Morphy estimates an Oscar Heyman necklace at 40.3% of invoice
The original invoice in the lot's box reads $620,000 against a $150,000 to $250,000 estimate. Morphy offers 357 lots at Denver, Pennsylvania on 24 September.
By The Auctions Desk
What changed
The invoice is in the box. A 2014 Oscar Heyman necklace returns at Morphy on 24 September, one of 357 lots, with a $150,000 to $250,000 estimate against the $620,000 invoice that travels with it.
What it means
- If you appraise signed American work: the ceiling here is 40.3% of the 2014 retail invoice, not a premium to it.
- If you consign a boxed lot: the original invoice travels with the piece and sets the comparison a bidder makes.
- What this is not: a result. The hammer is 12 days out and estimates are not prices.
Key figures
| High estimateOscar Heyman necklace | $250,000 |
|---|---|
| 2014 invoicecopy conveys to the buyer | $620,000 |
| Estimate of invoicehigh estimate against 2014 | 40.3% |
| Diamondsat least 180.15 carats | 850 |
Source: Morphy Auctions release, 1 September 2026 · Fine Jewelry & Watches, Denver, Pennsylvania, 24 September 2026
Three lots clear six figures
Two share the top. The Oscar Heyman necklace and a Bvlgari Serpenti bracelet watch both carry $150,000 to $250,000.
The Rolex follows. A 1959 GMT-Master with its original red and blue Bakelite bezel is published at $120,000 to $180,000.
| Lot | Low | High |
|---|---|---|
| Oscar Heyman fancy-colour diamond necklace | $150,000 | $250,000 |
| Bvlgari Serpenti with Jaeger-LeCoultre secret watch | $150,000 | $250,000 |
| 1959 Rolex GMT-Master, ref. 6542, Bakelite bezel | $120,000 | $180,000 |
| Platinum emerald and diamond necklace | $70,000 | $100,000 |
| Platinum graduated diamond necklace, 57.58 ct | $60,000 | $90,000 |
| 7.87-carat light brown diamond solitaire ring | $50,000 | $80,000 |
| Rolex Day-Date 40 in 18K yellow gold | $50,000 | $75,000 |
Notes on this table
Source. Morphy Auctions' release of 1 September 2026, corroborated lot by lot by JCK on 2 September.
The seven. total $650,000 at the low and $1,025,000 at the high, Carat Capital's arithmetic.
The GMT-Master. is published at $120,000 to $180,000 in the release; one secondary summary gave it the same band as the two lead lots, and the release is followed here.
The invoice sets the comparison
Forty percent of retail. The high estimate is 40.3% of the $620,000 the necklace sold for in 2014.
Said the other way. The same estimate is 59.7% below the 2014 invoice, and the low estimate is 75.8% below it.
The counts do not reconcile
Two totals, one necklace. Morphy publishes 850 diamonds at a combined weight of at least 180.15 carats. The four itemised counts sum to 723.
Colour carries the weight. The three colourless groups total 18.99 carats, leaving at least 161.16 for the 571 fancy-colour stones.
What to watch
- 14–17 SepSotheby's Gem Drop in New York, the next dated jewellery total on the calendar.
- 24 SepBonhams California's sapphire necklace sale, the same day in another room.
- 24 SepMorphy's 357 lots at 9am ET in Denver, Pennsylvania.
The story so far
Go deeper
What would change this call
A hammer above $620,000. That would make the 2014 invoice a floor for signed Oscar Heyman work rather than a ceiling, and the 40.3% would read as a conservative estimate.
How an auction estimate is set
An estimate is a range a specialist expects the hammer to fall inside, set before the sale on comparable results, condition, provenance and the reserve agreed with the consignor. It is not an appraisal and not a retail price. Retail invoices sit above estimates because they carry a maker's margin, a shop's margin and tax that the secondary market does not recover.
Method
Estimates and lot descriptions come from Morphy Auctions' own release of 1 September 2026, read in full through AuctionDaily's reproduction, and were checked lot by lot against JCK's independent write-up of 2 September; the seven estimates agree in both. Arithmetic, all Carat Capital's: 250,000 divided by 620,000 is 40.32%, so the high estimate is 40.3% OF the 2014 invoice and 59.7% BELOW it; 150,000 divided by 620,000 is 24.19%, so the low estimate is 24.2% of the invoice and 75.8% below it. The seven low estimates sum to $650,000 and the seven high estimates to $1,025,000. On the release's own total weight, the high estimate is $1,388 a carat, the low $833, and the 2014 invoice $3,442. The stone counts do not reconcile in the release itself: 95 plus 21 plus 36 plus 571 is 723, while the release states a total of 850, a gap of 127 stones that is printed here rather than smoothed. The itemised colourless weights, 13.47 plus 2.60 plus 2.93, total 18.99 carats, which leaves at least 161.16 carats for the 571 fancy-colour stones against the stated minimum of 180.15. Archive test, both periods named: the archive's Morphy references are what-to-watch lines in the 4 and 8 September editions, both of which cover other houses' sales and name this one only as a forthcoming date; no article covers this sale, this consignment or Oscar Heyman. New, not a repeat.
Sources
- Morphy's Sept. 24 Fine Jewelry & Watches auction offers 357 superlative lots — Morphy Auctions release 1 September 2026
- Inside Morphy's September Sale: 571 Fancy Colored Diamonds — JCK 2 September 2026
- Morphy Auctions, upcoming auctions 12 September 2026