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Sotheby’s NY Sale Scores Big

Spring Auction Sets Sales Record

Apr 15, 2011 9:02 AM   By Amber Michelle
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RAPAPORT... Sotheby’s New York sale of Magnificent Jewels saw its highest total ever for an April sale bringing in $39,367,350 —  sold 84.2 percent by lot and 93.4 percent by dollar value. Seven of the top ten lots soared past $1 million and bidding sometimes became so frenetic that even the auctioneer lost track of the action as multiple bidders on the phone, in the room and online competed fiercely for their lots.

The top lot of the sale was a 30.52-carat D,VVS1, emerald cut diamond that sold for $3,386,500, $110,960 per carat, against an estimate of $3 million to $4 million. It sold to Essex Global Trading. The second top lot of the sale was a a 3.18-carat internally flawless fancy vivid blue marquise shaped diamond, notable not only for its pure color, but also because it was used as the center stone in a paved open work floral design ring, a great improvement over the usual rock and four prong settings for this caliber of stone. It sold for $3,274,5000 or $1,029,717 per carat, against an estimate of $3 million to $4 million to an Asian private.

Perhaps it was the sunshine and the feel of spring in the air, but buyers were in the mood to spend on the rare and the beautiful. Jewelry dealers and diamond dealers alike left their offices and made the trek to the Upper Eastside to be at the sale in person and the trade jumped into the action often winning the bidding battles that were frequent throughout the sale.  A number of museum caliber pieces, colored gems and natural pearls were highly desired and bidding for each item took as long as ten minutes, although bidding for diamonds was quicker and more decisive with solid, but not over-the-top prices garnered.

Rapaport News online prepared a special video of the Sotheby's auction (viewable from April 15 at noon.)   For full coverage of the Hong Kong and New York auctions will appear in the May 2011 issue of Rapaport Diamond Report.

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Tags: Amber Michelle, auction, bidding, diamonds, jewels, records, Sotheby's
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