Analysis
New World Record for Jewelery Auction Set in Geneva
The Graff Vivid Yellow
Photo: Courtesy Sotheby’s.
Sotheby’s Magnificent Jewels and Noble Jewels auction has set a new record for jewelry sale, grossing a staggering $141 million in Geneva on May 13, 2014.
The auction’s success lies in part on the sale of a 100 carat yellow diamond, known as The Graff Vivid Yellow, which fetched $14.4 million, at the lower end of its presale estimate.
Bloomberg reports that The Graff was offered again after failing to reach an high enough sale price.
With the auction, Sotheby’s beat the last record of $137.2 million set by Christie’s in 2011 with its historic sale of jewelery once belonging to the Hollywood diva Elizabeth Taylor.
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