Telecom billionaire and art collector Patrick Drahi has emerged as the winning bidder for Sotheby's, the 275-year-old auction house, which will be going private after agreeing to a $3.7 billion deal. The takeover will result in Sotheby's, the world's oldest and largest international auction house, ending its three decades as a public company, trading on the New York Stock Exchange.
The 'Spectacular 88.22-Carat Oval Diamond', said to be perfect according to every critical criterion, sells at the Sotheby's Hong Kong auction for HK$108 million/US$13.8 million to a Japanese private collector who names the stone the 'Manami Star', after his eldest daughter.
Described as “perfect according to every critical criterion,” an 88.22-carat diamond will go under the hammer at Sotheby’s Hong Kong, with the auction house expecting the oval-cut gem to fetch as much as HK$100 million (about US$12.7 million). According to an announcement released by Sotheby’s yesterday, the stone is one of only three oval-cut diamonds with a weight greater than 50 carats “to appear at auction in living memory, and the largest to be auctioned in over five years.” The 88.22-carat, D Colour, Flawless, Type IIa, Oval Brilliant Diamond will hit the auction block at Sotheby’s Ho
A Fancy Pink diamond weighing 5.03 carats, VS1 clarity, sold for more than $2.9 million, or $583,551 per carat at Bonhams London Fine Jewelry sale last week (26 September), setting a new auction world record for a Fancy Pink diamond per carat. The previous auction record for a Fancy Pink diamond held by Sotheby's Geneva, May 2016, was $528,021 per carat.
Sotheby's Magnificent Jewels and Noble Jewels auction held in Geneva yesterday, May 15, certainly lived up to its name, as the historic Farnese Blue diamond - given in 1715 by the Philippines to the Queen of Spain Elisabeth Farnese, wife of King Philip V of Spain - smashed its pre-sale estimate of $3.7 to $5.3 million, earning $6.7 million at the fall of the hammer. It was the first time the exceptional 6.16-carat, pear-shaped, fancy dark grey-blue, SI1-clarity stone had ever appeared on the market, after having remained in the same family for over three centuries.
Sotheby's Magnificent Jewels and Noble Jewels auction to be held in Geneva on 15 May will feature some remarkable diamonds, most notably two large D flawless diamonds, each weighing over 50 carats, and the historic and highly important Farnese Blue, a Fancy Dark Grey-Blue diamond weighing 6.16 carats. Both of the diamonds belong to the highly rarefied sub-category of Type IIa diamonds, which make up just 2% of gem diamonds and boast the highest optical transparency. The first
Later this month Sotheby’s Magnificent Jewels spring sale in New York will feature a 33.25-carat, D-flawless pear-shaped diamond pendant-necklace, topped by a marquise-shaped 1 carat diamond, with a high estimate of $5 million.
One of the foremost historic diamonds – The Farnese Blue – will appear on the market for the first time in history this spring, after having remained in the same family for over three centuries, according to a press release from Sotheby's auction house. The existence of the diamond was apparently unknown until recently, except for the relatives of the family and its jewellers.
To celebrate the one-year anniversary of its bijoux boutique on Bond Street in London, Sotheby's Diamonds revealed its most exceptional gem to date: a 102.34-carat, D-Flawless, Type IIa round brilliant diamond, which the auction house describes as “the rarest and most valuable white diamond ever to come to market”. The stone bears the highest possible ratings in terms of color (a D grade representing the purest, whitest hue), clarity (Flawless, meaning there are no internal or external blemishes even when viewed under a microscope) and has excellent cut, polish and symmetry, making it the l
A 5.69-carat fancy vivid blue diamond fetched $15.1 million at Sotheby’s New York yesterday, making it the top lot of the day and confirming once again that purchasers are willing to pay top dollar for blue diamonds that carry the ultra-rare “fancy vivid” classification. The hammer price, which is equivalent to $2.66 million per carat, came in slightly above the pre-sale high estimate of $15 million. The emerald-cut gem, which is set in a platinum ring and flanked by two baguette-shaped diamonds, has a VVS1 clarity grade.
Sotheby’s will be presenting ‘The Raj Pink’, claimed to be the world’s largest known Fancy Intense Pink diamond, weighing 37.30 carats, at its auction of Magnificent Jewels and Noble Jewels in Geneva, on 15 November 2017. Its estimate is $20 million - $30 million. “The discovery of any pink diamond is exceptional, but the Raj Pink’s remarkable size and intensity of colour places it in the rarefied company of the most important pink diamonds known,” says David Bennett, Worldwide Chairman of Sotheby’s International Jewellery Division.
A "Very Rare and Impressive Ruby and Diamond Ring", designed by Bhagat, stole the show at Sotheby’s Hong Kong Magnificent Jewels and Jadeite sale last week, selling for $10.5 million (HKD 81.7 million), or $788,296 per carat, while a rare blue diamond ring estimated at $7 to $9.6 million failed to achieve its reserve price. The ruby and diamond ring is set with an oval ruby weighing 13.26 carats, embellished with two rose-cut diamonds on the side and diamond-set prongs; the diamonds weighing approximately 10.50 carats in total, mounted in platinum.
A ring that was originally purchased in the 1980s from a car boot sale for £10 ($13) under the assumption that it was a decorative costume jewel, today went under the hammer at Sotheby's Fine Jewels auction in London for $700,000 (£540,000), hammer price. It was only in the past few months that the owner decided to see if the ring had any value and asked Sotheby's to appraise it.
'Apollo and Artemis', the most expensive pair of earrings in the world, were auctioned by Sotheby’s Geneva spring sale of Magnificent Jewels for a record-breaking price of $57.4 million.
Sotheby’s spring sale of Magnificent Jewels and Noble Jewels at Mandarin Oriental, Geneva will be led by the ‘Apollo and Artemis Diamonds’.
The Pink Star diamond has become the world's most expensive gemstone, selling at auction today for $71.2 million (£57.3 million) including buyer's premium, writes Sarah Royce-Greensill for The Telegraph. The 59.60-carat pink diamond is the largest Internally Flawless, Fancy Vivid pink diamond ever graded by the GIA, and sold for above its estimate of $60 million (£48.3 million) at Sotheby's in Hong Kong.
This spectacular 59.60 carat, fancy vivid pink, internally flawless oval cut gem – the largest internally flawless or flawless, fancy vivid pink diamond that the Gemological Institute of America (GIA) has ever graded - will hit the auction block at the Magnificent Jewels and Jadeite sale at Sotheby’s Hong Kong on April 4, where it is estimated to sell for more than $60 million. The diamond came from a 132.5-carat piece of rough mined by De Beers in Africa in 1999 before being cut and polished by Steinmetz Diamonds over a period of nearly two years.
Last week Sotheby’s auction house sold $29.7 million worth of jewelry in 2 separate auctions in New York. The most expensive lot being a diamond ring from the collection of philanthropist Marjorie S. Fisher. The ring being one of over 300 jewels that were sold at auction and once belonged to the late Fisher, whereof many pieces have a distinguished provenance.
Tuesday November 29 was a big day for jewelry auctions in Hong Kong, as Christie's Magnificent Jewels Auction achieved a total (incl. buyer's premium) of US$78.8 million (HKD 611,146,250 million), while Sotheby’s sold $3.5 million (HKD 26.8 million) worth of jewelry at its Important Jewels and Jadeite auction.
With all the hype going to an 8.01-carat fancy vivid blue diamond under the name, “Sky Blue Diamond,” a lead item at Sotheby’s auction of Magnificent Jewels and Noble Jewels in Geneva held tonight, a ring set with a step-cut fancy intense pink diamond weighing 17.07 carats, between triangular diamonds, stole the show, selling for $20.8 million - obliterating the estimate high of $14.75M.
Sotheby's auction house says the Cartier ring holds an 8.01 carat blue stone named the Sky Blue Diamond and carries an estimated price of $15 million to $25 million. It will be displayed in London on Thursday through Monday before a sale in Geneva on November 16. David Bennett, chairman of Sotheby's jewellery division, said Tuesday that the diamond was a "wonderfully clear celestial blue, presented in an extremely elegant square emerald cut." He said it would "captivate all collectors of exceptional gemstones."
A major diamond ring offered for sale by Sotheby’s at its September 22 Important Jewels auction in New York City failed to sell, reports JCK. The headline item, a 27.35-carat D color, VS2 diamond, had an estimate of $2 million–$2.5 million. Sotheby’s did not provide the top price offered for the item. The auction raised a total of $8.6 million.
Pin Lee, writing for the South China Morning Post, spoke with insiders from the Hong Kong and Asian diamond market to get their opinions on diamonds as an investment. While not without risk, as with any investment, by making a careful choice and focusing on the highest quality and rarest of stones, one should end up with a rock-solid investment. "Generally speaking," said Chin Yeow Quek, Sotheby’s deputy chairman of Asia and chairman of international jewellery in Asia, "diamonds do not fluctuate but, as with most items of value, there will be some ups and downs.
Lucara Diamond CEO William Lamb says the firm would not rule out offering exceptional diamonds at auction again in the future despite failing to sell the biggest diamond found in more than a century at Sotheby's in June. “We’re not discounting going back to the auction process in some form in the future,” Lamb told Bloomberg TV Canada in an interview.
In a lengthy article in Vanity Fair, writer Paul Hart gives what he claims to be the inside story regarding the offering for sale at Sotheby's in London in June of the 1,109-carat tennis ball-size Lesedi La Rona diamond and how the diamond fell far, far short of the owners' confident predictions. By selling straight to an end buyer, Lucara could have all the proceeds for itself. However, the big global players apparently did not want to "expose" themselves to the full glare of media publicity in bidding for the giant gem.
The Diamond Investment and Intelligence Center (DIIC) takes a look at the tactics of auction houses for promoting unique and high-end diamonds - particularly Fancy Color Diamonds - to maximize their value at auction. How do they attract their clients and what happens when, as we saw with the Lesedi La Rona just this week, a diamond fails to sell.
The highly anticipated auction of the largest gem-quality rough diamond in the world, the historic Type IIa 1,109-carat Lesedi La Rona unearthed by Canadian miner Lucara Diamond Corp. in Botswana last November, failed to make auction history as it fell short of its reserve price and did not sell at Sotheby’s June 29 auction in London. The bidding opened at $50 million and was widely anticipated to sell for upwards of $80 million, but the bidding stalled at $61 million, so the diamond went unsold.
On the eve of the highly anticipated auction at Sotheby’s London of the largest gem-quality rough diamond in the world – the 1,109-carat Lesedi La Rona – the Diamond Loupe brings you our in-depth discussion with Lucara Diamond CEO William Lamb. During the Antwerp leg of the Lesedi’s world tour, we sat down with William Lamb to discuss Lucara’s management strategy, decision-making process, use of innovative technology and, of course, the magnificent Lesedi La Rona. What lies in store for Lucara’s historic stone?
Lucara Diamond Corp, which operates the Karowe mine in Botswana and which is selling the 1,100-carat Lesedi La Rona diamond at Sotheby's in London next week, has a strong cash position and plans to invest the money in a merger or acquisition or to further develop a mine through exploration activities, Chief Operational Officer Paul Day said in an extensive interview with Rough & Polished. The miner, which had net cash of $144.3 million at the end of the first quarter of 2016, will also put $15 million to $18 million into project capital expenditure this year.
The largest diamond found in more than a century has been put on display at Sotheby's Bond Street headquarters in London ahead of it going under the hammer on June 29. The tennis ball size Lesedi la Rona, which weighs in at 1,109 carats and was found at Lucara Diamond Corp's Karowe mine in Botswana last November, is expected to sell for around $70 million. Reports suggest that the Lesedi la Rona, which translates as 'our light' in the Tswana language, has the potential to produce the largest top-quality diamond that has ever been cut and polished.
Sotheby’s has entered into a partnership with a manufacturer of large fancy colored and rare stones and a private New York jeweler for what is perhaps the world’s most valuable diamond, according to a report by Forbes. “Diacore and Mellen Inc. have acquired an ownership interest in one of the world’s natural treasures: the remarkable Pink Star diamond,” the auction house said in a brief statement distributed to a restricted number of people. “The three parties have formally partnered to achieve the value of the 59.60-carat stone, which Sotheby’s holds in its inventory.”
The 'Lesedi La Rona', which at 1,109 carats is the largest gem-quality rough diamond in the world, visited Antwerp yesterday, where it was revealed at the MAS Museum to a select crowd of approximately 120 diamantaires, dignitaries and friends of the industry. Hot topics of the afternoon concerned what will happen to the stone next, whether that will happen in Antwerp and, of course, how much it is worth. Lucara Diamond CEO William Lamb considers Antwerp a very logical place for the stone to visit. "Antwerp is and will always be a major diamond center.
Following a week that saw the Oppenheimer Blue break all auction records for a polished diamond, and in which the sale of his own Unique Pink Diamond broke the record for a pink stone, industry analyst and veteran diamond trader Ehud Arye Laniado examines the 'how' and 'why' of the recent spate of diamonds achieving record prices.
A new world record for any jewelry auction was set on Tuesday when Sotheby’s sale of Magnificent Jewels and Noble Jewels in Geneva generated sales of $175.1 million, led by the 'Unique Pink', a fancy vivid pink diamond weighing 15.38 carats that sold for $31,561,200, or $2,052,094 per carat, the auction house reported. Sotheby’s said it was the largest such diamond ever to come to auction and set a record for its type. Meanwhile, the overall sum realized comfortably beat the previous record of $160.9 million set by Sotheby’s in the equivalent sale last year in May 2015.
At 1,109 carats, the Lesedi La Rona diamond that Canadian miner Lucara Diamond unearthed at its Karowe Mine in Botswana in November 2015 ranks second among the largest rough diamonds ever discovered, and as a Type IIa stone, it is also of the highest gem quality.
Earlier this week, Lucara Diamond Corporation unveiled the most expensive rough diamond ever sold, writes Avi Krawitz. "A short press statement - initially sent without pictures - reported the 812.77-carat stone named ‘The Constellation’ sold for $63.1 million breaking “all records” for a rough diamond. Ordinarily, Lucara would be making a bigger fuss about this eye-popping sale. But the company, along with the diamond and investment communities, knows this was a mere curtain raiser.
Lucara Diamond Corp. has reported strong first quarter 2016 revenues of $50.6 million or $649 per carat and cash of $144.3 million. The company’s revenue for the period represents a 41% increase year-on-year compared to the $29.6 million in the first quarter of 2015, gained from an average of $278 per carat.
The Jubilee Ruby, a 15.99-carat Burmese ruby and diamond ring by Verdura, was bought at a Christie's auction in New York for $14,165,000, towards the high end of its pre-sale estimate of $12 million to $15 million. The price made it the highest-selling gemstone sold in the United States, Christie's reported.
A 9.54-carat rare blue diamond ring once belonging to the late Shirley Temple, one of Hollywood's most famous child actors, failed to sell at a Sotheby's auction in New York on Tuesday. Bidding opened at $19 million and closed at $22 million, which was below the ring's reserve price where it had been estimated to sell for between $25 million and $35 million. The fancy deep blue diamond ring was purchased by Temple's father for $7,210 in 1940 around the time of the actress' 12th birthday. Temple died at age 85 in 2014.
The largest pink diamond ever offered at auction is expected to fetch more than US$ 38 million when it goes under the hammer at Sotheby's Magnificent Jewels and Noble Gems auction in Geneva on May 17.