Magnificent Jewels Auctions In New York Successfully Seals 2020 Despite Virus Challenge

Sotheby’s Magnificent Jewels in New York ended with great success in various ways despite Corona Virus and a Political turbulence in the USA. Sotheby’s ended up selling $46,936,996 representing a 23.8% increase over 2019 sales. For Fancy Color Diamonds, it was also successful despite the 5.03 carat Fancy Vivid Pink failing to sell. The 2.28 carat Fancy Vivid Blue diamond also went unsold.

The top item sold that evening was the 1.79 carat, Fancy Red diamond. It was valued between $2.5 million and $3.5 million and ended up selling for $3,166,000 or $1.769 million per carat. This price was far below the $2.616 million per carat paid for the 1.05 carat Fancy Red at Christie’s Geneva auction in November, which also broke the record for the per carat price for any red diamond. Although a significant size difference but the 1.05 carat had an extremely rare VS clarity and the 1.79 carat Heart Shape had an odd cut…

The 3.67 carat Fancy Intense Blue diamond was valued between 2.5 million and $3.5 million and ended up selling for $2.6 million or $714k per carat, at the low end of estimates.

The 2.00 carat Fancy Vivid Orange diamond was valued between $1 million to $1.5 million but ended up selling for $1,895,500 or $948k per carat.

The 1.08 carat, Fancy Vivid Blue diamond was valued between $500k to $800k but ended up selling for $927,500 or $859k per carat.

The 2.31 carat Fancy Pinkish Orange diamond was valued between $200k and $300k and ended up selling for $252k or $109k per carat.

The 1.49 carat Fancy Green diamond was valued between $70k to $90k and ended up selling for $88,200 or $59.2k per carat.

A surprise fo the evening was the 21.86 carat, Emerald Ring by Cartier. It was valued between $750k to $1 million but ended up selling for $3,650,000, over 3.5 times its high value. It gets one to think about the auction houses and how well they get their estimates. Are they underestimating items on purpose in order to attract more bidders but eventually the item will sell at the highest possible anyways? or do they underestimate in order to make headlines such as the 21.86 carat Emerald? 

At the Christie’s New York Magnificent Jewels auction a day prior the pair of earrings containing a 2.61 carat Fancy Intense Purplish Pink and 2.34 carat Fancy Intense Pink diamonds was estimated to sell between $1.2 million to $2.2 million ended up selling for $2.07 million or $414k per carat on average. This is a record price per carat for any Fancy Intense Pink diamond under 3 carats.

We look forward to 2021 as we embark on many new fronts; a new vaccine for Covid-19, a new president in the USA as well as new format of estimates and results for Fancy Color Diamond sales at auction and Jewelry overall…