Sotheby's Australia sets record price at extraordinary $2.8m jewellery sale
A $480,000 necklace is now the most expensive piece of jewellery ever sold in the country
Sotheby's Australia, in Sydney, set a record for the highest price paid for single item of jewellery sold at auction in the country, as an impressive assortment of fine pieces sold well on Tuesday, June 28.
The standout lot was a diamond necklace, which had been expected to sell for between $375,114-589,498, and it ended up reaching a final price of $482,302.
This brilliant outcome shows that diamond prices everywhere are particularly strong at the minute, and the worth of precious stones has increased a huge amount in the last decade or so.
In fact, as Paul Fraser Collectibles recently reported, diamonds have outperformed the rise in value experienced by other more traditional investment methods, like bonds, stocks and shares, and this has only been trumped by the steep increase in the cost of gold.
So for the canny buyer looking for a long-term investment over, say, another 10 years, then diamonds may be one of the better alternatives to consider.
This fantastic piece was certainly evidence of how much good quality jewellery can sell for, with its excellent heart-shaped 8.19 carat diamond suspended from a cut-diamond line necklace showing why someone would pay such a high price.
In all, the sale saw 224 lots auctioned off and brought in a striking total price of $2.8m after it engrossed bidders from international markets like Britain, America and Europe.
Though it dwarfed all other prices achieved, the necklace was by no means the only noteworthy sale. Others included that of a 18 carat gold curb bracelet.
It was a pretty piece, with nine old coins linked to it, including an American 1892 ½ eagle, a 1927 British sovereign and a Swiss 1913 10 francs. It beat its higher estimate to sell for $13,500.
Another fine lot was a pair of two sapphire and diamond earrings, mounted in 18 carat gold and made by famous designer Bvlgari. Conservatively estimated at $10,716 before the auction, they actually sold for $36,000, more than three times as much.
- Click here to view our jewellery stock for sale
- Learn how you can get pleasure and profit by investing in jewellery
- Read all the latest Watches & Jewellery and Coins news
Recent and related articles...
Bloomsbury Auctions is holding a fine jewellery sale in Italy which also features a ruby ring
· Pink diamond makes $10.9m at Sotheby's Swiss jewellery auction | 18 May 2011
A fancy intense pink diamond ring was among the stars in Geneva on Tuesday
· Fabergé bracelet expected to make $162,000 at Bonhams auction | 16 May 2011
A turn-of-the-century diamond bracelet will be among the leading lots in June
· Firestone Diamonds firm enjoys $1.4m auction as carat prices increase | 24 April 2011
Diamond mining and exploration company Firestone saw carat prices grow markedly at its recent auction
· $68,000 15th century gold ring doubles estimate at Bonhams auction | 21 April 2011
A gold ring found by a Leicestershire metal detectorist has far surpassed expectations in London
Images: Sotheby's Australia