Annenberg Diamond Sells Above Estimate

We've been seeing more good results at auction this season, wine, art, watches and jewelry all seem to be selling stronger than they were a year ago. On Wednesday, the Annenberg Diamond a 32.01-carat D-flawless stone mounted in a ring by Manhattan jeweler David Webb, sold for $7.7 million, healthily above the estimate of $3 million to $5 million. The per carat price of $240,000 set a new world record for a colorless diamond at auction. The ring had been owned by philanthropist Leonore "Lee" Annenberg, who died in March at the age of 91.

Christie's "Jewels: The New York Sale and the Annenberg Diamond" and "Rare Jewels and Objets d'Art: A Superb Collection" sales together totaled $46.5 million with a combined sell-through rate of 85 percent by lot and 94 percent by value. A diamond and rock crystal bow brooch by Cartier was expected to sell for $200,000 - $300,000 but ended up going for $1.1 million and other pieces sold above estimate. Rahul Kadakia, head of jewelry at Christie's New York, expressed enthusiasm over the sale saying that for a time it was "as if the recession never happened."

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