12ct. Kashmir Sapphire Prompts Bidding War

RAPAPORT... An 11.9-carat Kashmir sapphire ring that sold recently at Fellows achieved one of the highest prices for a single item in the auction house's 145-year history, according to the company.Following what Fellows dubbed a "fierce bidding war," the ring fetched a hammer price of GBP 141,000 ($195,290) at the Fine Jewels auction in Birmingham, UK, and ultimately totaled GBP 175,980 ($243,888) - well above its presale high estimate of GBP 150,000 ($207,788), the auction house noted. The piece features rose-cut diamonds surrounding the center sapphire. "We...received so much interest in the incredible Kashmir sapphire ring, which was hugely popular," said Stephen Whittaker, auctioneer and managing director at Fellows. "It was exciting selling the item and seeing the multiple bids come in for the ring."In total, the July 29 event sold around GBP 1 million ($1.4 million) in jewelry, attaining "phenomenal results," the auction house added.Image: The 11.9-carat sapphire ring. (Fellows)