Industry News by Nemesis

Big Diamonds Big Hit Among (Bored) Rich

April 26, 2020

Auction house Sotheby's says that despite the corona virus pandemic, their online auctions have been a tremendous success with over 90% of the lots on offer sold and over 60% of them selling at prices that exceeded estimate prices, totaling US$6.1 milion.

 

Catharine Becket, "magnificent jewels" expert at the auction house commented to Bloomberg that wealthy people are "leading dreary lives" quarantined at home, and buying an exclusive, bespoke or prestigious piece offers them joy and hope for when things return to the new normal.

 

Aside from the suprising fact that the sales are performing so well, the online sales indicate people are more comfortable with buying things online, even if they have a hefty price tag.

 

Source: The Diamond Loupe

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