Esperanza sold at auction (undervalue)

[whitewave]

for 95k!!!

This is info from my diamond mining group and I have no more info...

 

[MollyMalone]

It did fare better than that: final bid price was $116,850; Skinner assesses an additional 23% on the first $100,000 + 20% of the $16,850 as the buyer's premium. So the purchase price grand total was $143,220 (if I did the calculations correctly).
https://www.skinnerinc.com/auctions/2993B/lots/507

I was really hoping that I would see it delivered to the Smithsonian Museum of Natural History. I'd sold a dear, old friend of mine from college on the idea of bidding on the Esperanza & then donating it to the Museum, were he the winning bidder. He submitted (bless his generous heart) an absentee bid of $110,750. And then apologized to me for not submitting a higher bid. Which, as I told him, was crazy and ridiculously unnecessary. I thought it was so wonderful of him to make the effort, especially since gems are not a passion of his & he already is a major benefactor of a couple of museums and supports a number of charities as well.

I do wish the Esperanza were on her way to DC. It would be so fitting for that American diamond to be displayed there -- and it would be educational too for visitors to see, e.g., the videos of the cutting. Here's hoping that the Smithsonian will be her eventual home!

 

[ChristineRose]

It may yet make it to a museum...$143K diamonds usually end up in a vault, and if they don't, they're on the hand (neck? arm?) of a conspicuous celebrity.

I'd be happy to see the latter actually, and if the former, it probably will change hands a few times and finish out it's life as a tax deductible donation. And museums do put other people's stuff on display.

 

[Texas Leaguer]

Somebody got a real bargain!

 

[denverappraiser]

Molly,

There seens to be a question of how this whole auction was handled and the seller would love to hear from your friend about how this came down. If there was a $110,750 outstanding bid, the bidding should not have opened and closed with a single bid of $95k.

It did fare better than that: final bid price was $116,850; Skinner assesses an additional 23% on the first $100,000 + 20% of the $16,850 as the buyer's premium. So the purchase price grand total was $143,220 (if I did the calculations correctly).
https://www.skinnerinc.com/auctions/2993B/lots/507

I was really hoping that I would see it delivered to the Smithsonian Museum of Natural History. I'd sold a dear, old friend of mine from college on the idea of bidding on the Esperanza & then donating it to the Museum, were he the winning bidder. He submitted (bless his generous heart) an absentee bid of $110,750. And then apologized to me for not submitting a higher bid. Which, as I told him, was crazy and ridiculously unnecessary. I thought it was so wonderful of him to make the effort, especially since gems are not a passion of his & he already is a major benefactor of a couple of museums and supports a number of charities as well.

I do wish the Esperanza were on her way to DC. It would be so fitting for that American diamond to be displayed there -- and it would be educational too for visitors to see, e.g., the videos of the cutting. Here's hoping that the Smithsonian will be her eventual home!

 

[whitewave]

The diamond mining group is on about this; the vast majority are dumbfounded

 

[denverappraiser]

I would also be interested in a link to that mining group. I don't think you're allowed to post such things here but feel free to email it to me. My contact information is in the footer of every message.

 

[diamondseeker2006]

We have several members here with ideal cut 4-6+ ct diamonds that are worth $100-150k+. So diamonds in that price range are definitely worn by many people who may be well off but who are not well known celebrities.

 

[diamondseeker2006]

Molly,

There seens to be a question of how this whole auction was handled and the seller would love to hear from your friend about how this came down. If there was a $110,750 outstanding bid, the bidding should not have opened and closed with a single bid of $95k.

Neil, Molly said in her post that the final bid price was $116k.

"It did fare better than that: final bid price was $116,850; Skinner assesses an additional 23% on the first $100,000 + 20% of the $16,850 as the buyer's premium. So the purchase price grand total was $143,220 (if I did the calculations correctly)."
https://www.skinnerinc.com/auctions/2993B/lots/507

 

[Trudii]

$95K + 23% premium = $116,850. So is Skinner publishing the actual sale price, or the high bid?

 

[whitewave]

Shirley Strawn sold her 1.09 AGS "perfect" diamond (was cut by Kaplan) to the state park for $34,700. It seems to me this United States originated diamond should have gone for at least the estimate of 150,000 to 200,000.

I have to go read the article, but is it $95k was the final bid and the added buyer fees brought the total up to $116?

 

[kenny]

FWIW, I searched Bluenile for D IF diamonds of any shape between 4 and 5 ct.
It found 9 ... priced $182K to $382K.

Likely the unusual shape (and perhaps the unusual provenance) dinged the value of the Esperanza.
IMO there would be more demand for a round.

 

[denverappraiser]

There was one and only one bid at $95k. The buyer premium has been added to get to the $116,850 figure they're showing on their website.

 

[kenny]

Let's not forget to look on the bright side.
She paid ten bucks to enter the park and IIRC spent less than an hour looking.

Not bad.

 

[tyty333]

I wonder if it could have been cut in a more conventional shape and still retained the 4ish carat mark?

Kenny...I wonder how much she'll net. I'm sure between cutting and the other people involved she
will be loosing a good chunk of the $95k but I think we can assume she'll recoup her ten bucks!

 

[kenny]

I wonder if it could have been cut in a more conventional shape and still retained the 4ish carat mark?

Kenny...I wonder how much she'll net. I'm sure between cutting and the other people involved she
will be loosing a good chunk of the $95k but I think we can assume she'll recoup her ten bucks!

Perhaps she could make a fortune from visitors at the park working as a 'diamond mining consultant'.

 

[denverappraiser]

The auction had some technical issues that affected the phone lines. Obviously it was a problem. The whole thing has been cancelled and she's back to the owners.

 

[Trudii]

Hopefully 3rd time is the charm...

 

[denverappraiser]

Let's not forget to look on the bright side.
She paid ten bucks to enter the park and IIRC spent less than an hour looking.

Not bad.

Eight bucks. It was found in 2015 and the park fees were cheaper then.

 

[psadmin]

When did they say it will go on auction again?

 

[denverappraiser]

No news. The one that ran was obviously a problem, and the result was a bit of an embarrassment for the auction company. At the same time it caused some problems for both the owners and interested buyers. Trust in the system is not at a record high.

 

[whitewave]

Ok. Well, that is good to know. According to one of the miners, (source of info unknown), Bobbie was only going to net $29,000.

Like everyone said, hopefully 3rd time's the charm...

 

[arkieb1]

Why don't you try and publicise it well and put it up for tender. That way you can review all offers on it, for the fees of the auction house the owners could instead print glossy high end catalogues and send them to museums and places & people likely to have an interest in buying it.

 

[tyty333]

No news. The one that ran was obviously a problem, and the result was a bit of an embarrassment for the auction company. At the same time it caused some problems for both the owners and interested buyers. Trust in the system is not at a record high.

Oh my, thats terrible!

Ok. Well, that is good to know. According to one of the miners, (source of info unknown), Bobbie was only going to net $29,000.

Like everyone said, hopefully 3rd time's the charm...

$29k....well that stinks. I mean its better than nothing but i'm sure everyone had high hopes that it would do so much
better.

Hopefully 3rd try someone will get it for the Smithsonian!

 

[Texas Leaguer]

Glad to hear that a problematic auction will not be the final word!

I agree with Akrieb1 that this diamond deserves much more publicity than it has recieved to date. There are so many parties that should be involved in trying to acquire this important diamond that a properly advertised and executed auction should result in a sale price appropriate for such a gem. GIA, AGS, the state of Arkansas, any patriotic American philanthropist, companies that pitch 'made in America' (which is suddenly a resurgent battlecry), wealthy jewelry lovers, etc, etc.

I think knowledge of this diamond and the amazing story behind it is simply not widely known. Without market awareness, there is insufficient interest to drive a competitive auction.

 

[kenny]

I wonder whether it belongs in the big houses like Sotheby's or Christie's.
Anyone know if they have they declined to represent it?

 

[denverappraiser]

Given the amount of effort that went into maintaining and enhancing the American provenance, it was decided to go with an American auction house.

 

[madelise]

I am glad it was only due to error. I got to meet and wear Esperanza, and I left a little bit of my heart with her. I hope she gets sold for a fair price, and I do hope she one day ends up in a museum for all to enjoy instead of locked up.

 

[arkieb1]

Given the amount of effort that went into maintaining and enhancing the American provenance, it was decided to go with an American auction house.

I think that is a double edge sword. If you want to keep it in the US which might be the aim then like I said above a tender process might be a much better option with lots of publicity to the right people. Otherwise a large international auction house would get far more publicity than it did but it would be far more likely to be bought up by clients in the Middle East or the Chinese market.

 

[MollyMalone]

Owing to the combined crunch of work and a medical crisis in the family, I hadn't stopped by PriceScope in the past month to see the posts and info given after my lament. Wowzer. But like everyone else, I'm happy Ms. Esperanza is going to be given a second chance to sell at higher value (and, fingers crossed, end up showcased in the USA for the general public).