International News
$40+ million: Sky is the limit for Fabergé at auction
A Fabergé egg, carved from rock crystal more than 100 years ago, is expected to command a remarkable return when it heads to auction in December.
The Winter Egg is studded with 1,660 diamonds and was a gift from Nicholas II, the last Emperor of Russia, to his mother, Dowager Empress Maria Feodorovna. The piece was crafted by Alma Theresia Pihl, one of only two female designers at Fabergé, and includes platinum, double-handled trelliswork basket set with carved quartz flowers and rose-cut diamonds
The Winter Egg will head to Christie’s auction house in London on 2 December and is expected to sell for more than £20 million ($AUD40.93 million). This piece has already set the world record for the sale of a Fabergé egg at auction on two occasions – returning $AUD13.95 million at Christie’s in Geneva in 1994 and $AUD14.72 million at Christie’s in New York in 2002.
“The highly important Winter Egg has twice set the world record for a work by Fabergé and represents a once-in-a-lifetime opportunity to acquire a masterpiece of such calibre,” Christie’s explained.
“It is among the most lavish of Fabergé’s Imperial creations and is widely regarded as one of the most original and artistically inventive Easter eggs the house produced for the Imperial family.
“The sale will also feature just under 50 exceptional works by Fabergé, including hardstone figures, animals, objects de vertu and furniture, offering collectors a rare opportunity to acquire masterpieces from this extraordinary collection.”
A total of 50 Imperial Easter Eggs were produced by Fabergé between 1885 and 1916. Of those, 43 eggs are still believed to exist and are located in museums around the world. It’s believed that seven, including the Winter Egg, are privately owned.
Fabergé was founded in 1842 and, earlier this year, was sold to a technology investor as part of a $AUD76.2 million deal.
A staggering 14% rally in January took gold above the US$5,000 mark, cementing the 5k number as a headline to match the first recorded annual 5,000 tonnes of total demand. The month closed at US$4,982/oz and scored 12 all-time highs. But it was not without drama with large intraday swings on the last two days of the month.
Our Gold Return Attribution Model (GRAM) showed an unusually large contribution from implied volatility (c.50% of January’s return), reflecting substantial option market activity. This variable currently sits in risk & uncertainty, although is likely more reflective here of momentum.
Global gold ETF flows provided plenty of support adding 120t in January to take holdings to a new record, valued at US$669bn. The flows were dominated by Asia (62t) and North America (43t) while Europe saw more modest inflows
Key Price Figures (January 2026)
The month was characterized by relentless momentum, scoring 12 all-time highs before ending with significant intraday volatility.
| Metric | Value (USD) | Peak Date |
| January Closing Price | US$4,982/oz | Jan 30, 2026 |
| All-Time Record High | US$5,307/oz | Jan 28, 2026 |
| Monthly Return | +14.1% | — |
Performance in Other Major Currencies (Jan Return):
- INR: +23.9% (Record high: ₹176,306/10g)
- RMB: +19.2% (Record high: ¥1,248/g)
- EUR: +13.0% (Record high: €4,444/oz)
Major Market Drivers
- Momentum & Options (GRAM Model): Approximately 50% of January’s return was attributed to implied volatility and massive options market activity rather than pure macro fundamentals.
- ETF Inflows: Global gold ETFs added 120 tonnes (valued at US$669bn), the strongest month on record.
- Asia: 62t (led by China)
- North America: 43t
- Europe: 13t
- The “Warsh Effect”: Late-month drama was fueled by the nomination of Kevin Warsh as the next Fed Chair. Markets perceive him as a “hawk” favoring a smaller Fed balance sheet, which triggered a sharp intraday correction from the $5,300 peaks.
Macro Outlook: The Inflation Resurgence
While geopolitics dominated January, the narrative is shifting toward resurgent US inflation risks for the remainder of 2026. Key triggers include:
- Tariff Pass-through: Lagged effects of trade policies hitting consumers.
- Fiscal Stimulus: Prospective $2,000 “tariff dividend” checks and ACA subsidies ahead of the US mid-term elections.
- Tight Labor: A falling breakeven employment rate and rising household inflation expectations.
Investment Implications
- Stock-Bond Correlation: Inflationary shocks are making stocks and bonds move in the same direction, reducing the efficacy of traditional 60/40 portfolios.
- Gold’s Role: Gold is increasingly viewed as a left-tail hedge and a “hard money” alternative as sovereign debt levels (reaching 30% of the $340T global sector debt) raise debasement fears.
The gold market is likely to “pause” after the January surge, but the combination of fiscal expansion and Fed leadership uncertainty suggests investment demand will remain a structural feature of 2026.
source :WGC
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