12/10/2008

Recession....What Recession

Chrisitie's just sold the Wittlesback colored diamond for $24.3 million. Setting a world record for a single diamond sold and any piece of jewelry sold. According to the GIA, whose report was included in the sales catalog, the 35.56 carat blue diamond rivals the 45.52 carat Hope diamond in all categories.

The Wittlesback diamond had a strong and long provenance, King Philip (1605-1665) gave the stone to his daughter, the Infanta Margarita Teresa, as part of the dowry of her marriage in 1667 to the Emperor Leopold I of Austria. In the 18th century, it entered the crown jewels of the Bavarian royal family, and has been known as the “Wittelsbach Diamond” ever since, Christie’s said.

The rest of the auction produced mixed results, with 45% of the lots going unsold, and total for the sale of $27.25 million with premiums. That means only an additional $2.95 million in sales for the jewelry auction.

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