Blue Diamond Sets Record Price at Christie's, Broken the Next Day at Sotheby's

Jewelry
23/04/2018 13:35

A 3.09-carat rectangular-cut Fancy Intense Blue diamond sold for more than $5.375 million at Christie’s New York Magnificent Jewels auction last Tuesday, setting a world record price for an intense blue diamond at $1.739 million per carat, nearly doubling its pre-sale high estimate of $2-$3 million. The very next day, a cut-cornered rectangular step-cut Fancy Intense Blue diamond weighing 3.47 carats broke the short-lived record by selling for $6,663,300, or $1.920 million per carat, at Sotheby's Magnificent Jewels Auction, nearly tripling its pre-sale estimate of between $2 million and $2.5 million. The blue rock was previously owned by an anonymous midwestern family.

The Christie's gem is set with a rectangular-cut fancy intense blue diamond, weighing approximately 3.09 carats, flanked on either side by a tapered baguette-cut diamond, ring size 6, mounted in platinum. The auction of 211 lots achieved more than $45.6 million, with 88% sold by lot and 96% by value. The sale featured a Fancy Intense Pink Diamond ring weighing 8.42 carats that sold for just over $5 million, and a twin-stone colored diamond crossover ring set with a 2.85-carat pear modified brilliant-cut fancy intense pink diamond, and a 2.42-carat pear brilliant-cut fancy vivid blue diamond sold for more than $4.5 million, within estimates. Two notable jewels by JAR included an Oval-Cut Diamond ‘Thread’ Ring - named for the perceived lightness of the setting and fine pavé work - featuring an elongated oval brilliant-cut diamond weighing 22.76 carats and of D color and VVS1 clarity, and a diamond-set two-tiered threadwork gallery and hoop mounted in platinum, which sold for more than $2.7 million, within estimates. A Multi-Gem and Diamond ‘Moghul’ Pendant Brooch sold for $432,500, going for well above its pre-sale estimate high of $300,000. Both items were auctioned to benefit the Art for Justice Fund, which connects criminal justice advocates with artists to help reform the criminal justice system in the United States.

The Sotheby's auction, meanwhile, totaled $26.2 million, featuring a 72.96-carat diamond bracelet, which sold for $1.4 million, and a 13.70-carat Tiffany & Co. diamond ring, which yielded $1.2 million, beating its estimate of $600,000 to $800,000. Sotheby’s achieved $34 million across three sales that made up its New York spring auctions, and the combined auctions were 83.3% sold by lot, according to Rapaport.