Diamond Sales Strong at Sotheby’s New York

May 2, 2017 3:18 pm Published by Leave your thoughts

A pair of diamond earrings fetched more than $5 million at Sotheby’s New York, helping the auction house record a total of $29 million in jewelry sales at the event on Tuesday.

An unidentified private Asian buyer dropped $131,481 per carat on the square emerald-cut, D-color, internally flawless diamonds, one of which weighed 20.29 carats and the other 20.02 carats. The final selling price of $5.3 million was within Sotheby’s pre-sale estimate of $4.5 million to $5.5 million for the pair.

Five of the lots on offer at the auction garnered seven-figure amounts, Sotheby’s reported. A pear-shaped, 11.19-carat, fancy pink, internally flawless diamond pendant went for $2.4 million, or $215,594 per carat. Another colored diamond — this one an emerald-cut, 5.07-carat, fancy gray-blue, VVS2-clarity stone — brought in $1.6 million, or $310,158 per carat.

Separately, the “Stotesbury” emerald-and-diamond ring, designed by Harry Winston, sold for $996,500. The hexagonal, 34.40-carat Colombian emerald was part of an exchange deal just over 100 years ago between Cartier and mining heiress Evalyn Walsh McLean, involving the Hope Diamond. The whereabouts of the emerald had been unknown since 1971, when it last appeared at a Sotheby’s auction, the company said.

“Today’s excellent results spanned each of the categories that have driven the auction market in recent seasons: top-quality diamonds and gemstones, signed and historic jewels, and pieces with notable provenance,” said Gary Schuler, the North and South America chairman for Sotheby’s international jewelry division.

The sale — at which 85% of the lots sold — continues a sprightly start to the spring auction season, with Sotheby’s having sold a 59.60-carat pink diamond for a world-record $71.2 million in Hong Kong on April 4. Christie’s will hold its spring New York auction Wednesday, led by a 5.26-carat, fancy vivid purplish-pink diamond estimated at up to $3.5 million.

On May 16, Sotheby’s hopes to sell two colored diamond earrings — one blue, one pink — for up to $68 million in Geneva. A day later, Christie’s Geneva auction will feature a 92.15-carat diamond pendant estimated at up to $20 million.

From: http://www.diamonds.net/News/NewsItem.aspx?ArticleID=58817

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This post was written by StettnerInvestment

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