A 16.53-carat oval-shaped alexandrite ring made history at Sotheby’s Magnificent Jewels auction in New York, selling for an impressive $1.9 million—more than three times its high-end estimate of $600,000. The sale set a new record for the highest price ever paid for an alexandrite at auction.
The gemstone’s color-change phenomenon, a rare and fascinating quality, has contributed to a recent surge in demand, according to Sotheby’s. The ring was one of three alexandrite lots in the auction, all described by the auction house as of “the finest gem quality.” The three pieces achieved a combined total of $3.3 million.
Anna Ruzhnikov, a Sotheby’s specialist and head of Magnificent Jewels, praised the quality of the stones, calling them the largest and finest alexandrites the house has ever encountered.
“The 16.53-carat ring is a truly exquisite gem, and its record-breaking price reflects its exceptional quality,” Ruzhnikov said. “It’s incredibly exciting to see alexandrites reaching new heights in the market. Collectors are increasingly recognizing these gemstones as rare and valuable, putting them on par with legendary stones like sapphires, emeralds, and rubies in terms of desirability.”
The auction, which achieved a total of $30 million, saw 92 percent of the lots find buyers. The top lot was a 10.33-carat untreated Burmese ruby, which sold for $5.5 million after a competitive six-minute bidding battle. Its sale price far exceeded its pre-sale estimate of $1 million to $2 million.
Other standout lots included a 7-carat fancy intense purplish-pink diamond, which inspired a four-minute bidding war before selling for $3.4 million, within its pre-sale estimate. It became the auction’s second-highest grossing lot.
Additionally, Sotheby’s offered 22 pieces from the collection of beauty entrepreneur and philanthropist Sydell Miller, who passed away in February. The collection, titled “A Legacy of Beauty: The Collection of Sydell Miller,” sold for a total of $6 million, with all pieces finding buyers.
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