Despite vigorous criticism about the Nazi-era origins of Heidi Horten’s wealth, an auction of the late Austrian billionaire’s jewelry became the most expensive public sale in history. Spread over the course of two live auctions in Geneva on May 10 and 12 (a third online auction ends on May 15), a treasure trove of necklaces, bracelets, earrings and tiaras carried a presale estimate of $150 million. The first one totaled 138.3 million Swiss francs ($154 million), already setting a world record for a single-owner jewelry sale. The second, which contained fewer big-ticket lots, brought in 37.8 million francs, pushing the...