Sotheby’s have had to buy back the 59.60 carat flawless fancy vivid pink diamond they sold in Geneva last November for a world record $83m.
New York diamond cutter Isaac Wolf had
outbid three rivals for the gemstone, called the Pink Star, but has
since failed to pay.
"Sotheby's has reserved all of its rights
and remedies against the defaulting purchaser," the auctioneers
said in a statement.
They had guaranteed the vendor $60m for the
stone that was listed in their annual report with an inventory
value of $72m. The diamond was originally mined in South Africa in
1999 as a 132.5-carat 'rough' by De Beers.
Sotheby's still hold the world-record price
for a gem stone, even after the default. In November 2010 the
auction house sold another pink diamond, the 24.78-carat
Graff Pink, for $46m.
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