ON THE SHELF: Sotheby’s has failed to find a buyer for the Raj Pink, billed as the world’s largest fancy, intense pink diamond, at its jewelry sale on Wednesday in Geneva.
The auction house had hoped to set a new record with the 37.3-carat stone, the largest known gem of its kind and the centerpiece of the sale at the Mandarin Oriental hotel. The presale estimate for the diamond, whose owner chose to remain anonymous, was $20 million to $30 million.
This follows what some observers described as another disappointing jewelry sale at Christie’s in Geneva on Tuesday. A nearly 164-carat diamond designed by De Grisogono, the largest-ever flawless D-color diamond to appear at auction, sold for $33.7 million, a world record but below expectations.
The hammer price at Christie’s came in just above the $30 million starting bid price. In September, De Grisogono founder Fawaz Gruosi said he had hoped it would achieve $40 million or more.
Catherine Allen, a spokeswoman for Sotheby’s, said 87 percent of the lots were sold in its auction on Wednesday evening, with 67 percent exceeding presale estimates. This was comparable with its November 2016 sale, which also saw 87 percent of the lots being snapped up, she added.