Sotheby's NY Brings Market Stability

Sotheby’s auction house sold over $65 million worth of jewelry at its New York auction last Tuesday. No records were broken, but the results bring comfort to the market. In the Fancy color arena, prices achieved are items sold at market prices currently seen by the industry, so stability was key for this auction. It is better to be stable in uncertain financial markets than having major swings. The results attest to the low correlation fancy color diamonds have with financial markets during bad times. On the other hand, we all know that prices jump up during positive and stable financial times due to the abundance of cash and optimism by investors. Either way, stable diamond prices are a positive indication and an excellent signal to those who already own color diamonds.

Although the 6.06 carat Fancy Blue diamond ring did not find a new owner, it is not a concern, it will most likely sell privately, similar to what happened with the 7.69ct round brilliant Fancy Vivid Blue that did not sell during the HK auction back in 2013 but was sold afterwards.

A 6.24ct Fancy Purplish Pink diamond and sapphire ring sold for $2.41m or $386,217 per carat a fair price in the market. 5 years ago a similar stone was worth about $150,000 per carat at auction. 

An 11.41ct Fancy Light Pink sold for $1.93m or $169,150 per carat. Only 2 years ago this stone was worth about $90k per carat.

Another excellent stone sold was the 3.21ct Fancy Vivid Yellow that sold for $81,620 per carat. An excellent price for a round brilliant shape. 

We also cannot ignore the star of the evening, the 100.20ct emerald cut diamond, D color IF clarity. A real rarity sold for $22,090,000 or $220,459 per carat. Not a world record, yet an exceptionally good price. The estimate was $19m-25m so $22m is smack in the middle. The price justified for this stone.

What do you think of recent diamond market valuation performance?

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