Christie’s jewelry auction took place in New York yesterday  (June 14) and netted millions of dollars in diamond jewelry sales. The grand finale of the Important Jewels Sale was the auction of a 46.51 carat diamond ring for a whopping $4.2 million, a sum significantly greater than the ring's presale estimate of $2.5 Million.

 The $4.2 million ring is one in a string of high profile diamond auction sales over the past few years--the record holding sale was that of a 24.78-carat pink sold for $46 million in 2010 by Sothebys, making it the highest price ever paid for a jewel.

The $4.2 million oval cut, VVS2, E color Christie's diamond is mounted on a platinum band and  decorated on either side by D color pear-shaped diamonds of VS1 and VS2 clarity. According to Christie’s, the ring was “sourced from the collection of a distinguished and significantly lady.” 

The Important Jewels sale took place at Christie’s headquarters in Rockerfeller Plaza, New York, and featured items by big name designer jeweler houses such as Tiffany & Co, Van Cleef & Arpels, and Cartier. Ninety four percent of the lot—which included colorless and colored diamonds, signed jewels, and rare gemstones— was successfully auctioned.

Other notable sales in the diamond auction included that of a 10-carat D color flawless diamond ring for $1.3 million, yellow-diamond platinum and gold mounted ear pendants for $722,500, a 19.22 carat, square emerald-cut yellow diamond ring for $458,500, a 10.42-carat square emerald-cut platinum ring for $458,500, and a platinum-mounted rectangular-cut diamond ring for $434,500. 

The annual event has ushered in an important period of Christie's auctions in major global cities such as Hong Kong, Paris, and London. It has also highlighted the presence of wealthy investors and buyers in an otherwise recessionary United States backdrop. Jussi Pylkkänen, president of Christie's auction houses in Europe, Russia, India, and the Middle East recently spoke of “Medici buyers,” a term used to describe wealthy people who buy fine objects from a variety of disciplines, including art, furniture, and jewelry—rather than focusing on objects from a specific area.

Notable Russian art collector and businessman Alexander Ivanov is an example of a Medici buyer. "As far as finances allow, I try to buy all that is beautiful,” says Ivanov, who claims pre Columbian jewelry as his new collection interest.