Fred Leighton bankrupt!

[jewelerman]

I just read on the internet that one of my favorite estate jewelers has filed for chapter11 and is trying to protect its millions in antique jewels from going on the auction block! Leighton sold his stores last year for 175 million and the new owners are defaulting on loans from 24 differant sources includung merrill Lynch who wants the jewels to auction.I wondered why i couldnt bring up their website any longer...they have the best of the best when it comes to antique or famous name vintage jewels...Tiffany,Cartier,Bulgari ect...sad stuff.

 

[Sizzle]

That''s very sad. The economy is affecting people at many levels.

 

[Skippy123]

Wow, yikes, too bad. They were just building a store in Paris this spring on Vendôme!!!

 

[Harriet]

Date: 6/16/2008 2:57:41 AM
Author:jewelerman
I just read on the internet that one of my favorite estate jewelers has filed for chapter11 and is trying to protect its millions in antique jewels from going on the auction block! Leighton sold his stores last year for 175 million and the new owners are defaulting on loans from 24 differant sources includung merrill Lynch who wants the jewels to auction.I wondered why i couldnt bring up their website any longer...they have the best of the best when it comes to antique or famous name vintage jewels...Tiffany,Cartier,Bulgari ect...sad stuff.

I don''t think that there is cause for alarm yet. Chapter 11 entails reorganization, not liquidation. Companies can and have emerged solvent from Chapter 11 plans.

 

[Ninama]

Date: 6/16/2008 9:43:11 AM
Author: Harriet
I don''t think that there is cause for alarm yet. Chapter 11 entails reorganization, not liquidation. Companies can and have emerged solvent from Chapter 11 plans.

... so, my rose cut cuff and pear ring will still be available at top dollar. Whew.

 

[Skippy123]

Date: 6/16/2008 10:18:12 AM
Author: Ninama


...

I love love that braclet!!!

 

[jewelerman]

Harriet,
i hope they can come back make a come back...The Christies auction has been put on hold as i understand but i read the the creditors are pushing hard for auction and Leighton is arguing that they can sell theirs jewels to private parties for better return rather then pennies on the dollar at auction...if i were the creditors i would wait and see what is sold and sent the remainder to auction at Christies as planned.

 

[Ninama]

Date: 6/16/2008 10:58:05 AM
Author: Skippy123

I love love that braclet!!!

Isn''t that yummy? What I''d really love is a choker in the same style...

 

[HollyS]

Well, about Fred. . . if you continually ''rent-out'' your big bucks jewelry, or in the case of the bigger celebrities, just loan it; but no one ever actually buys anything except that occasional celeb e-ring. . . how would you stay in business?? The insurance and security necessary for ''lending'' bling is probably astronomical. The employees needed to deal extensively with their ''exclusive'' clientele would be many, and high quality themselves, commanding top dollar to employ.

Don''t forget, most celebs do not own their own really expensive jewelry anymore. They also don''t actually buy the designer gowns you see them wear in InStyle magazine. All of this stuff is given to, or just lent to, the celeb so that the designer name/label will appear in photos/print media. It''s how they advertise. It has never seemed to be the best way to actually make money though. A whole lotta cost for a little bitty blurb in a picture caption. Can you tell I don''t have a marketing degree?

 

[FrekeChild]

Sometimes it's not just an itty bitty blurb though. There are people who hang on everything celebrities say/wear/do. Those people, if they have the means will go out and buy those jewels/dresses/shoes or if they don't, they'll aspire to-therefore keeping the exclusivity of those designers/jewelers up there and desirable.

Here's an interesting blurb on the subject...link

This one is more legit...

ETA: This one too

And I want to rock those rose cut pieces.

 

[Ninama]

Date: 6/16/2008 1:11:11 PM
Author: FrekeChild

And I want to rock those rose cut pieces.

Frekers! The choker is just the bracelet P''shopped onto a painting... but wouldn''t it be loverly?

 

[FrekeChild]

Um, Yeah!

I''m such a doofus, I didn''t even realize. Lol. Still though. I could rock them both! (With a really low cut black top/dress.

 

[Ninama]

I should have shopped it onto my own freakishly long neck in the first place... omg.


photo: Horst P. Horst

 

[partgypsy]

Hmmp I am much less demanding. I would wear their jewels for free

.

 

[FrekeChild]

Date: 6/16/2008 1:35:46 PM
Author: Ninama

I should have shopped it onto my own freakishly long neck in the first place... omg.

photo: Horst P. Horst

Gah! I wonder what the retail price on the cuff is...And how many carats it is....And I wonder how many carats it would take to make a choker...

 

[shortee78]

*** DROOL ***

That cuff is to die for....

 

[Rhea]

That bracelet is so pretty.

I don''t know much about Fred Leighton. Or advertising. Or celebrities. But the bracelet is amazing!

 

[kcoursolle]

How sad, I love his pieces!!! I just saw his store on Rodeo the other day with cardboard on it and wondered why... Bummer!!!

 

[jewelerman]

From the posted oictures you can see why i will miss seeing their jewelry...i hope they can rebound...

 

[Harriet]

As far as I know, the NY store is still in operation. I just passed it last weekend.

 

[Madam Bijoux]

Times are difficult for retail. So many people can''t buy luxury goods any more. I just heard a rumor that the jewelry store in Philadelphia where I got my Royal Asscher is going out of business. The store has been owned by the same family since 1936.

 

[surfgirl]

I just spoke with the NYC store last week and they are still in business. This is sort of old news I think. There was a big article in the NYT a couple of months back at least, about some fight over Fred''s and they talked about bankruptcy but were also talking about scaling back new shops and keeping the NYC location.

 

[Ninama]

http://www.idexonline.com/portal_FullNews.asp?id=30101

http://www.nationaljewelernetwork.com/njn/content_display/independent/e3if80918ad80357bab5ed263921adc9ad2

http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&date=20080506&id=8598748

 

[innerkitten]

It's a sign of the times isn't it.
I hope they can manage to at least keep the New York store and all those beautiful jewels.

Weird how celebrities don't buy their jewelry anymore.

 

[Rhea]

I wouldn''t blame a celebrity for not buying anything any more. If you can borrow or rent, why buy a piece for a lot of money unless you think you''ll wear it enough to make it worth it? We''d all get really tired of seeing awards ceremonies with people wearing the same clothes and jewellery every time.

 

[Imdanny]

Well what I read said that they were paid like $100,000 for an event. They don't borrow or rent.

It seems absurd for people to be paid that kind of money for to wear jewelry for one evening when so many others are concerned about affording gas and food, medical care, and retirement. Sorry. I'll get off my soapbox now.

Maybe if I could afford that kind of jewelry, that wouldn't being off-putting. I don't know.

 

[jewelerman]

Paying celebs to wear their jewels and just lending them out is the best form of advirtising for many jewelers.The cost of annual advertising is huge and paying celebs or lending is a cheaper advirtising gimmick.many of the pieces are actually sold by call in commitment while the celebrity is wearing it on the air.The jeweler must however pay huge insurance fees and hire body guards that cost thousands to protect the jewels and the celebrity wearing them.It adds to the jewels provanance to have had a famous celibrity wear it...The reason i watch most of the award show is to see who is wearing what jeweler or designer and what trend will develope from the jewelry.I have sold certain styles because clients want a certain watch brand or style of earring worn by that person in an ad or on the red carpet.

 

[surfgirl]

Date: 6/19/2008 1:20:56 PM
Author: jewelerman
Paying celebs to wear their jewels and just lending them out is the best form of advirtising for many jewelers.The cost of annual advertising is huge and paying celebs or lending is a cheaper advirtising gimmick.many of the pieces are actually sold by call in commitment while the celebrity is wearing it on the air.The jeweler must however pay huge insurance fees and hire body guards that cost thousands to protect the jewels and the celebrity wearing them.It adds to the jewels provanance to have had a famous celibrity wear it...The reason i watch most of the award show is to see who is wearing what jeweler or designer and what trend will develope from the jewelry.I have sold certain styles because clients want a certain watch brand or style of earring worn by that person in an ad or on the red carpet.

Ditto J-Man! Think of the craze that the jewelry pieces SJP wore on SATC and the commotion they caused. Name necklaces? Seriously, I had one when I wa like 7 years old. Hadn''t seen them in ages but then she wears one and POOF! It becomes a craze and everyone has to wear them. Same with awards shows. People see that stuff on TV and in InStyle Mag and they want it, or a knockoff of it. It''s the easiest form of advertising there is. In fact it''s such a no-brainer that people used to fight to get their pieces into free swag bags (before they started taxing the contents!).