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Sotheby’s Auction Sees Record Prices Paid for Diamonds

14 Oct / 10
Sotheby’s Auction Sees Record Prices Paid for Diamonds
In the picture you see cute Sotheby's employee Martha, modelling an extremely rare Van Cleef and Arpels pink diamond ring at the auction house in central London, September 16, 2010. Just a month later, this 6.43-carat pink diamond ring was sold for £4.8 million in the Magnificent Jewels & Jadeite sale held in Hong Kong by Sotheby’s, as wealthy Asian buyers were splashing out on gems, pearls and jade on October 10. The price paid for the ring by a private collector exceeded the magical £625 thousand per carat barrier, because only very rare fancy colour diamonds (pinks, reds, blues) sell for more than US$1 million per carat.

The ring was one of 390 lots, including:

– a fancy vivid yellow diamond 5.14 carat and 0.95 carat diamond ring, sold for over £656 thousand, the second highest price per carat for any fancy vivid yellow diamond - US$204,000 per carat;
– a diamond- encrusted butterfly brooch from the collection of the late Countess of Harewood. Once owned by Princess Mary, daughter of Britain’s King George V, this 19th-century brooch, contains almost 47 carats total weight in diamonds and was sold for over £146 thousand, against a high estimate of £ 96 thousand;
– a spectacular pair of fancy vivid yellow diamond and diamond pendant earrings (also seen in the pic), with fancy vivid yellow diamonds of 21.17ct and 20.77ct; sold for just over £ 3 million.

The total auction was expected to generate around £29 million GBP but came in 15% ahead of that target with total sales of almost £34 million GBP, breaking Sotheby’s own record for such a sale in Hong Kong, set last spring.
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