The sale of the pink diamond at Sotheby’s Auction fails: for the precious stones a black day ♦ ︎
The sale of the rose has ended in red, after a rather black day. The Raj Pink, the biggest fancy intense pink diamond, for its rare color, was the strong piece of Wednesday’s auction organized by Sotheby’s in Geneva. But it was not sold. The cushion-shaped stone, weighing 37.30 carats, had a pre-sale estimate of between $ 20 and $ 30 million. But David Bennett, world leader in Sotheby’s jewelery division, had to submit: “It was not sold.” The raises did not exceed 14 million Swiss francs and the jewel was withdrawn. And it was not the only flop. Other high-value lots were withdrawn because they did not meet the stock price set (secretly) by their vendors. Among the unassigned pieces is the blue diamond ring of Moussaieff: the last offer was 12.4 million Swiss francs. Nothing to do for another expected piece: a pair of yellow diamonds previously belonged to the princely German family of Von Donnersmarck. Rewards reached 7.8 million Swiss francs, but no new owners.
The auction, however, was not a failure: 303 lots were sold out of 349. Overall, the sale was $ 77.9 million. Eventually, the top was achieved by a light pink diamond ring made by Harry Winston in 1970, described as a “absolutely extraordinary beautiful stone” by Bennett: sold for 12.6 million Swiss francs to a telephone bidder.
The reasons for the flop
Why is not the Pink Pink sold? “The pieces have to be exceptional to be sold today at the same level as two years ago,” explained to Reuters Eric Valdieu, an experienced jewelery retailer based in Geneva. “It’s a modern, recent stone (extracted in 2015 ndr) and not a 10 to 10 in terms of color and shape. He had no history. ” Tobias Kormind, managing director of 77Diamonds.com, the world’s largest online diamond retailer in Europe, said he was worried about the highest end of the stone market. Federico Graglia