Sotheby's Garners $21.5M at New York Auctions

RAPAPORT... Two Sotheby's New York auctions brought in a combined $21.5million Wednesday, with a blue-diamond ring achieving the top price. The cut-cornered square modified brilliant-cut, 3.24-carat,fancy-intense-blue, VVS1-clarity diamond ring, flanked by two pear-shapeddiamonds, fetched $2.3 million, or $709,877 per carat. It had been estimated at $2.5million to $3 million for the Magnificent Jewels sale. Other notable items at the sale included a pair of round,F-color, VS2-clarity diamond earclips by Betteridge. The jewels, each weighing20.27 carats, sold for $1.7 million, at the high end of their presale estimateof $1.3 million to $1.8 million. A round, 30.40-carat, H-color, VS2-claritydiamond ring by the same jeweler garnered $1.2 million, beating its high estimate of$1.1 million. Additionally, a Serpenti necklace by Bulgari, comprising 260carats of diamonds, went for $920,000, within its presale valuation of $800,000to $1 million. The piece is transformable: It can also be worn as a belt. In total, the Magnificent Jewels auction earned $17.7million. The subsequent Fine Jewels sale yielded $3.9 million, with 82% of lotssold. Signed pieces by Cartier, Van Cleef & Arpels, and Tiffany & Co.proved popular with buyers. Image: The 3.24-carat blue-diamond ring. (Sotheby's)