Sotheby’s: Big Pink Didn’t Sell After All

It has happened again.

Less than two years after two big diamond auction sales ended up not going through, Sotheby’s has had to cancel its sale of the Pink Star, the 59.6 ct. pink stone that seemingly sold in November for $83 million.

The stone is now in Sotheby’s inventory, the auction house said in an SEC filing, the result of what it termed a “default” by buyer Isaac Wolf.

“Sotheby’s reversed the related auction commission revenues and recorded the Pink Star in inventory at its net realizable value of approximately $72 million,” the auction house said.

At the time, the price was an auction record for any gem or jewel.

In 2011, two record-setting auction sales—one at Sotheby’s, the other at Christie’s—also ended up being canceled.

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JCK News Director