The present lot hails from the collection of John Warne Gates (1855-1911), perhaps better known as “Bet-a-Million” Gates, thence by descent. Mr. Gates built several fortunes during his extraordinary life by boldly tapping into the entrepreneurial opportunities available amidst the “Gilded Age” of America. His first major success came through his sales of barbed wire in the Texas market. He proved so successful in selling the initially unpopular product that he soon began manufacturing the fencing, as well as other steel products, on his own. His growing influence was significant enough to catch the eye of another luminary of the age, J.P. Morgan. Morgan’s U.S. Steel organization eventually acquired Gates’ steel interests through a protracted power struggle.

His star growing ever brighter, Mr. Gates was an early backer of fledgling oil enterprise in Texas. By providing much needed capital as the company took shape, Gates became a major shareholder in the future petroleum behemoth later known as Texaco. Along the way, he was instrumental in the refinery in Port Arthur, Texas becoming one of the largest in the country, elevating the town from its humble beginnings into a thriving hub of activity.

Throughout his life, Mr. Gates had a penchant and talent for games of chance. One of his favorite places to host these activities was at the Waldorf-Astoria in New York City where he kept a luxurious suite year-round. While his loving wife Dellora did not approve, she was often placated by gifts of loose diamonds and colored stones. Mrs. Gates would have jewels made from these gems by the nearby Tiffany & Co. who, by this point, had assumed its place amongst the world’s leading jewelers.