On Tuesday, a pair of diamond earrings fetched 17.57 million Swiss francs (17.6 million dollars including fees) at auction at Christie’s. The pear-shaped earrings were assessed an even higher value before sale; this suggests that the famous auction house might have erred in reading the sales potential of the jewelry.
The magnificent earrings made up one of the most attractive lots in the “Magnificent Jewels” auction in Geneva. Total sales equaled roughly $97 million, which was at the upper limit of the expected return despite a few individually-disappointing sales.
The earrings were known as the “Miroir de l’Amour” or “Mirror of Love” set. According to the 250-year-old Christie’s, these earrings contained the world’s largest, highest-quality (D / Flawless) pear-shaped diamonds. Each stone weighed over 50 karats.
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The hammer price for the white diamond earrings was 15.5 million Swiss francs. Pre-auction estimates pegged the set’s likely sale price at 20 to 30 million francs. While the buyer was stated to be a “collector,” his or her identity was not revealed.
Several of the lots in the sale fell short of the minimum price set by Christie’s. Rahul Kadakia, the auctioneer in charge, announced each of these items as “passed” when he brought the hammer down.
According to Kadakia, the overall pre-sale estimate for the “Magnificent Jewels” sale was 80 to 100 million francs, and Christie’s was happy with the results. Kadakia said he was pleased to see some of the sale’s best pieces – colored stones, a large pink diamond, a big necklace, and assorted emeralds, rubies, and pearls – bring excellent prices.
While the final sale price of the earrings was below Christie’s estimate, Kadakia noted that the price per karat was “exceptionally healthy” and in line with current market values.
A diamond ring featuring a pink, pear-shaped stone of 9.14 karats sold for $18.2 million. The hammer price of the piece was $16 million with the additional cost being the result of fees. This price was within the pre-sale estimate.
According to Christie’s the distinctive coloration of the gem was its key selling point. The vibrant pink color was graded as “Fancy Vivid” by the Gemological Institute of America. The GIA bestows the “fancy” classification on only one out of every 100,000 diamonds.
The ring went to a private collector in Asia according to Kadakia.
Other highlights of the auction included a Van Cleef and Arpels bracelet featuring rubies and diamonds that sold for nearly $1.31 million. This was more than twice what the auction house estimated it would sell for, drawing applause from the attendant crowd when the sale was closed.
Beverly Clark loves diamonds! Her signature style makes her an expert in jewelry. If you want to know the who, what, were, why and how of all things diamond and jewelry, then read on! Barbara Clark reviews diamond and jewelry online. Follow her recommendations for consumer guidance when looking to buy engagement rings, wedding sets and anniversary jewelry.