Sotheby's New York Sale Fetches $21M

RAPAPORT... Sotheby's brought in $21 million from its Magnificent Jewels sale in New York, with a 41.50-carat diamond ring nabbing the top spot.The round, D-flawless diamond ring sold for $4.9 million, or $117,108 per carat, within its estimate, the auction house said last week. Four of the top 10 items - including this one - went to private Asian collectors..An emerald-cut, 10.20-carat emerald ring from Tiffany & Co. went for $1.4 million, well over its $700,000 high estimate. Meanwhile, an emerald-cut, 22.11-carat, G-color, SI1-clarity Bulgari diamond ring also smashed its $600,000 upper valuation, bringing in $806,500.Other notable items included an emerald-cut, 10.01-carat, D-color, internally flawless, type IIa diamond, which garnered $685,500, just above its low estimate. A fringe-style necklace, set with 10 cushion-cut emeralds accented by marquise, pear-shaped and round diamonds, and a matching pair of earclips, together brought in $441,000, beating their $300,000 high estimate.However, several important items failed to find buyers at the auction, including a cushion-cut, 28.01-carat sapphire ring from Tiffany, which was estimated at up to $3.5 million. A round, 21.82-carat, D-color, internally flawless Cartier diamond ring valued at up to $3 million was also left unsold, as was a pair of earrings with a 5.53-carat, fancy-vivid-yellow diamond and a 5.07-carat, fancy-deep-yellow diamond. That set was expected to fetch up to $1.2 million.The sale was the first Sotheby's held in a new, hybrid format, with online advance bidding leading up to a live auction. Some 89% of items received advance online bids, the company noted. In total, 93% of the items on offer found buyers, with 78% of those beating their high estimates. The Sotheby's Hong Kong Magnificent Jewels auction will take place on April 20.Image: The 41.50-carat diamond. (Sotheby's)