Fine gray pearl necklaces are rarely seen at auction, making the auction of the Cowdray Pearls one of the most exciting highlights of Sotheby’s Hong Kong jewelry sale.

With an estimate of $4.5‑7 million, the necklace was formerly in the collection of Viscountess Cowdray, Lady Pearson (1860‑1932) and was strung and mounted by Cartier. It comprises 42 natural gray saltwater pearls well-matched in luster, shape, and size, and is accompanied by a pair of natural gray pearl earrings, also by Cartier London.