20-carat diamond sells at Aussie auction

5.1 k views | Posted September 25, 2012 | By Dean Millard • Staff Journalist

A near-record diamond and a historic watch were standouts at Sotheby’s recent jewellery sale in Melbourne, with both local and international buyers showing strong interest in many of the high-end collectors’ items.

The Important Jewels sales comprised 217 lots and sold for $1,213,992, including buyer’s premium (IBP).

Large diamond pieces were standouts of the sale, including one of the largest diamonds to be auctioned in Australia, a 20.15-carat round brilliant cut diamond, claw set and mounted in 18ct gold. The show-stopping piece sold for $222,000, which was at the upper end of the pre-auction estimate of $185,000 to $222,000.

The pursuit of high quality diamond pieces was further illustrated by the sale of a 5.17-carat round brilliant cut diamond, bezel set and mounted in 18ct white gold for $96,000, however this was marginally below the lower end of its pre-auction estimate.

But it was not just large diamond rings that created significant interest from local and international bidders. A gold and enamel Tiffany & Co. bangle by designer Jean Schulumberger sold for $38,400 IPB, while a diamond Tiffany & Co. necklace featuring 21-carats of diamonds sold for $36,000.

The most surprising result of the auction was with a rare 1940s oversized IWC Schaffhausen wristwatch featuring 98-calibre movement, selling for $24,000, which was more than six times its estimated price.

Sotherby’s Australia chairman Geoffrey Smith said the overall results reflected the quality of the pieces collected for the auction.

“The results achieved at the September sale exemplifies Sotheby’s Australia’s commitment of presenting the finest jewels for auction,” Smith said. “We witnessed strong interest and participation from national and international bidders.”