October 12, 2016
Moving on, this is more about the Lesedi la Rona diamond and why it failed to sell at Sotheby’s – see last week’s blog [Why Sotheby’s Auction Failed, Part 1] that was posted on October 5th.
In November 2015, just days before the discovery of the Lesedi diamond, Joseph Lau, a Hong Kong real estate tycoon, paid $48.5 million at Sotheby’s in Geneva for a 12.03-carat diamond. The night before Lau had paid $28.5 million at Christie’s for a 16-carat pink – or $77 million in two days for two diamonds.
FINDING A SUPER DIAMOND This is a complicated process so we’ll break it down in bullet points:
SELLING THE SUPER DIAMOND
Here are the competing narratives:
The diamantaires [experts in the cutting of diamonds into gems] say the value of the rough is its polished, final outcome and only they can say what it should be.
William Lamb, CEO of Lucara, the company that owns the Lesedi says an uncut diamond has an allure all its own. It’s unique, like a great painting, and should be thought of as a Picasso – and sold at auction. (I happen to agree with this scenario.)
One New York expert, Donald Palmieri, flew to Botswana to view the Lesedi and called it a “life-altering experience.” One of his associates, Halina Kaban, said, “I hope they never cut it.” (I almost fell off my chair when I read this – it was exactly what I thought when I saw the Lesedi.)
Lesedi la Rona: The rough 1,109 carats diamond
Photo: Courtesy of Sotheby’s
THE VENOMOUS BACKLASH BEGINS
The author, Matthew Hart, reports: “Even before I had seen the diamond, I had heard dealers put it down. It was no secret that the diamond trade was trash-talking the Lesedi. The street was awash in poisonous gossip. I had always thought that the diamond itself would silence such talk. But no – at the auction these people had William Lamb at their mercy.”
THE CONCLUSION
The high-end diamond game is played on a very small field by a very few players. So it matters when people such as billionaire Laurence Graff say, “It’s just not how it’s done. We don’t want to expose ourselves in public [at an auction]. We find it undesirable.” NOTE: Graff is 78 years old. Perhaps times are changing. Less than a month later, Lamb had an offer for the Lesedi La Rona that was well above the failed auction price.
Shaun Nelson-Henrick
SaveSaveComments will be approved before showing up.
April 23, 2024
True luxury in fashion extends beyond mere aesthetics—it’s about creating a wardrobe that is both elegant and endlessly functional. At Adea Everyday Luxury, we champion the concept of a capsule collection, which focuses on cultivating a selection of versatile, high-quality pieces that serve as the cornerstone of any sophisticated wardrobe.
April 20, 2024
As the spring season unfolds, it brings with it the warmth of sunny days and the promise of delightful gatherings with friends and family. With these special occasions on the horizon, the opportunity to express your personal style becomes even more pronounced.
October 22, 2020
I just read an article that sounded – to me at least – like “a canary in a coal mine” or an early warning of danger. This piece, written by Joe Pompeo, appeared in the May 2020 issue of Vanity Fair magazine with the title “The British Tabloid Invasion” and a subtitle that read, “How the Daily Mail is conquering American gossip.”
The paparazzi horde, La Dolce Vita, 1960 – photo courtesy of Vanity Fair