Jewellery auctions have done exceedingly well despite the adverse impact of the pandemic on the world economy. Even in these challenging times, jewels sold at online auctions set new records.
Given the strong demand in the market, Sotheby’s Hong Kong will auction a 102.39-carat D colour flawless oval diamond without a reserve price at a special auction on October 5.
The winning bid is the highest bid, regardless of its amount or the intrinsic value of the diamond itself. This approach marks is the first in the auction history, that a diamond of this calibre, or indeed any work of art or object of this importance and inherent value, has been offered this way. It is expected to join the league of the most expensive jewels ever sold.
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So far, only seven D colour Internally Flawless or Flawless white diamonds over 100 carats in regular shapes have been sold at auction, making this the eighth.
This 102.39-carat diamond will be offered in a stand-alone, single lot live auction. Online bidding starts from September 15. The auction will be preceded by a series of previews in Beijing, Shanghai, New York, Taipei and Hong Kong (by appointment only).
The rare tone was cut from a larger 271-carat rough diamond, which was unearthed at DeBeer’s now closed Victor Mine in Ontario, Canada in 2018. It was then cut and polished for more than a year.
“It has been a few deeply transformative months for the auction market. We have been at the forefront of change in the Fine Art and watch categories, with new, pioneering auction formats, and this season, we want to extend this approach to our jewellery sales,” said Patti Wong, Chairman of Sotheby’s Asia, in a press statement.
“The conjuncture offers many opportunities to do things differently: demand has shown tremendous resilience during the first part of the year and we feel it is now time to let the market speak. Diamonds of this caliber attract interest well beyond the traditional pool of collectors. This innovative sale seems to us the best way to introduce this exceptional diamond to the world in the current circumstances where travel is restricted and act as a great indicator of the vitality of the demand,” adds Wong.