【Geneva, Swit】Mellon Blue Diamond Sells for $26.6 Million at Auction in Switzerland

A 9.51-carat blue diamond was sold for 20.5 million Swiss francs at Christie’s in Geneva. The sale took place in a complex market environment, affected by geopolitical tensions.

A blue diamond of nearly 10 carats was sold at an auction in Switzerland for 20.5 million Swiss francs ($26.6 million), including fees.
The 9.51-carat pear-shaped “Mellon Blue” — named after the late American arts patron Rachel “Bunny” Mellon — was expected to fetch between $20 and $30 million at Christie’s auction on Tuesday.
The auction house stated that the stone was sold within the estimated range. The final price includes the “buyer’s premium” and other fees.

He added that the gem was “touted as the biggest of the season” but was affected by a negative market environment.

Auctioneer Rahul Kadakia, head of the luxury auctions department at Christie’s, celebrated a “remarkable moment” for his team, “demonstrating the appetite of the elite among collectors for extraordinary and historic gems.”

It was a contrast to the record sale of a blue diamond: Christie’s says its highest price for a vivid blue diamond was set in Geneva in 2016 when the 14.62-carat Oppenheimer Blue sold for over $57 million.
The Mellon Blue was previously sold in 2014, the year Mellon died, for $32.6 million, which was one of the highest prices ever paid for a colored diamond at auction, according to Christie’s.
For decades, the stone was part of Mellon’s private collection.

Max Fawcett, global head of jewelry at Christie’s, indicated that the Mellon Blue was different from the vast majority of other modern gems that have had facets added and have been modified to enhance color.

It is the first of two days of jewelry auctions in Geneva. On Wednesday, rival Sotheby’s will present the pink diamond “Glowing Rose,” which is expected to attract bids of around $20 million.