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28-Carat Kashmir Sapphire sets Price-Per-Carat Record at Sotheby’s Auction

by Special to WorthPoint (05/01/14).

This exceptional, 28.18-carat Kashmir sapphire and diamond ring sold for $5,093,000 on April 29 at Sotheby’s, setting a new world auction record price per carat for any sapphire. The final gavel price works out to works out to $180,731 per carat.

NEW YORK – An exceptional, Kashmir sapphire and diamond ring sold for $5,093,000 on April 29 at Sotheby’s, setting a new world auction record price per carat for any sapphire. The square, emerald-cut sapphire weighs 28.18 carats and is one of the finest sapphires ever to appear at auction, described by the American Gemological Laboratories (AGL) as “a gem of singular importance.” The final gavel price works out to works out to $180,731 per carat.

“It was a privilege to offer the remarkable Kashmir sapphire that set a new world auction record price per carat in today’s sale,” said Gary Schuler, head of Sotheby’s Jewelry Department in New York. “With its exceptional quality and deep color, I knew as soon as I saw it that the stone had the potential to reach historic heights.”

The proceeds of the sapphire’s sale will benefit a charitable foundation.

Overall, Sotheby’s auction of Magnificent Jewels achieved $44,313,500 in total, led by a magnificent, intense orangy-pink fancy diamond ring that brought $6,101,000. The beautifully-shaped, cushion-cut diamond of 15.23 carats, VS2 clarity, displays a soft, feminine color reminiscent of pink diamonds in historic and royal collections.

Steve Lawrence and Eydie Gorme.

Additional highlights of the sale included the El Dorado Emerald, a highly-important emerald-cut Colombian emerald weighing 36.53 carats that sold for $2,165,000, as well as a selection of jewels from the estate of American entertainment icon Eydie Gorme that together fetched $2.2 million. Almost all of the jewels in the collection were given to Gorme by her husband Steve Lawrence—together for more than 55 years, “Steve and Eydie” reigned for decades as America’s most sophisticated and award-winning pop vocal duet.

“It was also a special honor to offer the jewels of Eydie Gorme, whose romantic collection of classic diamond jewelry is a testament to her long marriage to Steve Lawrence,” Schuler added.


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