New Sales Record Set at Sotheby’s Auction

A few weeks ago Sotheby’s set a new sales record for a 3.47-carat fancy intense blue diamond ring.  The exquisite blue stone sold for $6,663,300 at auction, which totaled $1.92-million-per-carat making it the highest price ever paid for a stone of its grade.  More surprising was the fact that the actually sale price was almost triple the $2 million to $2.5 million estimated by Sotheby before the auction.    

This is due to blue diamonds now considered to be the rarest and most expensive of all diamonds.  In fact the Tel Aviv-based Fancy Color Research Foundation says that the value of blue diamonds has been rising faster than the value of either pink or yellow diamonds.   

Another reason the rings garnered such a high price at auction is fancy colored stones are graded based on their color quality.  The GIA explains the ring was graded “fancy intense,” which is the second highest color grade and just behind “fancy vivid.”  

The known history of the ring began shortly after WWII when a Pan AM pilot bought the ring to give it to a Pan AM stewardess who later became his wife.  The pilot died shortly after the couple married but the wife held on to the ring for many decades.   During this time there was not a market for fancy colored diamonds and they were not considered to be anywhere near as valuable as colorless diamonds.  At one point, the ring was briefly dropped in a garbage disposal and has a small chip on it.   

Eventually the ring was passed on to a daughter in the 1990.  It was appraised in 2006 for $150,000.  Needless to say the family was thrilled with the auction results.   

Another fancy intense blue diamond went on auction around the same time.  The 3.09 Ct ring sold for $5,375,000, which was $1.74 million per carat.  Christie, who sold the diamond, had estimated the ring would sell somewhere in the range of $2 million to $3 million.  While Padis Jewelry obviously does not have diamonds of this extremely rare quality, we do have a large inventory of exquisite diamonds that are sure to please.   

Since 1974, Padis Jewelry has been a trusted source for buying exquisite certified loose diamonds, engagement rings and fine jewelry.  We are one of the only jewelers in the area that offers such an exclusive selection of top names in the industry as well as such a large inventory.  If you are a lover of beautiful jewels, please schedule at visit to San Francisco’s top jewelry store.

Source: barrons.com/articles/blue-diamond-breaks-record-at-sothebys-auction-1524259654