Ralph Esmerian, a fourth-generation jeweler, bought luxury retailer Fred Leighton Jewelry in 2006, using jewelry from his family's collection as part of the collateral for a purchase loan. In September, 2007, Esmerian couldn't make his loan payment and asked the lender to grant an extension -- the request was denied. It's seven months later and Esmerian's jewelry is scheduled to be auctioned tomorrow night, April 15th, at Christie's in New York. The auction house is promoting the sale as Rare Jewels & Gemstones: The Eye of a Connoisseur. Mr. Esmerian contends that the items should be sold privately because they're worth about twice as much as Christie's has projected. A New York State Judge turned down his appeal to stop the auction, but the answer to an emergency motion to put the sale on hold should come today. Barring a reversal of the earlier decision, the auction will move forward. Esmerian's financial woes affect more than his jewelry -- some works of art, including pieces promised to museums, are also scheduled to be sold. You can read more about the situation at Bloomberg.com.

Update: The status of the auction has been on and off since the 14th, when Mr. Esmerian filed for bankruptcy protection, freezing his assets -- at least temporarily.

We see Fred Leighton jewelry on celebrities all the time. At least a portion of the stacked necklaces Sarah Jessica Parker wore to a recent event were said to be from the company's collection.

_{2007 Photo of Mira Sorvino and Ralph Esmerian, © Marsaili McGrath / Getty Images}