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Blue Diamonds Strike Out at Sotheby’s Auction

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LEAH MEIROVICH • 09-12-2022

Two blue diamonds from an eight-piece De Beers collection went unsold at the latest Sotheby’s New York jewelry auction, meaning three out of three have failed to find a buyer.

The auction house offered two stones from the De Beers Exceptional Blue Collection at its most recent Magnificent Jewels sale in New York on December 7. The first, a cushion-cut, 2.08-carat, fancy-intense-blue diamond with an upper price tag of $1.5 million, was left unsold after going up on the auction block. The other, a cushion brilliant-cut, 3.24-carat, fancy-vivid-blue, internally flawless diamond estimated at up to $8 million, was pulled in advance.

“The 3.24-carat…was withdrawn prior to the sale following discussions with the consignor, and, unfortunately, the 2.08-carat from the same collection did not find a buyer in our salesroom today,” a spokesperson for Sotheby’s said in a statement to Rapaport News last week.

Those come after a cushion brilliant-cut, 5.53-carat, fancy-vivid-blue diamond from the same collection failed to sell at the auction house’s Geneva Magnificent Jewels last month.

The proximity of the sales may have contributed to the disappointing results, explained several industry experts who wished to remain anonymous.

“I think it’s OK if one, maybe two come up in a year, but coming so close together like this, I think people may be wondering what’s up, and how is this truly special or unique,” one said.

However, Sotheby’s still plans to offer the remaining five blue diamonds at its spring 2023 Magnificent Jewels auctions. Those include a step-cut, 11.29-carat, fancy-vivid blue estimated at up to $50 million; a step-cut, 4.13-carat, fancy-intense blue expected to go for up to $3.5 million; and a cushion brilliant-cut, 3.10-carat, fancy-vivid-blue diamond with a high price of $5 million.

“In no part…does [the blues not selling in New York] detract from the rarity of the De Beers Exceptional Blue Collection, and we are very much looking forward to presenting the five remaining exquisite gems in the new year,” the spokesperson added.

Image: The De Beers Exceptional Blue Collection. (Sotheby’s)

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