Apple Exec's Lab-Grown Ring Sells at Sotheby's

RAPAPORT... A ring made entirely from lab-grown diamond sold for$256,250 at Sotheby's on Wednesday, beating its presale estimate. The ring doesn't exist yet and doesn't have a fixed caratweight, as Diamond Foundry, its manufacturer, will craft the piece to fit thewearer. It will contain no metal and is the creation of Apple chief design officer SirJony Ive and industrial designer Mark Newson. Sotheby's originally valued it at$150,000 to $250,000. The finished ring will have between 2,000 and 3,000 facets when it'scomplete. It sold as part of the third Sotheby's (Red) auction, which musicianBono, artist Theaster Gates and architect Sir David Adjaye founded to supportthe fight against AIDS. The first edition took place in 2008 and the second in2013. The auction also included artwork, sculptures, paintings andfurniture, with total proceeds coming to $5.5 million. Image: The lab-grown diamond ring. (Sotheby's)