$60M eyed for diamond at Sotheby's auction
GENEVA — A huge and rare pink diamond could fetch more than $60 million at auction in November as collectors chase exceptional pieces in a strong international jewelery market, Sotheby's said.
The “Pink Star,” which weighs 59.6 carats, is the most valuable diamond offered at auction, it said, showing the oval stone with the top grading of vivid pink amid tight security at a luxury hotel.
“It is full of fire and light. If it sells it will be a record price for any gemstone so far at auction,” David Bennett, chairman of Sotheby's jewellery division in Europe and the Middle East, told Reuters in Geneva, where it will be the star lot of the Nov. 13 sale.
“The top end in all categories in auction prices are very, very strong. People are seeking the very rare, the exceptional, the outstanding. This stone is,” he said.
The record is held by the “Graff Pink,” a 24.78 carat fancy intense pink diamond bought by Laurence Graff, the London-based jeweler known as “The King of Diamonds,” at a 2010 auction for $45.75 million.
The “Pink Star” was cut and polished from a 132.5 carat rough diamond mined by De Beers somewhere in Africa in 1999, according to Sotheby's, which said it had no information on the exact geographic origin.
The stone, mounted on a ring, was first sold in 2007 and the owner remains anonymous, a Sotheby's spokeswoman said.
Eric Valdieu, a former Christie's jewel expert now of Valdieu Fine Arts, recalls seeing the “Pink Star” displayed at the Smithsonian Institution in Washington in 2003.
“The buyers of a stone like this are very few, international fortunes in Latin America, Asia or the Middle East,” he said.
Rival Christie's is offering three jewels from the collection of Bolivian tycoon Simon Itturi Patino among the pieces going under the hammer at its Geneva sale on Nov. 12.
The pieces, including a 1930s emerald and diamond necklace by French jeweler Cartier estimated at $7-$10 million, feature rare gems and embody the taste of “The King of Tin” who founded the family dynasty, the private auction house owned by French billionaire Francois Pinault said in a statement on Tuesday.
“The Patino family had extraordinary things, objects which dealers and private collectors will go after with gusto,” Valdieu said.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Afghan president heads unity government poised to sign pact to keep U.S. troops
- Protesters in Hong Kong stand firm in battle to stop encroaching rule by China
- Netanyahu rebuts claim of genocide, accuses Iran
- Search for victims on hold in Japan as volcano spews toxic fumes
- Courting Vietnam, U.S. prepares to ease arms embargo
- Ukraine delay offers opening
- Iran will not halt uranium enrichment
- Unrest, fatalities challenge shaky cease-fire in Ukraine
- Belgium accuses Muslim group of radicalizing, training youth to fight in Syria