Today, throughout the afternoon, more than 200 pieces of jewllery will be offered in the Madrid bidding room. Pins, medals, rings, earings, broches and cuff links inaugurate one of the most important dates in Spain's collecting calender. Besides jewels are now in their prime for buyers, or so it was stated by the Auction House's director this month in a Spanish publication:"all jewels bought at auction are currently a good investment, given the high value of the materials in the market and because the prices at auction are relatively low".

Tomorrow after the sale of gems and diamonds, works of art will take the stand, unique works of great quality which have waited all year for this moment, Christmas, a time for spending and for giving. A superb mix of paintings by some of the leading figures in Spain's Contemporary art scene, such as Chillida, Valdes or Luis Feito together with foreign colleagues such as Richard Lindner. 

Specially interesting is the selection of Modernist works, one of the most diverse of its kind seen at auction this year. Segundo Matilla, Joaquin Sunyer and especially Eduardo Martinez Vazquez present with a possible sketch for the dome of the Círculo de Bellas Artes with a starting price of 48.000 euros. Joaquin Mir and a portrait of José Maria Llorca by Sorolla for 35.000 euros. A View of Cuenca from the Júcar river also by Martinez Vazquez, is one of the most beatiful examples of landscape painting by the early twentieth century Spanish school, with a great starting price of 14.000 euros.   

Old master painting is scarcely represented. Saint Rosalie of Palermo by Ascilo Antonio Palomino, a work in between the Spanish Baroque and Rococo, goes to auction for only 15.000 euros. From the italian school Putti surrounded by flowers attributed to Conrad Giaquinto has a starting price of 60.000 euros. 

Decorative arts comprise more than a hundred lots dedicated to Spanish and Frech furniture, and nineteenth century sculpture from the French and Catalonian school. A good investment? mantelpiece clocks, such as teh Louis Philipe model offered by the firm for 500 euros. Alfonso Carbajo Agrasar