RapNet


Rapaport News

 

Polished Markets

 

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

Sotheby’s Nixes Reserve Price on 102ct. Diamond

D-flawless stone will go to highest bidder, irrespective of what the auction house believes selling price should be.
Sep 10, 2020 6:00 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT...
Sotheby’s will offer a D-flawless diamond over 100 carats in Hong Kong next month, taking the unusual step of selling the stone without setting a reserve price.

The oval-shaped, 102.39-carat, type IIa stone is one of only eight white diamonds of that quality over 100 carats ever to appear at auction, Sotheby’s said Thursday. Global manufacturer Diacore cut and polished the diamond over the course of a year from a 271-carat rough that De Beers recovered at its Victor mine in Canada.

Sotheby’s will feature the diamond in a stand-alone, single-lot live auction on October 5, with online bidding beginning September 15. The company will preview the stone in Beijing, Shanghai, New York, Taipei and Hong Kong before the auction.

The auction house will offer the diamond without reserve, meaning it does not have a floor price it needs to meet. Instead, the participant who places the highest bid will take home the diamond, irrespective of what Sotheby’s believes the selling price should be. This is the first time in auction history an item of its importance and value has been offered this way, Sotheby’s claimed.

“Demand has shown tremendous resilience during the first part of the year, and we feel it is now time to let the market speak,” said Patti Wong, Sotheby’s chairman of Asia. “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.”

Image: The 102.39-carat diamond. (Sotheby’s) 
Tags: De Beers, Diacore, Patti Wong, Rapaport News, Sotheby’s, Victor Mine, Without Reserve
Similar Articles
Phillips Feng J HK 150Phillips Garners $9M at Hong Kong Auction
Nov 30, 2020
A pink-diamond necklace by designer Feng J was the top seller at Phillips’s...
Emerald Necklace Goes for $7M at Christie’s
Rapaport Weekly Market Comment
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us