This is what we need to put us on the mapMake mine a red eye-clear ruby. Wonder what the appraised value of our ruby carving is?
84.37-carat diamond expected to draw bids of up to $16M
Last Updated: Wednesday, November 14, 2007 | 11:54 AM ET
The Associated Press
An 84.37-carat white diamond touted by Sotheby's for its unprecedented size and beauty could beat the record Wednesday for the most expensive jewel ever sold at an auction.
'In my 32-year career, this stone ranks among the most beautiful diamonds I have ever seen.'
—David Bennett, Sotheby'sSotheby's has put an estimated value of $12 million to $16 million US on the jewel, the largest top-quality, brilliant-cut white diamond ever to appear at auction.
The jewel, which is the largest top-quality, brilliant-cut white diamond ever to appear at auction, is part of Sotheby's Magnificent Jewels sale in Geneva on Wednesday.
(Keystone, Salvatore Di Nolfi/ Associated Press) The company's Geneva branch still holds the auction record for the most expensive stone or piece of jewelry ever sold: a 100.1-carat diamond that fetched $16.5 million in May 1995.
While that stone had no pre-listed price, the white diamond has been given a "fair" estimate based on price per carat, said David Bennett, the auction house's chairman of jewelry for Europe and the Middle East.
"In my 32-year career, this stone ranks among the most beautiful diamonds I have ever seen," Bennett said in October when announcing the sale. He called it a "magnificent and unique stone."
The diamond has received the highest possible grading, Sotheby's said. It is D-color, or finest white, has flawless clarity, and its cut, polish and symmetry have all been graded excellent, it said.
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The New York-based company is hoping the "Magnificent Jewels" sale at Geneva's historic Beau Rivage hotel will help it bounce back from the disheartening results of its Impressionist and Modern Art auction, which sent its stock tumbling.
The sale last week fetched $269.7 million US, well short of estimates, and led some analysts to speculate whether the flight from risk currently gripping financial markets may be spilling over into the art world.
The company announced that it lost $14.6 million US by purchasing paintings that failed to sell.
The white diamond already has been showcased in Hong Kong, Paris, New York, Rome, Los Angeles, London, Dubai and Bahrain. The auction Wednesday will also feature other diamonds, coloured stones and gems from the world's leading jewellers.