While Christie’s sold $96.9 million in its HK sales the previous day and broke its sales total for the year in the region, Sotheby’s on the other hand sold less than $5.5 million. Over 26% of lots were unsold, and mosty the higher end prices items, which is reflected in the poor results.

The top lot sold was a 5.04 carat, Fancy Vivid Yellow, IF clarity diamond ring for $319,994 or 63.5k per carat. An average price for this color diamond. Even though it sold higher than the estimate, we still feel there is value to be built based on size and clarity.

5.04 carat, Fancy Vivid Yellow, IF clarity

We are quite disappointed with the results of this auction, which will leave a bad taste for the coming months. We hope that Sotheby’s will come up with some super, one-of-a-kind items in 2016, that will put back smiles on investors.

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