Pink Diamond Sells for $46 million, Setting a World Auction Record
Sotheby's Geneva set a world auction record for any diamond and any jewel today when it sold an exceptionally rare and magnificent Fancy Intense Pink Emerald-cut Diamond. Weighing in at 24.78 Carats, the ring sold for for $46,158,674, well above the pre-sale estimate of $27 million to $38 million.
Four bidders competed for the gem, which is considered to be one of the most important and beautiful stones ever to come up for auction. The stone came to the market from a private collection, and has not appeared on the open market since it was purchased some 60 years ago from Mr. Harry Winston (who's namesake company won the Luxist Awards' Readers Choice Award for best jewelry line).
The diamond was bought by Patti Wong, Sotheby's Chairman in Asia, bidding on behalf of Laurence Graff, the British billionaire jeweler to the stars (and a Luxist Awards nominee for best jewelry line). Shortly after the sale, Laurence Graff named the diamond "The Graff Pink" and made the following statement: "It is the most fabulous diamond I've seen in the history of my career and I'm delighted to have bought it."
The diamond is considered to be outstanding with exceptional color and purity. The classic emerald-cut stone is also more valuable because of the scarcity of fine pink diamonds exceeding 20 carats in size. The diamond is currently mounted as a ring. It is classified as type IIa, which comprises less than 2 percent of all of the world's gem diamonds.
Today's record sale of Magnificent Jewels concluded with an exceptional total of $105 million, a figure well above pre-sale expectations and the highest total for any jewelry auction ever held. Bidders from all corners of the world were out in force, bringing overall sell-through rates of 82% by lot and 94% by value. Top prices were achieved for important white diamonds, rare colored stones, jewels with important provenance and exceptional signed pieces.
Reader Comments (Page 1 of 1)
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qaqs9000 Nov 17th 2010 3:37PM
Beautiful , stunning ! and the poor of the world starve and die of disease. Disgustingly horrific
Daniel Nov 17th 2010 3:52PM
47million for a ring, 70million for a vase....there is something seriously wrong with this world, and I hope it changes soon. Its one to work hard for your money and be able to enjoy the finer things in life, but when there are people suffering, losing their homes, or countires ravished by natural disasters I think putting money towards this can help a lot of people and make the world a better place.
Cutie Nov 17th 2010 4:03PM
The money is high because these items are rare. You on the other hand, a poor person with no hope of ever earning $45 million, are a dime a dozen.
Burke Nov 17th 2010 4:32PM
Daniel and QAQS9000. Investing in a jewel is the same thing as
buying gold, silver, platinum, or a suitcase full of cash is not a
"waste of money". These things are actually "holders" of value or
wealth for the future. No resources were "wasted" or spent. Spending
money on resources or labor like building a $45MM yacht may ( in your
opinion ) be a bad allocation of resources but moving $45MM from cash
to a diamond is a nonevent.
nikki Nov 17th 2010 4:20PM
It's AMAZING what "WE" place value on. Things instead of people. I guess some people have to have their Heaven on Earth. I prefer my Heaven in the after-life. God is not happy. Now, don't get me wrong there is nothing wrong with working to obtain some of the fine things in life. But, C'Mon this is OVERBOARD!!!!!!!
jaleshdixit Nov 17th 2010 4:26PM
Cost is almost same as fighter Mig or F16 aircraft. If not poverty, kill the poor!
Burke Nov 17th 2010 4:31PM
Daniel and QAQS9000. Investing in a jewel is the same thing as buying gold, silver, platinum, or a suitcase full of cash is not a "waste of money". These things are actually "holders" of value or wealth for the future. No resources were "wasted" or spent. Spending money on resources or labor like building a $45MM yacht may ( in your opinion ) be a bad allocation of resources but moving $45MM from cash to a diamond is a nonevent.
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