VIDEO The “Mellon Blue” diamond, sold for more than 25 million dollars. Expert cites 'geopolitical tensions and weakened Chinese economy'
The “Mellon Blue” diamond. Credit: Valentin Flauraud / AFP / Profimedia
A 9.51-carat deep blue diamond once owned by American art collector Bunny Mellon sold for $25.6 million at an auction in Geneva on Tuesday, according to AFP.
The diamond was sold by auction house Christie's at the Hotel des Bergues as part of the Magnificent Jewels auction in the Swiss city.
“Mellon Blue” was auctioned for 17.4 million Swiss francs, which, with taxes included, represents a final price of $25,592,269, according to Christie's, reports Agerpres.
“A Remarkable Stone”
Rahul Kadakia, who led the auction, said the price proved “the appetite of the elite among collectors for extraordinary and legendary gems”.
The stone, mounted on a ring, once belonged to Rachel Lambert Mellon (1910-2014), better known as Bunny Mellon, an American horticulturist, philanthropist and art collector.
“Mellon Blue is a remarkable stone,” said Max Fawcett, head of jewelry at Christie's in Geneva.
“More than that, though, it also became a symbol of a bygone era lifestyle – the kind only possible with a Gilded Age fortune,” added Fawcett.
The diamond had not been seen publicly since 2014, when it was auctioned in New York after Bunny Mellon's death at the age of 103, and sold for more than $32 million.
The 77 Diamonds boss believed that “Mellon Blue” would sell for more
Tobias Kormind, managing director of Europe's largest online diamond jewelry store, 77 Diamonds, said in a statement that he expected the gem to sell at a higher price on Tuesday.
“Geopolitical tensions … and a weakened Chinese economy, which kept many regular buyers away, made participants extremely cautious,” he said.
“It remains to be seen whether this reluctance will manifest itself in the rest of the season in Geneva,” added Kormind.
Another major auction on Wednesday in Geneva
Sotheby's is holding its annual Royal & Noble jewelry auction in Geneva on Wednesday.
A brooch seized from Napoleon Bonaparte as he fled the Battle of Waterloo in 1815, loaded with old diamonds, has been valued at between $150,000 and $250,000.
Also up for auction will be a 10.08-carat pink diamond, dubbed the “Brilliant Rose,” which is estimated to sell for around $20 million.
The “exceptional quality” gemstone was named after its “extremely rare” pure bright pink color, Sotheby's said.
