Sotheby’s New York Sale Generates $52 Million With Diamonds to the Fore

Finance and Trade
10/12/2015 13:30

Sotheby’s Magnificent Jewels auction in New York on Wednesday generated total sales of $52.2 million, with the highest selling item being a platinum, sapphire and diamond ring which was bought for $5.1 million, way beyond its pre-sale estimate of $3.5 million to $4.5 million. The ring is set with a cushion-cut sugarloaf cabochon sapphire weighing 25.87 carats at its center, with two bullet-cut diamonds weighing approximately 0.40 carats on each side. Meanwhile, a Van Cleef & Arpels created diamond necklace worn by the late Queen Nazli of Egypt sold for nearly $4.3 million. Sotheby’s pre-sale estimate was $3.6 million to $4.6 million. The necklace is set with 217 carats of diamonds with a six-carat round diamond in the center.