Outstanding Success of the 8th GIE Poe O Rikitea Auction: A Result Beyond Expectations
By Sandrine, Wednesday 13 November 2013 at 10:51 :: Auction sales
The 8th annual edition of the GIE Poe O Rikitea auction was a resounding success, surpassing all forecasts and delivering exceptional results.
On the first day, the auction generated over 110 million XPF, and the second day brought in 171 million XPF — far exceeding the projected 151 million. Japanese buyers dominated the event, standing out as the main purchasers.
In addition to the usual lots of pearls, this auction offered a major surprise with the presentation of a rare 18.6 mm pistachio-colored pearl. Although its owner had not initially planned to sell it, the determination of a private buyer convinced the pearl farmer.
The pearl, from Dominique Devaux’s farm in the Gambier Islands, fetched an impressive 1,557,279 XPF. The Japanese buyer, thrilled with the acquisition, plans to turn this pearl into an ambassador piece during his travels to promote Polynesian pearls internationally.
In total, 265 lots were offered over the two days of the sale, with a starting price of 151,846,500 XPF. On the final day, dedicated to the liquidation of unsold items, only 22 lots remained available. The total turnover reached 171,938,548 XPF, representing a 19.65% gain. Buyers from Europe, Asia, and Polynesia secured the most beautiful lots, with Japan taking the lead with 47,467 pieces, followed by Hong Kong, Polynesia, Denmark, and France.
Beyond the purely commercial aspect, this auction strengthened hope for the future of Polynesian pearl farmers. Dominique Devaux, the event’s organizer, also launched a project for a hatchery of selected pearl oysters, in collaboration with IFREMER and the Directorate of Marine Resources.
This project aims to improve the quality of cultivated pearls and reinforce the position of Polynesian pearls on the global market. The next auction, scheduled for March 2014, is already shaping up to be an unmissable event, further cementing the place of the Polynesian black pearl in the world of luxury jewelry.
