In 1938 this necklace belonged to Baroness Clarice de Rothschild, a member of the Vienna branch of the important banking family. At the time of the Anschluss, Nazi Germany’s annexation of Austria, Rothschild and her husband were in London. She had this necklace with her, and as a result, it wasn’t confiscated by the Nazis. A quintessential example of the refined Rothschild taste, it is, surprisingly, not signed by a maker or retailer. It could take a lifetime, or more, to amass a group of natural pearls like these, perfectly matched for color, shape, and size. The necklace represents the height of late 19th-century fashion. Each pearl is removable, so the ornament can alternately be worn as an all-diamond necklace. The swag-style design is an example of the “garland” style and the diamonds are set in “silver topped gold.” In the days before jewelers used platinum, this achieved a white on white look, which darkened over time, and maximized the necklace’s glittering effect in candlelight.