This Massive Diamond Ring Blew Past Estimates to Fetch $1.9 Million at Bonhams’s New York Jewels Auction

The star of the Bonhams New York Jewels auction on Thursday was a bit of a surprise.

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The top lot ended up being a diamond ring featuring a 12.2-carat deep brownish pinkish orange stone with VS1 clarity. Estimated at just $400,000 to $600,000, the accessory pulled in a whopping $1.9 million. Overall, the sale made an impressive $8.8 million, and was sold 88 percent by lot and 99 percent by value.

“We are privileged to have presented such a wonderful offering in the New York Jewels sale, led by the spectacular collection from a distinguished European family featuring two magnificent diamonds,” Caroline Morrissey, a director at Bonhams and the head of jewelry in New York, said in a statement. “International interest in the 12.21ct Fancy Brownish Pinkish Orange step-cut diamond culminated in a bidding frenzy. The eventual selling price of $1,875,000 was a testament to the rarity of this unique stone.”

A 29.3-carat Harry Winston diamond ring had been expected to achieve the highest total before the auction took place. With a high estimate of $1.9 million, the piece ended up going home with someone for $1.5 million. Similarly, a 28.2-carat emerald-cut diamond ring had a pre-auction estimate of $1.8 million on the high end; it hammered down for $1.4 million on Thursday evening.

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While those two diamonds didn’t reach their fullest potential, Bonhams still impressively sold three diamonds for more than $1.4 million each. And a suite of other jewels ended up crossing the block for beyond their estimates as well: A Fred Paris sapphire and diamond necklace-brooch combo achieved $380,000. Early estimates suggested that it would sell for as much as $250,000. Elsewhere, a light blue unmounted diamond was expected to hammer down for just $35,000 at most. Instead, bidding drove the price up to $127, 500.

Other highlights on Thursday included an unmounted faint pink diamond that achieved $191,000 (more than the $120,000 high estimate) and a pair of Harry Winston diamond ear clips with detachable natural pearl drops. The latter also went home for $191,000, just slightly more than the $180,000 estimate.

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