Duo of yellow diamonds hit auction market

  • Christie's Oct.  18 sale in New York includes The Vivid Yellow, a pear-shaped fancy vivid yellow diamond of 32.77cts.  Estimate: US$ 6,000,000-8,000,000.

    Christie's Oct. 18 sale in New York includes The Vivid Yellow, a pear-shaped fancy vivid yellow diamond of 32.77cts. Estimate: US$ 6,000,000-8,000,000.

    Christie's International

  • This 43.51 Carat Fancy Intense Yellow Internally Flawless Diamond is offered in a government-seizure auction by Bid4Assets.com for the US Marshals through Thursday.

    This 43.51 Carat Fancy Intense Yellow Internally Flawless Diamond is offered in a government-seizure auction by Bid4Assets.com for the US Marshals through Thursday.

    Bid4Assets

UPDATE 9/8/2011: The "Golden Eye" diamond fetched a final bid price of $2,843,623 which met the reserve.

---

Two spectacular yellow diamonds are set to sparkle at auctions this fall. One fits the best in class category, the other has a sordid past.

First is a rare "vivid fancy" pear-shaped gem of 32.77 carats, expected to fetch up to $8 million at a Christie's auction in New York on Oct 18. The second is an "internally flawless" 43.51-carat stone — known as the "Golden Eye" — that is now part of a government seizure auction online through Thursday.

Investors, especially in Asia, are increasingly turning to diamonds as a hard (and shiny) asset other than gold. According to a Financial Times article last week, the value of top quality polished diamonds of 5 carats have risen to about $150,000 a carat, up from about $100,000-$120,000 a year ago.

Unless a gem bubble lurks, the prospects are good that these beauties will be bid to high amounts based on current market demand and the so-called four Cs of diamond grading: cut, clarity, color, and carat weight.

The piece to beat may be The Golden Drop, a pear-shaped yellow diamond of 18.49 carats, that achieved a per-carat price of $203,000 when it sold in June 1990 at Christie’s London.

Christie's offering this October is an extraordinarily vivid yellow diamond, blessed with a far deeper hue than the common yellow, and ranked by the Gemological Institute of America (GIA) as one of the rarest and most highly saturated colored stones in its class.

Only about one in 10 million diamonds possesses a color pure enough to qualify as fancy vivid.

Rahul Kadakia, Christie’s Head of Jewelry for Christie’s Americas, explained, In the world of diamonds, a naturally colored stone of this incredible color and size represents a freak occurrence -- an extremely rare geological phenomenon."

Of a less satuarated yellow, the "fancy intense" diamond seized by the government came from an Ohio businessman who was convicted of money laundering and conspiracy. Prosecutors said he tried to sell the diamond and an estate once owned by boxer Mike Tyson to an undercover FBI agent, for $19.5 million and a boat, according to the AP.

Maryland-based Bid4Assets is auctioning the "Golden Eye" diamond for the U.S. Marshals Service. Bidding went to $1.52 million by Tuesday evening and ends on Thursday.


 

More News Feed Headlines

"Wild Life: The National Parks Preserve All Life." New York City Federal Art Project, WPA, 1940, by Nicholson, Frank S.  Library of Congress.

Trove of Missing WPA Artworks Discovered in California

  • April 21, 2015 20:29

Dozens of missing artworks commissioned by the U.S. government during the Great Depression have ...

Read More

Missing from the Gardner Museum are Vermeer’s "The Concert" (1658–1660), Rembrandt’s only seascape, "Storm on the Sea of Galilee (1633), and Edouard Manet’s "Chez Tortoni" (1878–1880.

Mobster Allegedly Offered to Sell Gardner Paintings

  • April 20, 2015 23:00

A federal prosecutor said in court Monday that a 79-year-old Connecticut crime figure offered to ...

Read More

Rendering of the new Whitney

Take a Tour Inside the New Whitney

  • April 19, 2015 18:32

The new Whitney Museum of American Art opens May 1 in the Meatpacking District of Manhattan. Will ...

Read More

A.  Alfred Taubman

A. Alfred Taubman, Former Sotheby's Chairman, Remembered

  • April 19, 2015 18:32

Billionaire shopping mall magnate A. Alfred Taubman, who was jailed late in his career for a ...

Read More

Related Press Releases

Related Events from ArtfixDaily Calendar

Clarke NY Auction - April 26

ArtfixDaily Artwire