Bidding was expected to be no more than $7.5 million. Instead, the Oval Vivid Pink, sold in New York at Christie’s, was sold for $9.5 million (over €7 million). Two million more than estimated. The fact that auction house officials undervalued the stone by 25% may be surprising. Is it because a 5-carat pink diamond recently went unsold at a Bonhams auction? Yet experts claim that only one in 10,000 diamonds falls into the fancy category, and of these, just 0.01% are pink and weigh more than 5 carats. Furthermore, if you add an intense color and high quality to the size, you have the rarity that unleashes investors and enthusiasts. But in these cases the auction house is required to have a sort of pre-purchase agreement in case the buyer, caught up in the frenzy of the increase, goes beyond his means and is subsequently unable to pay the full amount. In short, if the customer who wins the diamond does not pay, it is the auction house that takes over the purchase. So, it is better to start with a low value, in case the sale goes wrong. For example, for the 59.6-carat Pink Star diamond, which reached the surprising value of 83 million dollars at Sotheby’s in Geneva, a pre-sale agreement of 60 million dollars had been agreed, then largely exceeded by the hammer price. Let’s go back to the Important Jewels auction at Christie’s in New York. The second memorable piece is the platinum ring signed by Taffin: a splendid rectangular-cut diamond of 20.08 carats, D color, VVS1 clarity and IIa rating. Practically chemically pure and with exceptional transparency. Estimated between 2.4 and 3.2 million, it sold for 3 million dollars (2.2 million euros). Another diamond of 5.91 carats, but of a pale pink color, exceeded its estimate and tripled its starting value, reaching 1.8 million dollars (1.3 million euros). “Colored diamonds have had an exceptional response in Christie’s spring auctions, especially for the sale of vivid pink diamonds, the phone lines have been jammed. With The Winston Blu, The Ocean Dream, and Oval Vivid Pink, three exceptional diamonds, Christe’s has totaled 42 million dollars. We are already working on the auctions of the next season which will open in October”, commented Rahul Kadakia, global head of the jewelry department at Christie’s. But with all these auctions, will there be anything left to sell?
