Newswire

By JCK Online Staff -- JCK Online, July 1, 2008

BIDZ Wins LID Auction

Former sightholder L.I.D. Ltd., which folded after months in Chapter 11, auctioned off its diamond and jewelry inventory in April for almost $69 million. Christopher Ellis of Consensus Advisors, Boston, who conducted the auction in his capacity as chief restructuring officer, said the winning bidders were a group composed of Internet retailer Bidz.com, Kiran Jewels, AV Jewelry, and Fairway Diamonds.

Watches Set Auction Records

Rolex watches set new records in April auction sales. Antiquorum celebrated Rolex's 100th anniversary with a sale that took in over $8.5 million and set several world records including: $248,800 for a 1979 Oyster Perpetual Date Comex Sea-Dweller, $237,000 each for two 1967 Oyster Perpetual Date Sea-Dweller Submariners, and $166,800 for a 1973 Submariner issued to the British military.

At Sotheby's Important Watches sale in New York City, a Rolex stainless-steel Oyster Cosmograph Daytona (pictured) went for $505,000, a new record for a Rolex Daytona. A number of Patek Philippe timepieces also pulled high prices. A gold automatic minute repeater with hinged case went for $301,000; a large gold automatic perpetual calendar with Doré dial and moon phases for $400,000, and a platinum rectangular tourbillon with 10-day power reserve for $265,000.