Auction house forced to buy back record diamond

AFP
AFP - [email protected] • 4 Mar, 2014 Updated Tue 4 Mar 2014 14:54 CEST
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Auction house Sotheby's said on Tuesday that it has been forced to buy back a flawless, near-60 carat pink diamond it sold in Switzerland last November after the buyer defaulted on the record $83-million payment.

New York diamond cutter Isaac Wolf had outbid rivals for the gemstone, called the "Pink Star", in the Geneva auction conducted by the company.
   
But, "as a result subsequent buyer default," Sotheby's was forced under its auction contract to buy back the diamond, which is 59.60 carats.

It listed its "inventory" value as $72 million.
   
"Sotheby's has reserved all of its rights and and remedies against the defaulting purchaser," it said in a statement.
   
The auction house gave no details about the identity of the seller of the diamond.
   
The Pink Star was discovered in a diamond mine in Africa by mining company De Beers in 1999.
   
Sotheby's still holds the world record price for a diamond sale, even after the default.

In November 2010 the auction house sold another pink diamond —- the 24.78-carat "Graff Pink" — for $46 million in another auction in Geneva.

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AFP 2014/03/04 14:54

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