Exceptional Platinum, Sapphire and Diamond Ring. Estimate $4/5 million. Sold for $5,093,000 / $180,731 per carat. Photo: Sotheby's.

NEW YORK, NY.- A new world auction record price per carat for any sapphire was set tonight at Sotheby’s New York, when an Exceptional Platinum, Kashmir Sapphire and Diamond Ring sold for $5,093,000 / $180,731 per carat (est. $4/5 million). The square emerald-cut Kashmir sapphire weighing 28.18 carats is one of the finest sapphires ever to appear at auction, described by the American Gemological Laboratories (AGL) as “a gem of singular importance.” 

Today’s auction of Magnificent Jewels achieved $44,313,500 in total, led by a Magnificent Fancy Intense Orangy Pink Diamond and Diamond Ring that brought $6,101,000 (est. $6/7 million). The beautifully-shaped, cushion-cut diamond of 15.23 carats, VS2 clarity, displays a soft, feminine color reminiscent of pink diamonds in historic and royal collections. Additional highlights of the sale included The El Dorado Emerald, a highly-important emerald-cut Colombian emerald weighing 36.53 carats that sold for $2,165,000 (est. $1.8/2.2 million), as well as a selection of jewels from the estate of American entertainment icon Eydie Gorme that together fetched $2.2 million. Almost all of the jewels in the collection were given to Gorme by her husband Steve Lawrence – together for more than 55 years, ‘Steve and Eydie’ reigned for decades as America’s most sophisticated and award-winning pop vocal duet. 

Gary Schuler, Head of Sotheby’s Jewelry Department in New York, commented: “It was a privilege to offer the remarkable Kashmir sapphire that set a new world auction record price per carat in today’s sale, with proceeds to benefit a charitable foundation. With its exceptional quality and deep color, I knew as soon as I saw it that the stone had the potential to reach historic heights. It was also a special honor to offer the jewels of Eydie Gorme, whose romantic collection of classic diamond jewelry is a testament to her long marriage to Steve Lawrence. Our results reflect the global participation of bidders throughout the day, with significant interest from private collectors, as well as the steady, strong market for diamonds and gemstones of outstanding quality.” 

Exceptional Platinum, Sapphire and Diamond Ring. Estimate $4/5 million. Sold for $5,093,000 / $180,731 per carat. Photo: Sotheby's.