This vivid yellow diamond ring sold for $1,874,500 at Sotheby's on April 18th
The auction houses probably have a little swagger in their step today, as both Christie's and Sotheby's are coming down from record-setting jewelry sales over the past two days.
Yesterday, Sotheby's brought in a record $43.2 million — nearly a third above the $31.1 million high estimate. The sale was 88 percent sold by lot and 95 percent sold by value, and was the highest total that Sotheby's has ever achieved during a spring jewelry auction — nearly $4 million more than last year's $39.4 million sale. In total, seven pieces fetched more than $1 million. The top lot was a marquise-shaped fancy blue diamond ring, which sold for eight times its $300,000 low estimate, bringing in $2.4 million for the auction house. The 3.54-carat ring was designed by Tiffany & Co. circa 1900.
The day before in Rockefeller Center, the Christie's sale brought in $70.7 million and was 95 percent sold by lot and 97 percent by value. At that sale, the "Clark Pink" diamond — a 9-carat , cushion-cut pink diamond ring designed by Dreicer & Co., once owned by copper heiress Huguette M. Clark, and locked in a safety deposit box for decades — soared over its $6-8 million estimate to hammer down at $15.8 million, a record for a pink diamond sold in the U.S. In total, the Clark collection brought in $20.8 million, more than twice the $9 million estimate.
At both sales, the top lot went to Brett Stettner of Stettner Investment Diamonds, who is a private dealer and runs a diamond investment fund. Other buyers include a mix of trade professionals (U.S., Asian, and "International"), some private Asian collectors, and a handful of bidders listed anonymously.
The New York jewelry extravaganza continues today at Phillips de Pury, where the gem sale begins at 4pm.