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New York-based diamond cutter Isaac Wolf defeated three opponents at the Sotheby's Geneva auction and captured the 59.6-carat internal flawless pink diamond for $83 million. Sotheby's is the guarantor.
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The world record diamond was valued at $61 million before the auction, and was renamed "Pink Dream" by IsaacWolf - his bid of $83 million included "buyer commission" paid to Sotheby's. .
The buyer’s breach of contract caused Sotheby’s to fulfil the guarantor’s liability in the event of a loss of commission income, buying the unowned diamond and crediting it to inventory at a value of $72 million.
Sotheby’s auction in Geneva last November, which also set a world record for a single auction – a total of $200 million worth of jewelry.
Therefore, the two world records of the jewelry auction will have to be rewritten.
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