Wednesday, November 14, 2007

Another Record-Breaking Auction for a Diamond Today

A Sotheby's employee holds the largest brilliant-cut D-color flawless diamond during a preview at Sotheby's in Geneva, Switzerland.

An 84.37-carat white diamond touted by Sotheby's for its unprecedented size and beauty could beat the record today, Wednesday, for the most expensive jewel ever sold at an auction.

Sotheby's estimate on the jewel: a whopping 12-16 million dollars.

"In my 32-year career, this stone ranks among the most beautiful diamonds I have ever seen," David Bennett, the auction house's chairman of jewelry for Europe and the Middle East, said last month when announcing the sale. He called it a "magnificent and unique stone."

The diamond has received the highest possible grading:

- D-color, or finest white,
- has flawless clarity,
- its cut, polish and symmetry have all been graded excellent.

The New York-based company is hoping the "Magnificent Jewels" sale at Geneva's historic Beau Rivage hotel will help it bounce back from the disheartening results of its Impressionist and Modern Art auction, which sent its stock tumbling.

The sale last week fetched $269.7 million, well short of estimates, and led some analysts to speculate whether the flight from risk currently gripping financial markets may be spilling over into the art world.

The company announced that it lost $14.6 million by purchasing paintings that failed to sell.

The white diamond already has been showcased in Hong Kong, Paris, New York, Rome, Los Angeles, London, Dubai and Bahrain. The auction Wednesday will also feature other diamonds, colored stones and gems from the world's leading jewelers.

Source: KEPR CBS 19 News

Today's auction at Sotheby might become another record-breaking event, the selling of the most expensive diamond ever to be auctioned. As stated above, this 84-carat diamond has garnered the highest possible grades in diamond ratings so it is expected that it would be sold for a very high amount. It also appears that the company really needs to sell this diamond at the right price so as to bring back the money they lost on previous auctions. Well, let us find out if this first-class diamond will reach everybody's expectations.

And the 84-carat diamond goes to.....
GUESS clothing company founder GEORGES MARCIANO.
Marciano's winning bid, made by telephone, came to $16,189,769 including the buyer's premium. It was just short of the all-time auction record for a stone or piece of jewelry, a record held by the same Sotheby's branch in Geneva for a 100.1-carat diamond that fetched $16.5 million in 1995.
So I guess it was not a record-breaking deal at the Sotheby auction yesterday, but still, the precious diamond was sold for a hefty amount which it deserves. Let us just wait for the next big auction and for the future record-breakers.


--My Life Is Beautiful

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