Sotheby’s is offering one of the world’s most exceptional diamonds to ever hit the auction market – a 102.39-carat D color flawless oval diamond. What makes this sale even more ground-breaking is that the stone is being sold without a reserve – which means there is no minimum selling price and it goes to the highest bidder regardless of its intrinsic value. This is the first time that any auction house has ever offered a diamond of this importance (or any work of art or object of this high value) without a reserve.
How rare is this diamond? Only seven diamonds weighing over 100 carats of D color have ever appeared at auction. Since Sotheby’s isn’t listing a pre-sale estimate for this stone, the closest comparable is the 118.28-carat D color flawless oval diamond the auction house sold in October 2013 for $30.8 million.
“Never before has the appreciation for world-class diamonds been so acute in the world and more and more people have come to understand that something billions of years old and of the size of a lollipop can store as much value a Rembrandt self-portrait or a Basquiat,” said Gary Schuler, Sotheby’s Worldwide Chairman of Jewelry. Without a reserve, the auction house is confirming its confidence in the high-end diamond market.
Online bidding opens on September 15 and the stone will be offered on October 5 at a stand-alone, single lot live auction in Hong Kong. All eyes will be on this sale and the hammer price.
The magnificent oval diamond is part of a rare subgroup of diamonds known as Type IIa, which are the most pure and transparent stones, and the most coveted by collectors and world-class designers alike. Originally, Type IIa diamonds were identified as originating from the famous Golconda mines of India but today stones of this classification are being uncovered around the world, but they remain exceptionally rare discoveries.
The newly discovered diamond was cut from a 271-carat rough stone found in the Victor Mine in Ontario, Canada. Following its discovery, Diacore spent more than a year cutting and polishing the rough into the perfect oval. This epic diamond has already made history and the bidding hasn’t even begun.