Set for its New York Sale auction in October, the fine arts auction house Christie’s will sell the two big, rectangular-cut Ponahalo diamonds. Christie’s was founded in 1766 by James Christie and has conducted some of the top auctions of the 18th, 19th, and 20th centuries. With over 600 sales each year, New York is home to just one of its 14 salesrooms, with others located in Los Angeles, London, Paris, Geneva, Milan, Amsterdam, Tel Aviv, Dubai, and Hong Kong.
Although Christie’s provides auctioned sales in a number of different categories, it is the sale of the large and rare diamonds that often bring the highest purchase prices. While these diamonds can be purchased by individuals, they are often assisted by private donations, which allow the diamonds to be displayed in art galleries and such, throughout the United States. Many times, these large diamonds are beautiful, but they are not set in any jewelry and their history provides an interesting tale.
One of the most popular auction pieces was the Hope Diamond. Associated with a curse for bad luck placed on each of the owners, the Hope Diamond went up for auction numerous times. Now, the Hope Diamond is a part of a museum, which allows it to safely travel so that many others can see the amazing diamond that originated from a larger, royal diamond.The Ponahalo diamonds, which weigh approximately 102 and 70 carats, were cut from an original, rough diamond of 316 carats, which was found in the Venetia mine by DeBeers. The two sales, including the Ponahalo diamonds and the 20th century jewels, create 273 auction lots and are expected to provide over $35 million in sales once the auction is complete. The honor of naming name “Ponahalo” was given to Jonathan Oppenheimer from the De Beers Group.
His choice in name comes from the tribal language that is spoken by the Venda tribe in the area of South Africa that is close to where the diamond was found. In Sotho, their spoken language, the diamond’s name means “vision.”A leading diamond manufacturer, Steinmetz Diamond Group, created four polished stones from the original rough diamond. Then, the two largest diamonds of the group were shaped into rectangular-cut diamonds. Based in Geneva, Switzerland, the Steinmetz Diamond Group has manufacturing facilities in South Africa, Namibia, and New York. They are known for producing rare stones and jewelry, as well as manufacturing, polishing, and marketing rough and polished diamonds.
The Christie’s auction will also offer an array of white and colored diamonds and gems and a collection of signed jewels called the Superb 20th Century Jewels from an American Collection. Included in the collection are 110 lots of signed jewels by leading jewelry-makers of the 20th century, like a retro diamond and gold necklace by Rene Boivin that was crafted by Princess Irene of Greece in 1951 for almost $300,000.Other important pieces included in the auction are a necklace featuring a rectangular-cut 40.21 carat internally flawless D-color diamond and a sapphire, emerald, and pearl necklace. The necklace features a 69 carat cushion-cut sapphire, an eight carat emerald, and pearls that are estimated at over one million dollars.In total, there are 273 lots included in the two sales. In total, Christie’s October auction should bring in more than $35 million in revenue. In 2007, Christie’s achieved a total of $6.3 billion through their global auction sales, which is why Christie’s is an internationally acclaimed company that provides unparalleled service and experience.
A portion of the proceeds of the sale of the Ponahalo diamonds will be donated to the Diamond Empowerment Fund, which is a non-profit organization that funds education programs in African countries where diamonds are mined. The Diamond Empowerment Fund works exclusively with jewelers, as well as individuals to find the funding that they need.
While Christie’s auctions do not often play a role in everyday life, the success that they have throughout the auction and the year can be indicative of the current market. When the market is down, no one will pay for diamonds, even if those diamonds are some of the most amazing and rare diamonds known to man. Similarly, if the market is doing well, the auction is likely to go off without a hitch.The most important thing to realize is while these diamonds are not ones that every person working a nine to five job can afford there are individuals and groups of individuals that can afford these objects, which is an amazing thing. If you have a passion for diamonds, keeping up with these sales online can be just one way to learn about how the value of a diamond is assessed, how some of these diamonds were created, and what makes them so appealing. The more diamond education you are able to get, the more prepared you are when you are able to purchase some diamonds of your own.
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