Thursday, December 15, 2011

Sotheby’s jewellery auction New York churns $28.4 million

The value of the sale was only half the pre-sale estimates
By: Diamond World News Service

Sotheby’s jewellery auction New York saw sale of two thirds of the total 340 lots offered, yet the total revenues amounted to only half the pre-sale estimates. The total value of the sale was $28.4 million. The auction house was also unable to sell two of its top lots at the event. The auction offered diamonds, sapphires and other precious gemstones.

A 22-carat fancy intense pink diamond ring (pre-sale estimate -$13 million), and a 33-carat "Light of Golconda" diamond (presale estimate $7 million), were the two top lots that did not attract buyers. Unusual jewellery on the sale however met with buyer interest – including a 23.6-carat oval diamond ring. A Cartier platinum diamond necklace was bought for $1.65 million while a Kashmir sapphire and diamond ring was bought for slightly less than $1.6 million.

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