Sotheby's Australia, in Sydney, set a record for the highest price paid for single item of jewellery sold at auction in the country, as an impressive assortment of fine pieces sold well on Tuesday, June 28.
The standout lot was a diamond necklace, which had been expected to sell for between $375,114-589,498, and it ended up reaching a final price of $482,302.
This brilliant outcome shows that diamond prices everywhere are particularly strong at the minute, and the worth of precious stones has increased a huge amount in the last decade or so.
In fact, as Paul Fraser Collectibles recently reported, diamonds have outperformed the rise in value experienced by other more traditional investment methods, like bonds, stocks and shares, and this has only been trumped by the steep increase in the cost of gold.
So for the canny buyer looking for a long-term investment over, say, another 10 years, then diamonds may be one of the better alternatives to consider.
This fantastic piece was certainly evidence of how much good quality jewellery can sell for, with its excellent heart-shaped 8.19 carat diamond suspended from a cut-diamond line necklace showing why someone would pay such a high price.
In all, the sale saw 224 lots auctioned off and brought in a striking total price of $2.8m after it engrossed bidders from international markets like Britain, America and Europe.
Though it dwarfed all other prices achieved, the necklace was by no means the only noteworthy sale. Others included that of a 18 carat gold curb bracelet.
It was a pretty piece, with nine old coins linked to it, including an American 1892 ½ eagle, a 1927 British sovereign and a Swiss 1913 10 francs. It beat its higher estimate to sell for $13,500.
Another fine lot was a pair of two sapphire and diamond earrings, mounted in 18 carat gold and made by famous designer Bvlgari. Conservatively estimated at $10,716 before the auction, they actually sold for $36,000, more than three times as much.
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