The Pink Star Diamond Fetches World Auction Record Of $83 Million

The 59.6-carat Pink Star diamond lived up to its hype by selling for a world record price of approximately $83.4 million at Sotheby’s Geneva Magnificent Jewels sale Wednesday.

When introducing the internally flawless fancy pink vivid diamond, David Bennett, chairman of Sotheby’s Jewellery Division in Europe and the Middle East, called it “one of the most remarkable gems to ever appear at auction.”

Bidding opened at 48 million Swiss francs and gradually climbed to 64 million Swiss francs. After a pause it quickly climbed to 67 million francs ($73.2 million), shattering its $60 million high estimate. Nervous laughter could be heard on Sotheby’s live feed as the bidding slowly pushed up to the winning bid 68 million Swiss francs. Commission fees pushed the final total to more than 76.3 million Swiss francs ($83.4 million).

The diamond is graded as Type IIa, which is rare for any pink diamond, much less one of this size and color. Cut over a period of two years, The Pink Star is more than twice the size of the Graff Pink—a 24.78-carat fancy intense pink diamond that established a world auction record for a diamond and any gemstone or jewel at $46.2 million, at Sotheby’s Geneva in 2010. The current record price per carat for a fancy vivid pink diamond of $2,155,332 is set by a 5-carat diamond, sold in Hong Kong in January 2009. The current record price for any colored diamond sold at auction is $2,398,151 per carat, for “the Orange,” a 14.82-carat fancy vivid orange diamond that sold a day earlier at Christie’s Geneva Magnificent Jewels auction. The per carat price for the The Pink Star has yet to be released and will be updated.

Cut by Steinmetz Diamonds over a period of nearly two years from a 132.5-carat rough, the diamond was first unveiled to the public in May 2003 as the “Steinmetz Pink.” The stone was first sold privately in 2007 and renamed The Pink Star.

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Henry Graves Supercomplication Fetches $24 Million at Sotheby’s Geneva

With all the superlatives attached to it, it was a near certainty that The Henry Graves Supercomplication would go for a world record price at Sotheby’s Geneva sale of Important Watches held Tuesday. It already established the record when it sold for $11 million in 1999. It is also known as the most complicated hand-made watch and the most famous watch in the world.

But still the $24 million it achieved is something special. The auction house said five bidders competed for the timepiece for 15 minutes. It was finally sold to a buyer in the room, who requested anonymity, well above its $16.8 million estimate.

“This evening’s stellar result confirms the ‘rockstar’ status of The Henry Graves Supercomplication. It is more than a watch,” said Tim Bourne, Sotheby’s Worldwide Head of Watches, and Daryn Schnipper, Chairman of Sotheby’s Watch Division. “It is a masterpiece that transcends the boundaries of horology and has earned its place among the world’s greatest works of art. The fascination it has attracted over the past few months, as Patek Philippe celebrates its 175th anniversary, is a fitting tribute to the genius of the Swiss manufacturer.”

Commissioned in 1925 by Henry Graves, a prominent New York banker, and completed by Patek Philippe in 1932, The Henry Graves Supercomplication is the product of three years of research and five years of effort it resulted in a gold openface minute repeating chronograph clockwatch with Westminster chimes. Among its features are a perpetual calendar, moon phases, sidereal time, power reserve, and indications for time of sunset and sunrise and the night sky of New York City. With a total of 24 horological complications, The Graves watch retained the title of the world’s most complicated watch for 56 years and even then was only surpassed by technicians working with the aid of computer-assisted machines.

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Graff Vivid Yellow Diamond Made Two Appearances Before Selling for a Record $16.3 Million

It was a long journey for the "Graff Vivid Yellow" diamond but it did eventually find an owner during Sotheby's Geneva Magnificent Jewels and Noble Jewels auction Tuesday.

It was the top lot of an auction packed with exceptional jewels that had to make two appearances before being sold for more than $16.3 million (hammer price, commission and fees), a world auction record for a yellow diamond and for a Graff diamond, according to the auction house.

David Bennett, chairman of Sotheby's Jewellery Division in Europe and the Middle East, stunned the standing room crowd during the evening session of the auction at the Hôtel Beau-Rivage when he pulled the 100-carat diamond with an 11.8 million Swiss franc bid on the block. However, about 15 minutes later the stone suddenly reappeared and bidding reopened. The bidding began at 12.6 million Swiss francs, which was quickly raised to 12.8 million. Bennett then struck the gavel saying it was a good bid. The estimate for the diamond was $15 - $25 million.

After the auction, Bennett explained that the buyer, a women in the front of the room who did not want her identity revealed, asked to have the item returned. He added that something like this does happen occasionally but almost never with such a high-profile piece.

"The eventual buyer of the yellow diamond who was in the room got confused, I think, with her calculations of francs and dollars and came back a few minutes later and said could you re-offer it because we still wanted to buy. It was quite a nice thing to happen," a "happy and relieved," Bennett said.

He further explained that he knew who would be bidding on the piece as there are only a few people in the world capable of paying $15 million for a diamond. He added that the buyer appeared even happier than he was.

Sotheby's Geneva Magnificent Jewels and Noble Jewels auction at the Hôtel Beau-Rivage. Photo credit: Anthony DeMarco

The drama overshadowed a three-session auction where at least seven records were set, according to the auction house. Highlights included:

* The highest total ever achieved for an auction of  jewelry from various owners at more than $141.4 million.

* A 70.33-carat D-color, flawless cushion brilliant-cut, type IIa diamond sold for more than $14.2 million, followed by a round of applause.

A 12.07-carat marquise-shaped fancy pink diamond ring sold for more than $7.2 million, setting a world auction record for a price per carat for a pink diamond at $601,228 US per carat.

* One of the largest round diamonds in the world at 103.46 carats set on a ring by Graff sold for more than $4.8 million.

* A 25.32-carat brilliant-cut, D color, IF diamond sold for more than $6.2 million and $246,710 per carat, setting a world auction record price per carat for a round colorless diamond.

* The last lot of the evening, a ring set with two fancy blue pear-shaped diamonds, one fancy vivid weighing 3.08 carats the a fancy intense blue of 2.83 carats, sold for nearly $6.5 million.

* Jewels from the collection of Flora Sassoon totaled more than $3.3 million, led by a diamond necklace that sold for more than $1.2 million, well above its $700,000 high estimate.

* All 19 pieces from the collection of Madame Picha-Eisenstein sold for more than $1 million, more than double its estimate.

* A Van Cleef & Arpels gold and diamond necklace owned by Jaqueline Auriol sold for $276,203, 12 times is estimate.

There was competitive bidding throughout the evening between those in the room, phone bidders and a few Internet bidders.

One disappointment was that the 31.34-carat "Victory Diamond," named in honor of the Allied victory in World War II, did not sell. It had an estimate of $5 – $8 million.

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100-Carat ‘Graff Vivid Yellow’ Could Fetch $25 Million

The 100.09-carat “Graff Vivid Yellow,” one of the largest fancy vivid yellow diamonds in the world, is expected to fetch $15 to $25 million at Sotheby’s Geneva auction of Magnificent Jewels and Noble Jewels to be held Tuesday at the Hôtel Beau-Rivage.

The following day Christie’s will be auctioning “The Blue,” at 13.22 carats it is the largest flawless vivid blue diamond in the world. It is estimated to fetch $21 to $25 million, leading to a return of statement colored diamonds on the international auction market. 

Colorless diamonds will also hold the attention of buyers at Sotheby’s auction. The highlights include: 

* A 70.33-carat D-color, flawless cushion brilliant-cut, type IIa diamond that is estimated to fetch $12 - $16 million.

* The Victory Diamond, named in honor of the Allied victory in World War II is a step-cut type IIa diamond weighing 31.34 carats, graded as potentially flawless. It formerly belonged to Florence Gould, known as one of the great collectors of jewelry in the 20th century. Its estimate is $5 - $8 million.

* A 103.46-carat round brilliant-cut diamond by Graff diamond is considered to be one of the largest known round diamonds in the world. Its estimate is $1.5 - $2.5 million.

The Sotheby’s sale also has a rich assortment of gemstones that includes the following:

* A ruby and diamond ring set with a 12.46-carat, cushion-shaped, Burmese ruby between triangular diamond shoulders. Its estimate is $2.8 - $4.8 million.

* A sapphire and diamond ring set with a 10.96-carat cushion-shaped Kashmir sapphire. The Swiss Gemmological Institute describes the stone as “velvety blue … due to very fine and subtle inclusions and a combination of well-balanced trace elements in the gemstone.” Its estimate is $1.2 - $1.6 million.

The auction will also include a selection of jewels from the collection of Flora Sassoon (1859 – 1936). She is known for successfully running her husband’s Bombay business after he died and for her social and philanthropic activates in turn-of-the-century London. Her collection included a diamond necklace, with an estimate of $400,000 - $700,000.

I will be attending the evening portion of Sotheby’s Geneva auction of Magnificent Jewels and Noble Jewels and if possible will be tweeting live from the event @JewelryNewsNet. 

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World’s Biggest Diamond Sale Becomes World’s Biggest Diamond Default

Sotheby’s said Thursday that the high-bidder of the 59.6-carat “Pink Star” diamond that sold for a world record price of $83.2 million has defaulted.

Diamond cutter Isaac Wolf, who said he was representing unnamed investors, outbid three rivals for the gem at Sotheby’s Geneva Magnificent Jewels Sale held in November. He renamed it the “Pink Dream.”

Wolf was unable to pay for the flawless fancy vivid pink diamond, according to the auction house’s annual report. It is now part of Sotheby’s inventory valued at approximately $72 million

According to a report on CNBC, the auction house had to buy back the diamond for $60 million because it had guaranteed that price to the original seller of the gem, whose identity is unknown.

In a conference call with investors Thursday, Patrick McClymont, Sotheby’s CEO, said the auction house is still talking with Wolf about the future of the diamond.

“We are currently in discussions with the buyer while also considering other alternatives,” he said. “In the meantime, we are comfortable with our valuation and see real value in owning the diamond at this price.”

Wolf in a YouTube video explaining the purchase said he was representing a group of investors and considered the diamond to be worth about $150 million, based on current prices for pink diamonds of similar quality.

“It’s not that I’m buying this with the money that I have in my piggy bank,” Wolf said. “It’s basically a group of investors—financial people—that are backing me on this and they are doing this as an investment, and hopefully to make a big profit.”



The diamond is graded as Type IIa, which is rare for any pink diamond, much less one of this size and color. It is twice the size of any vivid pink diamond ever brought to auction and the largest known diamond rated vivid pink. David Bennett, chairman of Sotheby’s Jewellery Division in Europe and the Middle East and chairman of Sotheby’s Switzerland, said the diamond is one of the most important gems he has seen in his 35-year career.

“It is difficult to exaggerate the rarity of vivid pink diamonds weighing only five carats,” he said prior to the auction. “So this 59.60 carat stone is simply off any scale, and passes, I believe, into the ranks of the earth’s greatest natural treasures.”

The oval-cut gem was the highlight of the November auction in Geneva. It was estimated to fetch more than $60 million. The bidding opened at $48 million and lasted for about five-minutes before Wolf made the winning bid.

The diamond was originally mined in South Africa in 1999 as a 132.5-carat rough by De Beers. It was cut by the Steinmetz Diamond Company over a two-year period and was formerly known as Steinmetz Pink. In 2003, it was shown publicly in Monaco and was displayed at the Smithsonian Institute as part of its “Splendor of Diamonds” exhibit, according to Wikipedia. The Pink Star was sold privately in 2007.

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