2001

Strong Auction Results Defy Shaky Economic Climate

May 2001

The recent round of auctions by the major houses in the United States showed that demand remains strong for high quality diamonds.

At Christie’s, for example, the top diamond sale was for more than $3 million.

"Entering the week with a certain apprehension because of the economic climate, we are thrilled with the results of this sale," said Simon Teakle, head of jewelry for the Americas at Christie’s. "The top end of the market is secure and there is strong demand for quality diamonds.

The top sale, for $3,636,000, was a piece named La Favorite. The ring, by Bulgari, featured a emerald-cut diamond ring with a stone of 50.15 carats, D color, potentially flawless. The piece sold for $72,502 per carat.

With total sales at this annual spring auction increasing to $21.4 million, about 11% over last year, Christie’s outperformed it rival, Sotheby’s, which registered $11.2 million for its spring magnificent jewels auction.

The top sale at Sotheby’s was also a diamond ring. The emerald-cut stone of 16.19 carats, which was D color and internally flawless, sold for $709,750—or $43,838 per carat.

Selling for the highest per-carat price at either auction house was a natural color, VVS2 fancy intense blue diamond of 3.08 carats, which sold for $368,750—or $119,724 per carat—at Sotheby’s.

Another internally flawless diamond ring sold at Christie’s for $710,000. That stone, which was emerald-cut and D color, weighed 16.89 carats and fetched $42,037 per carat.

A pear-shaped diamond set as a pendant, meanwhile, sold for $556,000, at Christie’s. The stone, D color, VVS1, fetched $34,385 per carat.

According to Carlton C. Rochell Jr., Sotheby’s Executive Vice President and Head of International Jewelry, the strongest market right now is for exquisite diamonds, signed pieces and pieces with historical provenance.