Revealed: Sotheby's breaks six jewellery auction records

Revealed: Sotheby's breaks six jewellery auction records

A gem of an investment

Leading auction house Sotheby's gets a piece of the action in a week of auction world records. The Magnificent Jewels Geneva auction has seen six new jewellery auction records broken in an historical evening of gemstones and jewels...

It has been a week of auction records, Christie's made history earlier in the week with the record breaking 20th century art auction that saw a Picasso masterpiece sell for $179.4 million and now Sotheby's has broken six world records with its Tuesday evening jewellery auction in Geneva. The Magnificent Jewels Geneva auction hit a total haul for its gemstone lots of $160.9 million, which represents the highest total ever for a jewellery auction.

Some of the record breaking highlights from the evening include a 25.59 carat Cartier Burmese ruby ring (pictured above), which smashed three world records by selling for $30.3 million, making it the highest price ever paid for a ruby at auction, the highest price paid at auction for a Cartier-origin jewel, and the highest price-per-carat paid for any ruby at auction. The anonymous buyer ended up exceeding the original estimates by double as it has previously been expected to sell for between $12 million and $18 million. 

An 8.72-carat pink diamond ring, believed to have once belonged to Napoleon Bonaparte I's niece, Princess Mathilde, sold for $15.9 million and a double-strand pearl and diamond necklace sold for just over $7 million, making it a record price for a pearl necklace with a double-strand design.

David Bennett, worldwide chairman of Sotheby's international jewellery division, said that the "lively bidding" was "evidence that the market for exceptional jewels is going from strength to strength."

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