finest orient, weighing 105½ grains, but slightly cracked, was sold for £3700 ($18,500). Four other drop-shaped pearls, mounted as scarf-pins, were sold for £5220 ($26,100), one of them bringing £1720 ($8600). A single bouton pearl, used as a coat fastener, realized £980 ($4900), and a pearl trefoil was purchased for £580 ($2900). One fine large bouton pearl, set as a stud, was disposed of for £3000 ($15,000), and another somewhat smaller bouton, also set as a stud, brought £1600 ($8000).

A splendid necklace comprising forty-nine well-matched and graduated pearls of fine quality, weighing 563½ grains, was sold in London on June 29, 1905, for the sum of £4700 ($23,500). At the same sale a necklace of thirty-two graduated pearls, weighing about 890 grains, brought £2600 ($13,000).

On July 20, 1905, a pearl necklace comprising forty-five graduated pearls of fine orient, with a cabochon ruby clasp, the gross weight being 832 grains, was sold in London for £3150 ($15,750).

A fine pearl and brilliant pendant was disposed of at the sale in London, February 21, 1906, of the stock of Mr. E. M. Marcoso. This pendant was composed of one large white brilliant, weighing 18¹⁄₃₂ carats, and a drop-shaped pearl weighing 75¾ grains. The ornament brought the sum of £2050 ($10,250).

A pearl necklace composed of 285 well-matched and graduated pearls disposed in five rows was sold in London on June 13, 1906, for the sum of £10,000 ($50,000). At the same sale a three-row necklace, with 213 graduated and matched pearls of fine orient, brought £3200 ($16,000), and a rope of 237 fine pearls realized £2800 ($14,000).

Among the jewels disposed of at a sale in London on July 11, 1906, may be mentioned a five-row pearl necklace of 445 graduated oriental pearls which was sold for £2500 ($12,500). Three other necklaces were offered at the same sale; one of fifty-five matched and graduated pearls of fine quality bringing £3400 ($17,000); one of fifty-seven pearls, £2700 ($13,500), and the other of 219 well-matched and graduated pearls realizing £2350 ($11,750). Still another necklace of 417 matched and graduated pearls arranged in five rows was sold for £4800 ($24,000). A splendid pearl drop, of the finest orient, brought £1650 ($8250), and a pearl rope of 191 oriental pearls, arranged so as to form three single-row necklaces, realized the sum of £3700 ($18,500), three fine black pearls, mounted as studs, were sold for £1000 ($5000). The most important necklace was reserved for the end of the sale; this was composed of forty-seven large oriental pearls, and was purchased for the sum of £10,000 ($50,000).

At the sale of the Massey-Mainwaring collection at Christie’s on March 18, 1907, a five-row pearl necklace consisting of 471 graduated pearls, with a bouton pearl in the center, was sold for £4600 ($23,000).

Another collection, sold at Christie’s, April 15, 1907, was the property of the late Mrs. Lewis-Hill, and the proceeds of the first day’s sale reached the heretofore unapproached total of £94,805 ($474,025), thus exceeding by $26,395 the amount obtained in one day by the sale of Lady Dudley’s jewels. Among the valuable pearls in this collection, we may mention a pair of large bouton pearl earrings, with small diamond tops, which brought £1180 ($5900). The enthusiasm and interest of the assembly were aroused by a necklace of forty-five large, graduated pearls of fine orient, with a bouton pearl and brilliant cluster snap; after spirited bidding this was bought for £6100 ($30,500). The greatest event of the day, however, was the appearance of a splendid rope of 229 pearls of very good form, well-matched and graduated. The opening bid was £10,000 ($50,000) and after a warm contest the pearls were finally acquired for the sum of £16,700 ($83,500). A necklace consisting of fifteen graduated drops, each formed of one bouton pearl, one brilliant, and one pear-shaped pearl drop, depending from a narrow band of small diamonds, drew forth a bid of £5000 ($25,000) and was finally awarded for the sum of £12,200 ($61,000). A pearl rope of 183 graduated and well-matched pearls realized £7200 ($36,000), and a fine pair of pearls set as earrings brought £3400 ($17,000). The crowded auction room, the keen competition among the bidders, and the amount obtained for these jewels are good indications of the firmness of the market at the present time.