Tags: 848k | ring | sold | sothebys | auction

$848K Ring Sold at Sotheby's Auction First Purchased for $13

Image: $848K Ring Sold at Sotheby's Auction First Purchased for $13

A member of Sotheby's staff poses holding a 26.27 carat, cushion-shaped, white diamond, for sale at Sotheby's auction house in London on May 22, 2017. (Justin Tallis/AFP/Getty Images)

By    |   Friday, 09 Jun 2017 05:52 AM

A diamond ring sold for nearly $848,000 Wednesday night at the Sotheby’s Fine Jewels auction in London, after the ring was purchased for just $13 at a car boot sale by an anonymous seller who initially thought the 26-carat ring was just another piece of costume jewelry.

The anonymous seller, who purchased the ring in the 1980s, didn’t learn about its actual value until the ring was appraised decades later, according to CNN.

The "cushion-shaped diamond" ring garnered a lot of attention in May when its estimated value -- $325,000 to $456,000 – was revealed to the public, CNN said.

Jessica Wyndham, the head of Sotheby’s jewelry department, was surprised by the true value of the ring, citing that its old-fashioned structure would likely be unrecognizable to the average ring wearer today.

"When we think of diamonds, we think of modern cuts, of brilliance," she told CNN, last month.

"This wouldn’t have looked like that. The silver had tarnished and there was probably some dirt," Wyndham added. "These diamonds were made for candlelight, not our white artificial light, so it was all about trying to bring out its fire."

The diamond ring wasn’t the only piece of jewelry at Sotheby’s auction that garnered a great deal of attention on Wednesday.

A Cartier diamond brooch drew attention as well, according to Diamonds.net.

The Cartier diamond, which went for nearly $105,000 at the auction, was, at one point, worn by the late UK Prime Minister Margaret Thatcher.

"It was a thrill to bring the hammer down on two objects which have been the subject of so much interest and attention over the last few weeks and to see that attention translate into such strong bidding competition," said Wyndham, according to Diamonds.net.

Wednesday’s auction raked in more than $6 million in total.

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A diamond ring sold for nearly $848,000 Wednesday night at the Sotheby's Fine Jewels auction in London, after the ring was purchased for just $13 at a car boot sale by an anonymous seller who initially thought the 26-carat ring was just another piece of costume jewelry.
848k, ring, sold, sothebys, auction
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2017-52-09
Friday, 09 Jun 2017 05:52 AM
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