The Lustrous Mediterranean Blue Diamond Goes Under the Hammer for a Gutsy €18 Million
Expensive Rare Blue Diamond Auctioned for Around 20 Million Euros - Vendors successfully sell exceptional blue diamond for close to 20 million Euros at auction
Here's the scoop on the glitzy gala at Sotheby's, Geneva!
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Once a hidden gem in the legendary Cullinan mines of South Africa, the "Medi Blue" (as we fondly call it)—a fancy vivid blue stone hailing from the realm of the rare—made its glorious debut at the prestigious auction house. But, who's the lucky owner? The auction house, tight-lipped as ever, hasn't revealed the new collector's identity, just mentioning they're a private figure from the land of the free—the USA.
With Sotheby's declaring it the "stone of the season," you may expect a bidding war to go down in history. But, Tobias Kormind, Europe's largest online jewelry trader and the man behind 77 Diamonds, begs to differ. In his opinion, the auction paled compared to expectations, with the "Medi Blue" fetching a bit more than expected but failing to create the anticipated buzz. According to him, uncertainty in the market and international relations might have dulled the confidence of bidders and the entire atmosphere.
- Geneva, Switzerland
- Sotheby's Holdings
- USA
- Auction
- Swiss Francs
Meanwhile, let us delve a tad deeper into the facts surrounding the lavish gala...
While the diamond (a 10.03-carat cushion-modified brilliant-cut stone with VS2 clarity) netted a formidable $21.5 million (CHF 17.9 million), it's important to note that the bidding war was brief, unfolding over just three minutes between two "determined" buyers [3,4]. The final price, though meeting Sotheby’s pre-sale expectations in the region of $20 million, fell short of dealer speculations that it might fetch a whopping $30 million [3]. As such, the auction lacked the feverish competition and sky-rocketing price surge that characterize such rare sales.
Market volatility and geopolitical uncertainty also loomed large over the proceedings. The ongoing US-China trade tensions dampened bidder confidence, likely leading to less exuberant bidding and a more subdued atmosphere. Moreover, the anticipation was heightened by the withdrawal of the Golconda Blue, another dazzling blue diamond, from a competing Christie’s auction scheduled just a day later, which may have influenced the dynamics of the Sotheby's event [3].
All things considered, even though the Mediterranean Blue deserves all the attention for its exceptional qualities and the record-setting sale, external factors and less intense competition led to an auction that was less sparkling than the stone’s intrinsic value might have suggested [3,4].
I'm not sure if the auction of the Mediterranean Blue diamond was as anticipated in the finance and business industry, given the brief bidding war and the final price falling short of dealer speculations. The market volatility and geopolitical uncertainties, such as the ongoing US-China trade tensions, might have affected the bidders' confidence and the overall atmosphere of the auction.
