Ruby and Diamond Ring Blows Away Estimate

RAPAPORT... An early 20th-century ruby and diamond ring garnered nearly eight times its high estimate following a bidding war at a recent Fellows auction.The piece, which featured an unheated 2.20-carat Burmese ruby and 0.65 carats of old-cut diamonds, fetched GBP 19,140 ($25,265) at the March 31 jewelry sale, smashing its upper presale estimate of GBP 2,500 ($3,300). The final price is one of the highest achieved for a single item of jewelry in a live sale at the UK-based auction house, it said last week.The ring received nearly 100 bids before the hammer dropped, following frenzied internet and telephone bidding, Fellows noted."As soon as I saw this piece come across my desk, I knew that it was special," said Ben Randall, senior catalogue manager for the jewelry department at Fellows. "Untreated Burmese rubies of such size and good color are a rare treat, and the quality shone through on this ring. As buyers' palates are becoming more discerning, pieces such as this are selling increasingly well at auction."In total, Fellows brought in more than GBP 700,000 ($924,007) from the sale, it added.Image: The ruby and diamond ring. (Fellows)