The thieves used tear gas to incapacitate two auctioneers and two assistants outside the auction house in central Paris around 6:00 pm (1700 GMT), police said.
They then grabbed the briefcase containing about USD 412,000 worth of jewels and escaped on a motorcycle.
Two of thieves continued their escape in a car parked near the auction house, but, in an apparent bid to confound pursuers, then switched cars by stealing a vehicle from a passing driver.