When You Just Got To Have It!

We’re officially in a recession and people are holding on to their money. Christie’s, London’s auction house, may have had trouble selling a “Study of Self-Portrait” by Francis Bacon, but the same didn’t hold true for the Wittelsbach diamond. This cool, blue, gem was snapped up for $24.3 million dollars, about twice the pre-sales estimate, proving once again that  are a solid investment even in recessionary times. However, the Wittelsbach itself isn’t just any ordinary diamond, it has a unique history and color that sets it apart from the rest, which made it a “got to have” item for billionaire Laurence Graff, a noted diamond dealer. It’s reputed to be the highest price ever paid for a diamond at auction.

Heritage Pieces

While one can hardly compare the history of the Wittelsbach diamond with something as mundane as a family heirloom, the idea of heritage diamond pieces that have history tied to them is appealing to many diamond lovers. In the Wittelsbach’s case, the historical lore is even more enchanting as it has been associated with royalty, from the King Phillip IV of Spain to the Bavarian rulers, starting with Maximilian IV Joseph von Wittelsbach (where the diamond got its name). But there’s more than history that makes this diamond unique.

A True Gem

The Wittelsbach diamond is a fancy blue diamond weighing 35.56 carats in all. The most comparable diamond for the same color and clarity is the famous blue Hope diamond, that now resides at the Smithsonian Institute. So, as any collector knows, the more unique and rare a piece, the higher the value, and the Wittelsbach is definitely a one-of-a-kind diamond. So, even with a recession in place, you can still find people willing to purchase these types of unique and valuable items that will probably never come up for auction again in our lifetimes.