We are all waiting impatiently to further see the impact on Fancy Color Diamond prices in auction. On July 29, Christie’s will be offering 263 items at its New York Magnificent Jewels auction. Items valued as little as $3000, and as high as $7 million will be offered at this Real Live auction. If I am not mistaken, this is the largest auction for jewelry up to this point in time from all major auction houses. There are only 4 items that are being evaluated above $1 million mark.
There are not so many Fancy Color Diamonds offered, but the second highest valued item (Which may end up being sold for the top price and be crowned as the star of the auction) is the 7.16 carat, Fancy Intense Blue Diamond with Internally Flawless clarity. It also happens to be in a pretty famous pear shape (GIA 2201939114).
It is valued between $3.5 million and $5 million or $489k to $698k per carat. I have not personally inspected the diamond (due to Covid-19, I am limited to travelling like the rest of the world), but if the color is strong enough for an Intense Blue diamond, then we will see a surge in the bidding quite fast and will see it selling at the top and surpass the high value. We have seen a beautiful and significant Fancy Intense Blue diamond sell last week for $1.3 million per carat ( even though it was above 10 carats in size, and had the same clarity).
A 7.65 carat, Fancy Light Purplish Pink diamond, also pear shape and a VS2 clarity is being offered between $400k to $600k or $52k to $78k per carat. This is a nice size diamond, and again, I have not seen it physically. Normally this is the right valuation. The question remains about the potential upgrade and improving the color. In November 2019, a 32.49 carat Fancy Light Purplish Pink with VS2 was also sold for $78k per carat, yet this is only a 7.65 in weight. We shall see once sold what the price is and then we will try to follow the diamond and see if it gets upgraded.
After the New York auction takes place, the rest of summer will continue to have online auctions by all major auction houses. It will be interesting to see what happens by the fall, but it looks like 2020 will be remembered for the online auction arena. We will most likely see a major decline in overall sales for the auction houses in the jewelry dept. as well as in all other major divisions, especially the Art dept.
- Christie’s New York Magnificent Jewels Auction Sells Majority Of Items
- Sotheby’s Magnificent Jewels In Hong Kong Yields Strong Results During Pandemic Despite Many Fancy Color Diamonds Not Selling
- Hong Kong Magnificent Jewels Auction Will Display Blue And Pink Diamonds
- Magnificent Jewels Auctions In New York Successfully Seals 2020 Despite Virus Challenge
- Sotheby’s Magnificent Jewels In New York Is Set To Be The Best This Year For Fancy Color Diamonds