Bulgari Blue Fetches $18M at Christie's

RAPAPORT... A Bulgari diamond ring surpassed its estimate at Christie's inNew York on Wednesday, bringing in more than $18 million. The cushion-cut, 8.08-carat, fancy-vivid-blue piece was the event'stop seller at $18.3 million, beating its presale estimate of $13 million to $18million. It completes a mixed week for colored-diamond sales after a 10.62-carat,fancy-vivid-blue diamond - estimated at $20 million to $30 million - failedto find a buyer at Sotheby's in New York on Tuesday. Proceeds at Christie's Magnificent Jewels auction came to $69.2 million, with 95% of lots sold by value. Those itemsincluded a heart-shaped, 15.56-carat, fancy intense-pink diamond-pendantnecklace, which garnered $9.5 million against a presale estimate of $9.5million to $12 million. Other notable lots included a 28.70-carat, D-color,VVS2-clarity, type IIa diamond ring from the estate of art collector LeeVandervelde. That piece sold for $2.1 million, exceeding its $1.5 million to $2million presale estimate, with proceeds benefiting the Los Angeles-basedChildren's Hospital and Children's Institute. A pair of earrings weighing a combined 77.71 carats, cutfrom the 187.63-carat Diavik Foxfire - North America's largest knowngem-quality rough diamond - brought in $1.6 million. Its original valuation was $1.3million to $3 million. An 8.09-carat, fancy-vivid-yellow diamond ring by Gillot& Co. achieved $1.3 million, versus its presale estimate of $900,000 to$1.2 million. A diamond "tube" bracelet by Suzanne Belperron went for$852,500, smashing its expected price of $200,000 to $300,000 and setting aworld auction record for pieces by the designer. "The excitement and prices achieved in our New York saletonight, including the exceptional price achieved for the sensationalfancy-vivid-blue diamond ring by Bulgari, and the world auction record realizedfor Suzanne Belperron, mark a perfect ending to our successful year of globaljewelry auctions," said Daphne Lingon, head of jewelry for Christie's Americas.Image: The 8.08-carat Bulgari blue diamond. (Christie's)