Expected to sell for around $19 Million
Our most recent report about the Sothebys Auction
House came from May when there were Impressionist and Modern
Art records set totalling $235.1 Million. Here in this blog we
touched upon other past company write-ups where we shared that
Edvard Munchs The Scream sold for a
World-record $119.9 Million, Sothebys jewels sold for
a record $112 Million, Steve Jobs memo being
sold, a rare Apple 1 computer selling
for $374,000, and a clip highlighting the record-breaking
Contemporary Art Auction occurred. With the changing of records
and top headlines frequently making news, yet another change has
come about. The Sothebys brand just recently announced that the
Auction House will no longer be known publicly as the Sothebys
Auction House, but more simply and elegantly as just Sothebys.
On October 7th, an incredibly rare diamond known as
The Premium Blue will be auctioned off in China. Sothebys decided
that Hong Kong is the ideal location to sell this rare
multi-million dollar piece, as they released this week that it will
be part of the brands regular bi-annual auction series. Evidently,
Asia as a whole has arisen as one of the premier markets for buying
and selling all types of luxury items due to the rapidly growing
pool of mega rich individuals. Quek Chin Yeow, the Chairman of
Sothebys in Asia, points out that, Since about 2006, 2007, Hong
Kong has ranked alongside Geneva and New York as a center for
jewelry sales. It is now the third pillar of the global jewelry
market. Close to 30% of all of the money spent at auctions for
jewelry and art in Hong Kong come from Chinese buyers, while
Taiwanese, Southeast Asians, Singaporeans, and of course Hong Kong
locals are also heavy spenders.
Specifications about the stone are that it weighs 7.59 carats
and it roughly the size of a button on a shirt. The round shape of
the stones cut and vivid blue color make it even more rare. By
popular demand, more colorful diamonds have been seen to attract
more buyers and higher sales prices in Asia than they have in the
West, thus another reason for deciding on this location for the
auction to be held. Mr. Quek also mentioned that he expects the
stone to fetch upwards upwards of $19 Million, this which would
mark a record per-carat sales price at auction for any diamond in
the history of mankind.
More Information: New York Times