April has arrived and with it some amazing auctions! Hong Kong is the major auction destination this week for Sotheby’s. If you have not checked out their items for the Magnificent Jewels and Jadeite Auction, you should! That Auction is on Tuesday afternoon, but the real show is the diamond that is coming back on the market for a single auction in the evening. You may have seen or heard of the Pink Star. (Pictured above courtesy of Sotheby’s) This internally flawless pink diamond is a massive 59.6 carats was up auctioned off in November 2013 at their Geneva sale. The winning bid was $83.2 million dollars but the buyer soon backed out. The reason for the buyer’s change of heart? They could not afford it. Sotheby’s then acquired the gem and now is hoping that their investment pays off. You can read more on that 2013 auction here.
It was a disappointing end I’m sure for the auction house. Christie’s had sold the Princie Diamond, a 34.9 carat pink diamond in their April auction for $39,323,750 (buyer’s premium included). I saw that one up close, the florescence was amazing. The glow unlike anything I had ever seen! (Picture of diamond below courtesy of Christie’s)
2015 would again bring mixed results for large colored diamonds at the auction house. Sotheby’s again faced disappointment at their Magnificent Jewels sale held in April 2015 at New York, with the Shirley Temple Blue Diamond failing to make the minimum estimate.
Then Sotheby’s achieved a notable success. The Sotheby’s Geneva Magnificent Jewels Auction in November 2015 saw the highest price paid for a blue diamond. The Blue Moon a 12.03 carat blue diamond sold for $48.4 million, having the highest price paid per carat for a blue diamond. Christie’s also had success in their November Geneva Magnificent Jewels Auction that year. They set the record for highest price per carat for a pink diamond. The Sweet Josephine (16.08 carats) sold for $28.5 million dollars. What is interesting is both diamonds that year were sold to buyers in Hong Kong.
So will this be the year that the Pink Star shines and leaves Sotheby’s with a great return on investment? It can go either way. On the one hand the economy has been a little shaky the past few months. On the other hand, jewelry is being looked at more seriously as an investment piece again. Town and Country had a great article on that here. Having the diamond sold at the Hong Kong auction is a smart move as that has had some major buyers in the past, mentioned above. Without knowing the estimate, it is harder to say if it will sell or not. People did bid on the Shirley Temple Blue Diamond they just did not meet the minimum required. I do not know how much Sotheby’s paid for the Pink Star, the minimum is anyone’s guess. There was no estimate listed the last time in was up for sale. I will be watching for it and commenting on my other social media channels. Have you seen the Pink Star? Do you think it will sell? Love to hear your thoughts! Thank you for reading and visit Data in the Rough again very soon for more!