Sotheby's Sets New World Auction Record For Any Diamond Or Jewel

The Pink Star, a 59.60-Carat Oval Fancy Vivid Pink Internally Flawless Diamond, Sells for $71.2 Million to Hong Kong Jeweler Chow Tai Fook And is Renamed "THE CTF PINK STAR"

More than Double the Previous Record for a Fancy Vivid Pink Diamond

The Highest Price For Any Work Ever Sold at Auction in Asia

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Sotheby's

Apr 04, 2017, 14:07 ET

HONG KONG, April 4, 2017 /PRNewswire/ -- This evening in Hong Kong, Sotheby's (NYSE: BID) set a new world auction record for any diamond or jewel when The Pink Star, a 59.60-carat oval fancy vivid pink and internally flawless diamond, sold for $71.2 million. The buyer was Hong Kong jeweler Chow Tai Fook, with the winning telephone bid placed by their Chairman, Dr. Henry Cheng Kar-Shun, who has renamed the stone The CTF Pink Star.

The Pink Star diamond has been sold by Sotheby's in Hong Kong for $71.2 million, a world auction record for any diamond or jewel, and renamed The CTF Pink by the purchaser, Hong Kong jeweler Chow Tai Fook.

"It is fitting that the owner of the most prestigious jeweler in Greater China should today break the record for the most valuable item ever sold in Asia as well as the most valuable diamond ever sold at auction - now appropriately named The CTF Pink Star - said Sotheby's President and CEO Tad Smith, adding, "And Sotheby's has been honored and thrilled to serve this very discerning client for many years."

The CTF Pink Star joins a number of outstanding stones in the collection of Chow Tai Fook including the Aurora Green, a 5.03-carat vivid green diamond acquired in 2016 for $16.8 million, a new auction record for a green diamond, and the Cullinan Heritage, an exceptionally rare 507-carat rough diamond acquired for $35.3 million in 2010 that was cut and polished over three years to create "A Heritage in Bloom", a unique masterpiece of diamond jewelry. The Pink Star has been renamed 'The CTF Pink Star' in memory of the late Dr. Cheng Yu-Tung, father of the current chairman and founder of Chow Tai Fook, and commemorates the esteemed brand's 88^th anniversary.

About Sotheby's
Sotheby's has been uniting collectors with world-class works of art since 1744. Sotheby's became the first international auction house when it expanded from London to New York (1955), the first to conduct sales in Hong Kong (1973), India (1992) and France (2001), and the first international fine art auction house in China (2012). Today, Sotheby's presents auctions in 10 different salesrooms, including New York, London, Hong Kong and Paris, and Sotheby's BidNow program allows visitors to view all auctions live online and place bids from anywhere in the world. Sotheby's offers collectors the resources of Sotheby's Financial Services, the world's only full-service art financing company, as well as the collection advisory services of its subsidiary, Art Agency, Partners. Sotheby's presents private sale opportunities in more than 70 categories, including S|2, the gallery arm of Sotheby's Global Fine Art Division, and two retail businesses, Sotheby's Diamonds and Sotheby's Wine. Sotheby's has a global network of 80 offices in 40 countries and is the oldest company listed on the New York Stock Exchange (BID).

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SOURCE Sotheby's