The newely baptized “Graff Pink” diamond goes to the king of diamonds
CHF45 million for a pink diamond
Geneva, Switzerland (GenevaLunch) - The final ring on the cash register and the total for a hard day’s work at Sotheby‘s in Geneva was CHF103,418,050 million and a bit, a record total for a jewelry auction.
The third sale of the day at Beau-Rivage Hotel, in the evening, brought in CHF90,472,100. Fully half of that came from the sale of one diamond ring: CHF45,442,500 ($46.2m), well over the pre-auction estimate of CHF27-38m.
“Most fabulous” diamond Graff has seen
The top-selling gem had four bidders. In the end it went to 72-year-old Laurence Graff, who calls the Swiss resort of Gstaad home. His bid was handled by the chairman of Sotheby’s Asia, Patti Wong.
The buyer took advantage of his right to name it, and the diamond will now be known as the Graff Pink. “It is the most fabulous diamond I’ve seen in the history of my career and I’m delighted to have bought it,” says Graff.
He is a man who knows his diamonds. The new owner is from London’s East End, a school dropout and self-made man who has become one of Britain’s wealthiest people through his diamond business.
Forbes in 2009 said he was worth $2.2 billion and wrote that “jewelry business insiders call British diamond merchant Graff the new Harry Winston”, a fitting reference since the diamond for which he paid CHF45m Tuesday night was sold for the first and last time by Winston, 60 years earlier.
Other diamonds are more costly: the Hope diamond is valued at $100 million and others are more, but some of these are museum pieces rather than wearable jewelry.
Hammer price on this rare blue diamond: CHF8,930,500
Total sale close to CHF60 million ($53.97m)
Update 10:40 Geneva, Switzerland (GenevaLunch) – Currencies and gold for investors seeking a refuge this week suddenly paled Tuesday night, when it comes to investments, compared to diamonds – the cut and polished variety you put on a girl’s finger.
Sotheby’s latest fine jewels auction saw its top “Very rare Fancy Intense Blue diamond ring” go for nearly double the low end of its estimated price (CHF4.32m) when the gavel came down on CHF8.9 million ($8.03m) – and two other lovely diamond rings went for prices nearly as high.
The sale netted a total of CHF59,995,700.
The record for the per carat price for diamonds was broken: it had been set at Sotheby’s in Geneva in November 2009: $796,178 per carat for a 3.17 carat round brilliant cut stone at the time. The new top sale at Sotheby’s put the 7.64 carat fancy blue’s per carat price at over $1,050,636.
Alexandre Reza diamond ring: CHF7,026,500 at Sotheby's, Geneva
The catalog description of the gem and ring: Claw-set with a fancy intense blue cushion-shaped diamond weighing 7.64 carats, mounted in yellow gold and platinum, size 51.
The other two rings that significantly boosted the total were a “magnificent diamond ring” that went for CHF8,818,500 and an Alexandre Reza “highly important and exceptionally rare” diamond ring for CHF7,026,500.
Background, Geneva Living (including video with Sotheby’s David Bennett, chairman of the company’s European and Middle East jewelry division.
Geneva, Switzerland (GenevaLunch) – A mixed performance at Christie’s fine jewels auction Thursday in Geneva echoed the results at Sotheby’s the night before: on the one hand a record sale was made for a sapphire ring but on the other, half of the lots were unsold at the end of the evening.
Lesotho I diamond set in a ring by Harry Winston, Sotheby's November 2008 auction in Geneva
Geneva, Switzerland (GenevaLunch) – This is one of the big weeks in the year for Geneva’s international art market, with auctions taking place at lakefront hotels in Geneva for top-end watches, jewelry and antiques. The world will be watching closely to see if the art market here reflects the economic downturn. Wednesday , a Francis Bacon self-portrait that was expected to sell for $40 million was pulled from a Christie’s auction in New York when it reached only $27.4m, to gasps from the crowd.
