Tiffany & Company
The Panic of 1837, the result of a real estate bubble and falling commodity prices, begin with the failure of New York City banks, and led to the closure of 40% of the US banks, 25% unemployment in some states and cities, $740 million in bankruptcy losses and a depression that lasted 5 years. Yet, this very same year amid the financial chaos, Charles Lewis Tiffany (1812-1902) moved from Connecticut to New York City to open a furniture, stationery and other sundries store named Tiffany & Young, with his friend John B Young, on the corner of Broadway and Warren in New York City and prospered famously.
901247 - Art Deco Tiffany Platinum AGL Kashmir Sapphire Diamond Chased 3-Stone Engagement Ring
Charles, a business prodigy who ran his father's country convenience store in Connecticut for a year at the age of 15 quickly established a presence in the bustling city with business decisions like clearly tagging all items with retail prices (something not done before), importing unique products from all over the world, and sourcing merchandise from shippers as they arrived in port cutting out the middle man and maintaining competitive prices while earning healthy profits.
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In 1841, needing capital to grow, the company became Tiffany, Young and Ellis, with Jabez Ellis providing the capital. This enabled the company to hire a buyer to send to Europe. The high-quality costume jewelry this buyer purchased for the New York store led to the realization the store could sell fine diamond jewelry. By 1845 the store had discontinued their costume jewelry line, they now only sold diamond and gold jewelry made in Paris, London, Rome and Florence. And in 1848 Tiffany Young & Ellis began the manufacture of gold and diamond jewelry.
22942 - Circa 1860 Etruscan Revival Victorian Tiffany Gold Mosaic Pin
Annual buying trips to Europe led to fantastic diamond purchasing opportunities. John Young happened to be in Paris on one of those trips during the French insurrection which deposed King Louis Phillipe and purchased diamonds from the King's fleeing supporters for 1/2 the usual price. As Tiffany's reputation grew the success of the company grew. In 1853 Charles Tiffany amicably bought out his partners who were looking to retire. Tiffany & Company was born.
23288 - Circa 1885 Victorian Tiffany Silver Gold AGL Colombian Emerald Diamond French Wreath Pin Pendant
Numerous awards and honors followed in the latter half of the 19th century at expositions around the world. Innovation followed in all departments. The Tiffany setting in 1886 allowed more light to enter the diamond and became an industry standard. The profitable time piece division brought the "Tiffany Timer" a 1/5 second stop watch which became the industry standard.
61114 - Circa 1900 Patek Philippe Tiffany Gold Repeater Split Second Chronograph Stop Watch Pocket Watch
In 1877 George Frederick Kunz the now famous mineralogist was hired. Soon after Paulding Farnham became head jewelry designer, thus beginning the storied history of famous designers who created beautiful jewelry on behalf of Tiffany. Farnham was designer behind all the life like orchids Tiffany made and his collaboration with Kunz for the 1893 Chicago Columbian Exposition enabled a merging in art and gemstone. Later Farnham's pieces received two gold medals at the 1900 Paris Exposition Universelle.
23329 - Art Nouveau Circa 1901 Tiffany Paulding Farnham Gold Diamond Pearl Emerald Ruby Pin
Charles Tiffany's son, Louis Comfort Tiffany (1848-1933), joined the firm in 1881. A gifted designer who had started companies in interior decorating, and glass manufacturing before joining Tiffany. These experiences led to the famous Tiffany lamps, Favrile glass, the stained and colorful Tiffany glass windows seen in many churches constructed during this time, as well as pottery and enamels. He became the Vice President and Art Director when his father died in 1902. He strived to create wearable jewelry with gold, enamel and colored gemstones.
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After a few decades of monetarily conservative presidents and red ink for the company the Hoving corporation acquired 51% of the stock in 1955 and Walter Hoving was elected Chairman of the Board. William T Lusk (1902-1978) the great-grandson of Charles Tiffany and grandson of Louis Comfort Tiffany was elected President. They immediately changed the fabric of the company riding it of old stale merchandise and hiring expert and creative designers like Jean Schlumberger and Van Day Truex, and the company was immediately back in the black.
72613 - Schlumberger DOT LOSANGE Circa:1965 French Bangle
The hiring of Schlumberger is often cited as particularly pivotal in the revival of the company. His asymmetrical naturalistic high-quality creations were instantly recognizable, desirable and status generating. The high esteem in which Tiffany held him is clearly demonstrated with his signature on all his designs. The success of the Schlumberger jewels encouraged Tiffany to hire designers and provide them with artistic freedom like Donald Claflin (1965), Angela Cummings (1973), Elsa Peretti (1974) and Paloma Picasso (1980) and continued the company's storied history of innovative design
72666 - 18k Yg Mabe Pearl Tiffany Paloma Picasso 2 1/4 Wide Tapered Hinged Cuff Bangle Bracelet, 7 1/2, Circa
In 2019 Tiffany & Co. begin the complete renovation of their New York City flagship store on the corner of 5th Avenue and 57th Street. Their location since 1940 has served Hollywood in films such as Breakfast at Tiffany's, Sleepless in Seattle & Sweet Home Alabama.
60996 - Art Deco Tiffany Platinum Diamond Emerald Crystal Enamel Pendant Watch Necklace
With over 13,000 employees and over 300 stores worldwide Tiffany maintains its deserved image as trend-setter while simultaneously paying homage to its storied history with the iconic Tiffany designs equally relevant today as the day they were first created. Charles Tiffany would be proud of his successors.
92371 - Art Deco Tiffany Platinum GIA Diamond Engagement Ring
Sources:
The Tiffany Touch
Joseph Purtell, 1971
The Jewelry and Enamel of Louis Comfort Tiffany
Janet Zapata, 1993
The Master Jewelers
Janet Zapata, 1990, Edited by Kenneth Snowman