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 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.
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Now, let’s take a close look at what is one of the most important features of the Marmont. The short answer is: PRIVACY. The hotel never publicly discusses its famous guests or reveals the names of those currently staying there. In other words: zippered lips are stage center.
When the first Monday in May rolls around, all eyes in the fashion world look to The Met. That is when New York City's Metropolitan Museum of Art hosts its fundraising gala for its Costume Institute. The gala's theme coincides with that year's fashion exhibit, which runs for a limited time. This year, the theme is "Notes on 'Camp'". Here's a brief description of that theme, courtesy of The Met.
For this week’s blog, and the next, I read three books about the famous Chateau Marmont Hotel, located at 8221 Sunset Boulevard in Los Angeles, California. All three books, (that I will list at the end of next week’s blog) were written at different times. This means the information goes from 1929 when the Marmont opened to the present day. Some things may have changed – but not many.
We use Italian lingerie sizing for our bodywear and items tend to run small.
Because of the body-hugging nature of the fabric and our body conscious fit most women prefer to wear our layering tops as under-layers. If you are inclined to wear them on their own we suggest you size up. Please email us or give us a call if you have questions about your sizing. We're happy to help you get it right.
Relaxed fit. Wear alone or over any of our layering tees or camisoles.
Please email us or give us a call if you have questions about your sizing. We're happy to help you get it right.
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