Blue Diamond Sets New World Record at Sotheby’s

An ultrarare 3.47 ct. fancy intense blue diamond ring sold for $6.7 million at Sotheby’s latest Magnificent Jewels in New York City on April 19.

In the process, the diamond (pictured right) set a new price-per-carat record for a fancy intense blue diamond sold at auction—$1.92 million a carat. Three bidders vied for the I1-clarity stone before it was finally sold. The name of the winner has not yet been revealed.

In addition, Sotheby’s auction of jewelry the night before from the personal collection of legendary jeweler Fred Leighton took in $1.6 million. Leighton, who died last year, was known as a connoisseur of estate jewelry, and the auction featured some of the ultrarare pieces that he kept for himself.

The sale was led by a desk clock with an alarm by Cartier (pictured below). The clock has a gold case and polished gold base, with turquoise and round diamonds on the indicators, and rose-cut diamonds on its hands. It sold for $275,000—more than three times its high estimate of $80,000.

Sothebys Fred Leighton clock

At the same Fine Jewels sale, a 52.89 ct. Ceylon sapphire and diamond ring (pictured below), also designed by Cartier and not from the Leighton collection, attracted no fewer than eight bidders. It eventually sold for $879,000, more than four times its high estimate of $150,000.

Sothebys sapphire diamond ring

Overall, Sotheby’s spring jewelry auctions brought in a combined total of $34 million, with 83.3 percent of all lots sold.

“Our results affirm that the auction market continues to flex its strength in top-quality diamonds, important gemstones, and jewels with distinguished provenance,” Gary Schuler, chairman of Sotheby’s Jewelry Division, Americas, said in a statement.

Schuler added that online bidding and buyers made a “significant” contribution to the auction’s total.

The next Sotheby’s Magnificent Jewels sale will take place in Geneva on May 15. It will be headlined by another notable blue stone, the much-hyped royal-pedigreed 6.16 ct. Farnese Blue.

All images courtesy of Sotheby’s

JCK News Director