From The Associated Press:
32-carat diamond sells for $7.7M at NYC auction

Leonore Annenberg, widow of “TV Guide” founder and billionaire Walter Annenberg, certainly knew how to celebrate her birthday. For her 90th in 2008, she had jeweler David Webb design a ring with a 32.01-carat emerald-cut diamond. Mrs. Annenberg died a year later. Last week, the ring sold at Christie’s for more than $2 million above its high estimate of $5 million.

From The Wisconsin State Journal:
Doug Moe: Sinatra letter worth more than antiques

An 84-year-old Wisconsin woman was set to go to an “Antiques Roadshow” in Madison. She had several items she wanted appraised. As she was about to leave her house, the friend who was driving her spotted a letter signed by Frank Sinatra on the wall. Said friend insisted on taking it. The angry missive had been sent to Chicago columnist Mike Royko refuting some things Royko had written including that Sinatra traveled with a flock of flunkies. The columnist then wrote, “If you say you have no flunkies, I take your word and apologize. I’ll even apologize to the flunky who delivered the letter.” The Roadshow appraisal? $15,000. None of the woman’s antiques even came close.

From BBC:
‘No consent’ for Mandela auction

Her heart was in the right place even if her brain wasn’t. Actress Charlene Theron put up a trip to the 2010 World Cup in South Africa at a charity auction. And to add further enticement, she threw in a meeting with Nelson Mandela. Only thing was she never got permission from Mandela. The prize went for $140,000 only after Theron promised to kiss the winner—a woman??—for 20 seconds.

From ARTINFO:
Judge: No Refund on Incorrectly Valued Schnabel Painting

In a case of caveat emptor, a buyer was told that a Julian Schnabel was worth $500,000, but she could get it for $380,000. That old saying that “if it sounds too good to be true, it probably isn’t” was the case here. After advancing money for the purchase, the buyer discovered it had been sold in 2007 for a paltry $156,000 and sued to get her money back. A New York Supreme Court judge basically said, “Tough luck.”

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Collectibles from the civil-rights pillar who would not move

She was that resolute little woman who refused to give up her seat on a segregated Montgomery, Ala., bus. Rosa Parks’ act of courage gave impetus to the civil-rights movement. The Associated Press reports that her personal items—including the Presidential Medal of Freedom she received from Bill Clinton and her hats —will be auctioned off to settle a feud among her heirs. The sale of these historical collectibles will be handled by Guernsey’s auction house in New York.

Collectibles coins salute Lady Justice

The United States Mint got around to announcing this week that it has been taking orders for the 2008 American Eagle Platinum Uncirculated Coin since July 1. This is the last in a three-year collectibles series honoring the judiciary. A 1/10-ounce coin can be purchased for $259.95. The complete four-coin set is being sold for $4,289.95.

Singer James Brown not the King of Christie’s

After much bickering among business administrators and heirs, James “The King of Soul” Brown’s 350 collectibles went on the block July 15 at Christie’s. This wide-ranging collection had such memorabilia as hair curlers and a green-vinyl couch. The New York Times placed the original estimate at between $1 million and $2 million. Reuters reports disappointing results of only $800,000.

Mandela’s birthday stamp

Nelson Mandela has been called the world’s only living secular saint for his battle against apartheid in South Africa and injustice throughout the world. According to StampNews.com , his native country is issuing a limited-run stamp honoring him on his 90th birthday.

Buyer beware when buying art on board

In a sobering caveat-emptor article, The New York Times examines the dangers of purchasing art on cruise ships. One unwitting buyer spent more than $24,000 on a Picasso print that Sotheby’s had sold a few year earlier for a little more than $6,000.