While fine jewelry is a joy to behold, the world of buying and selling it is fraught with risk. And Christie’s auction “Rare Jewels and Gemstones: The Eye of a Connoisseur” — which had been planned for this evening — illustrates the high stakes. Last night, a New York appeals court determined that the sale of 115 jewels from the collection of the well-known New York jeweler Ralph O. Esmerian would not go forward as scheduled. Mr. Esmerian had put up the pieces as collateral for a $178 million loan from Merrill Lynch. After the loan went into default, Merrill sought to sell the jewels, but Mr. Esmerian contended that the auction should be stopped, as a private sale would fetch far more money. The pièce de résistance in the sale was to be a 14-carat pink diamond ring estimated to sell for as much as $15 million. The sale also included a brooch once owned by Empress Eugenie, the wife of Napoleon III, and a range of Art Nouveau and Art Deco treasures.

Though those pieces may be up for sale at a later date, there are two other jewelry auctions this week whose fate are not in jeopardy. Today, Doyle New York will offer more than 600 pieces of estate jewelry. There are pendants and earclips, estimated to go for several hundred dollars, as well as five- and six-figure diamond rings. On Thursday, Sotheby’s “Magnificent Jewels” auction will feature selections once owned by art collector and philanthropist Rita Hillman, who died last year. In addition to a jeweled cuff and a colorful bib necklace, the Sotheby’s auction will include diamond and precious gemstone rings of all shapes, sizes, and settings. Among the 389 lots will be a platinum-mounted baguette with a 24-carat centerpiece stone, estimated to bring in as much as $2.5 million.