Jewelry Auctions

Diamonds dominate Christie’s New York

This 32.77-carat vivid yellow diamond was the top lot at Christie’s New York auction, selling for $201,000 per carat, or $6.6 million.
Oct 20, 2011

New York--A 32.77-carat vivid yellow diamond sold for $6.6 million at Christie’s “Magnificent Jewels” auction held Tuesday, a sale that showed strong demand for both large white and natural colored diamonds.

An anonymous buyer snapped up the pear-shaped, VS2 stone, paying $201,000 per carat and bringing the diamond within its estimated sale price of $6 million to $8 million.

In total, Christie’s fall Magnificent Jewels sale garnered $46.6 million and was 83 percent sold by lot and 93 percent by value. Rahul Kadakia, head of jewelry at Christie’s New York, said the demand for high-quality jewelry at auction continues to be strong, despite volatility in the world financial markets.

“At $201,000 per carat, the 32.77-carat vivid yellow diamond achieved a sensational price, mirroring the $203,000 per carat realized by ‘The Golden Drop’ of 18.49 carats at Christie’s London back in 1990,” he said.

The second highest-grossing lot of the sale was an oval-cut, D-color, potentially flawless 25.74-carat diamond ring by Graff. A member of the trade paid $3.9 million for the ring, within its estimated range of $3.5 million to $5 million.

The third-largest lot of the day was 3.21-carat, modified pear-shaped fancy vivid blue VS2 diamond sold for $2.7 million to a member of the U.S. trade, a diamond that sold at the higher end of its estimated range of $2 million to $3 million.

Also among the top 10 sales of the day was a 123.22-carat diamond necklace containing 57 graduated pear-shaped, D-color diamonds (below). The necklace sold for $1.4 million, topping its estimated range of $600,000 to $800,000.

In addition, a natural pearl and diamond necklace containing 49 graduated natural pearls (below) estimated to garner only between $100,000 and $150,000 sold for $1.1 million to a member of the trade from the Middle East.

The Magnificent Jewels sale in New York marked the beginning of the fall auction season for Christie’s New York. The next jewelry auction for Christie’s is Nov. 16 in Geneva.

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