50-Carat Diamond Sells For $9.5 Million
Posted in News on October 16, 2012 by Elite Diams
BY ANTHONY DEMARCO
Published: October 16, 2012
Big diamonds sparkled during Christie’s sale of Magnificent Jewels in New York on Tuesday. Leading the way was a pear-shaped D color flawless diamond of 50.52 cts., which sold for $9.5 million, or $188,000 per carat, to a private collector. The stone is mounted in platinum and may be worn suspended from a necklace with a 2.28 carat, circular-cut D-color diamond surmount.
It was one of three major diamond lots sold during the auction of 369 lots held during two sessions Tuesday. The other top sellers were:
* A pair of pear-shaped fancy yellow and colorless diamond ear pendants of 52.78 and 50.31 cts. that achieved $4.5 million. The diamonds are surmounted by circular-cut fancy yellow and white diamonds Mounted in yellow and white gold. The pendants may be easily swapped or detached completely, giving the owner three options for how to wear them. Its estimate was $4.5 – $6.5 million. The buyer was listed by Christie’s as Aleks Paul of Essex Global Trading.
* A 68.35-carat oval-cut fancy intense yellow, internally flawless diamond sold for $3.16 million. The gem with excellent polish and symmetry had an estimate of $2.2 – $3.2 million.
In addition, a pear-shape fancy light pink SI1 diamond ring sold for of 10.52 cts sold for $2.21 million, or $210,000 per carat; well above its estimate of $1 million to $1.5 million.
All totaled, the auction achieved $50 million and had a sell-through rate of 87 percent by lot and 93 percent by value.
“Private collectors and dealers reacted more than positively to a 369-lot auction that was finely-tuned in terms of prices and selection of gems to current market conditions,” said Rahul Kadakia, Head of Jewelry, Christie’s Americas and Switzerland. “Natural pearls, colorless flawless diamonds, and colored diamonds of high quality once again dominated the day, making for a vibrant atmosphere in the saleroom.”
Natural pearls again proved to be a dynamic force in the auction market. This was underscored by the sale of a double strand natural pearl necklace for $3.66 million. It comprises 120 large-sized individual pearls, ranging in size from 6.50 mm to 12.25 mm in diameter and ranging in coloration from white to light cream, with subtle rosé and green overtones and superb luster. It is accented with a 3-carat, D color diamond clasp signed by Cartier. Its estimate is $2.8 – $3.5 million.
During the morning session, a single strand of 83 natural pearls, measuring from approximately 3.15 to 9.75 mm sold for $158,500, nearly double its high estimate; and an antique diamond and sapphire brooch set with a natural baroque pearl, measuring approximately 15.90 – 16.70 x 20.40 mm brought in $170,500, nearly tripling its high estimate.
Also during the morning session, a 10.05-carat pear-shaped diamond on a ring, flanked on either side by a pear-shaped diamond, mounted in platinum took in more than $1.2 million.
Bidding was robust throughout the day, gaining strength in the afternoon session, with dealers in the back of Christie’s saleroom loudly clamoring for attention with those in the front of the room and many phone and online bidders.
Sharing the auctioneer duties was Kadakia, along with Christie’s Asia president, the Christie’s jewelry veteran who moved to Hong Kong recently to head the auction house’s jewelry operation in the booming Asia market.
* A 32.31-carat cushion cut Burmese sapphire ring that sold for $986,500, nearly doubling the hugh estimate of $500,000.
* A 28.20-carat square-cut fancy intense yellow VVS1 diamond ring by Van Cleef & Arpels that sold for $902,000.
* A 12.05-carat pear-shape F color flawless diamond that sold for $842,500
* An 11.68-carat marquise-cut F color VS1 diamond ring by Harry Winston that sold for $746,500.