‘Oppenheimer Blue’ Fetches Record $58M at Auction

May 19, 2016 3:52 AM By Rapaport News

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RAPAPORT... Christie’s smashed the world auction record for a jewel as it sold the ‘Oppenheimer Blue’ diamond ring for $57.5 million (CHF 56.8 million) in Geneva on Wednesday.

The rectangular-cut, 14.62-carat, fancy vivid blue, VVS1 diamond went for well above Christie’s upper estimate of $46.1 million, fetching $3.9 million per carat.

The gem is named after its previous owner Sir Philip Oppenheimer, who was the chairman of De Beers Diamond Trading Company from 1975 until his death in 1995.

The previous record for a jewel sale at auction was $48.5 million for the Blue Moon at a Sotheby’s sale in the Swiss city in November.

Christie’s sold a total of $148.6 million of jewelry at the Magnificent Jewels auction May 18, beating last year’s $97.5 million for the equivalent sale.

The auction as a whole sold 86 percent by lot and 93 percent sold by value. Jewels from the collection of H.S.H. Gabriella Princess zu Leiningen realized $22.5 million.

Image courtesy Christie's Images Ltd. 2016

Tags: auction, Auctions, Christie's, colored diamonds, geneva, Magnificent Jewels, Oppenheimer Blue, Rapaport News

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