The famed Christie’s auction house played host to one of the biggest diamond auctions in recent years as two of the largest diamonds on record were auctioned off for a combined total of over six million dollars on October 15, 2008. Christie’s played host to Jewels: The New York Show and these two diamonds were the highlight of the auction. Weighing in at 102.11 and 70.87 carats, these diamonds took a total of eighteen months to cut and polish. They are cut from the Ponahalo diamond, one of the largest diamonds ever found in the South African region where it was mined. The Ponahalo measured an amazing 316.15 carats.
The two diamonds sold for a combined $6.26 million. The larger 102.11 carat diamond took in $4.11 million, while the smaller 70.87 carat diamond sold for $2.15 million dollars. Both stones were purchased by the same bidder, Amer Radwan, who is a jewelry trader in the United Arab Emirates.
The diamonds sold for close to their estimated auction value. While many auctions are going unsold or selling for less than estimated due to the current economic crisis, the jewels at the Christie’s diamond auction seemed to have no problems meeting and exceeding estimated sales. Rahul Kadakia, the head of jewelry at Christie’s attributes this to the lasting value of the diamond, and says that diamonds “have an inherent value that makes them relatively stable stores of value over time.”
A portion of the proceeds from the Ponahalo sale will go to the Diamond Empowerment Fund. The DEF is a non-profit co-founded by Def Jam Entertainment owner Russell Simmons and uses profits from diamond sales to help empower and educate economically disadvantaged Africans. In support of his organization, Simmons said “A diamond can be a child’s education”.
The Ponahalo diamonds were perhaps the showcase, but there were many other lots for sale in the auction. A beautiful colored diamond ring from the personal collection of Gisele Bundchen was estimated to sell for around $20,000, and surprised everyone with a final bid of $30,000. The square-cut yellow diamond weighed approximately 3.35 carats and was flanked on both sides by trillion-cut diamonds. The piece was set in platinum and 18k gold.
A number of pieces went well above the $2.5-$3 million dollar mark, including a 5.6 carat pear-shaped pink diamond mounted in platinum and 18k rose gold. This was one of the many pieces to sell well above the low estimate it was assumed the auction would bring. Selling for over $3.5 million was a beautiful rectangular-cut intense blue diamond ring. The diamond was surrounded by a circular-cut pink diamond and mounted in platinum and 19k rose gold.
While the many jewelry pieces at the auction were a sight to behold, they were not the only items to be sold. Other items included a number of diamond jeweled ink pens, including a White House pen and a pen celebration 100 years of the Juilliard School of Music. The Julliard pen was made of 18k white gold and had numerous diamond accents, most notably a grid of circular-cut diamonds along its barrel. The 18k gold nib of the pen was engraved with a portrait of the esteemed A.D. Julliard, founder of the institute of music. The pen is one of only 100 ever made.
There were a number of very unique and rare pieces in this auction. In total, the auction brought in over $26,000,000 to the famed auction house; a total many thought would not be achieved due to recent economic events. Christie’s followed the New York Jewels show with a 20th Century Jewels show only hours later.
The second auction brought its own collection of rare and beautiful jewelry to the bidding floor. One of the highlights of the auction was a rare dolphin brooch mounted in 18k gold and platinum and featuring exquisite diamonds, emeralds, and sapphires. Only six of these brooches were made, with one of them being given to Elizabeth Taylor by former husband Richard Burton at the premiere of Night of the Iguana. The piece was estimated to sell at $75,000, but brought in an impressive $92,500. Overall, the second auction brought in almost $3.2 million, with most pieces going well over the conservative estimate values.