A man has paid a record 8.2 million Swiss francs ($8.6 million) for a Burmese ruby, the top lot at a Geneva auction, Sotheby’s said.
London luxury jeweller Laurence Graff, known as the King of Diamonds, bought the ruby of 8.62 carats for the second time, having acquired it first at an auction eight years ago.
He had named the gemstone the Graff Ruby at the time.
In between, he sold it to Greek financier Dimitri Mavromattis, whose collection of 16 jewels was part of Sotheby’s semi-annual sale in Geneva on Wednesday night.
In all, 403 gems netted a total of nearly $110 million, including a 27.54-carat Kashmir sapphire that sold for a record $6.78 million.
“This is the finest ruby in the world,” Mr Graff said in a Sotheby’s ȿτɑτємєɴτ after purchasing the ruby.
“We are very proud to have it in our possession for the second time.”
The cushion-shaped ruby, set in a diamond ring, is from the Mogok Valley of Myanmar, formerly Burma, which produces “arguably the rarest of all gemstones”, Sotheby’s said.
“It’s not a surprise, the ruby is a unique stone that bears his name. He likes unique stones,” said Eric Valdieu, a Geneva-based jeweller formerly of Christie’s who attєɴԀed the sale.
“Its price more than doubled in just over eight years,” said Mr Valdieu, adding that “coloured stones bɾօυɢҺt strong prices” at the auction.
Mr Graff, who has a showroom on Geneva’s posh rue de Rhone, also scooped up a fancy, intense blue diamond of 3.16 carats, also part of the Mavromattis collection, for nearly $3.69 million.
“Exceptional stones are achieving historic heights in a market that is not euphoric. The market is very selective,” Mr Valdieu said.
“At that level, the competition is between buyers in the United States, Asia and ‘Old Europe’. There is still money in Europe for such objects.”
A double-strand natural pearl necklace set with rose diamonds that belonged to Queen Josephine de Beauharnais, Queen of Sweden and Norway (1807-1876), sold for $3.92 million, ɾօυɢҺly tripling its pre-sale estimate, Sotheby’s said.
The stunning necklace, which went to an anonymous buyer, is believed to have been also the property of Josephine de Beauharnais (1763-1814), first wife of Napoleon Bonaparte and Empress of the French.
