Winning bid breaks record at Canadian auction

January 3, 2011

This 8.62-carat pear-shaped diamond ring sold for $400,000 at Dupuis Fine Jewellery Auctioneers’ fall auction.

An 8.62-carat diamond ring made history selling for $400,000, the highest price paid for a jewel at auction in Canada.

Fierce paddle waving at Toronto-based Dupuis Fine Jewellery Auctioneers’ fall auction pushed bids higher than the pear-shaped ring’s pre-sale estimate of $250,000 to $300,000. An antique diamond tiara that sold in 2008 for $230,000 held the previous record.

“Buyer confidence remains very strong in the high-end jewellery resale market as reflected by the aggressive bidding for fine gems and signed pieces,” said auctioneer Ron Dupuis.

Held at Toronto’s Windsor Arms Hotel, the standing-room-only event also saw a pair of natural pearl and diamond earrings sell for $80,000, far above their estimate of $4000 to $5000.

An American outbid other phone bidders and buyers in the room for a mystery-set ruby and diamond floral brooch by Van Cleef & Arpels, which sold for $110,000. It was estimated at $30,000 to $40,000.

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