GENEVA (AP) – A pair of pear-shaped diamond earrings sold at Christie’s on Tuesday for 17.57 million Swiss francs ($17.6 million) including fees, falling well short of the pre-sale estimate and suggesting that the auction house may have misjudged the market for that piece.
The ultra-ornate earrings were a standout item in the Geneva “Magnificent Jewels” auction that reaped about $97 million overall, at the high end of the expected range, despite some disappointments.
The 250-year-old house touted the “Miroir de l’Amour” (Mirror of Love) earrings as bearing the largest D Flawless, or highest-quality, pear-shaped diamonds in the world – at over 50 carats each.
The white-diamond earrings sold for a hammer price of 15.5 million Swiss francs, when the pre-auction estimate was 20 million to 30 million Swiss francs. The buyer was not identified other than as a collector.
Auctioneer Rahul Kadakia said “passed” as he struck the hammer on a few of the lots, meaning that they had fallen short of the minimum price set for a sale.