Industry News by Nemesis

Pink Diamond Sells for $32M at Sotheby's Geneva

May 18, 2016

 

A fancy vivid pink diamond ring fetched $31.6 million (CHF 30.8 million) at a record-breaking Sotheby’s auction in Geneva.

The 15.38-carat ‘Unique Pink’ was sold to an Asian private buyer for $2.1 million per carat, the auctioneer said following the Magnificent Jewels and Noble Jewels sale May 17. Sotheby’s had estimated the pear-shaped, VVS2, type-IIa diamond at $28 million to $38 million. 

Sotheby’s said it set a new world record for any jewelry sale, bringing in a total of $175.1 million from the auction, which saw a further two diamonds fetch more than $10 million apiece. A 7.32-carat, fancy vivid blue, internally flawless diamond ring went for $17.1 million, or $2.3 million per carat, and a fancy intense blue diamond brooch fetched $13.7 million, an auction record for a jewel designed by Alexandre Reza. Sotheby’s did not disclose the identity of the buyers. 

The previous record for a jewelry sale was $160.9m also set by Sotheby’s in an equivalent auction in May last year.

Separately, Sotheby’s set an auction record for a fancy pink diamond as it sold a modified pear brilliant-cut, 18.51-carat, VVS1, type-IIa diamond pendant for $9.8 million, or $528,012 per carat. Meanwhile, the sale of a pair of pear-shaped fancy blue and fancy orangy pink diamond earrings for $6 million was a record online purchase in a live Sotheby’s auction. 

Overall, the auction was 83.2 percent sold by lot. Sotheby’s said 25 percent of total participants in the auction came from Asia and the number of lots sold online increased 41 percent over last year’s May auction. Some 70 percent of lots sold above their upper estimates.

 

Source: Rapaport

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