It’s a measure of the diamond and jewelry market that a sale can make record total but have its top lots fall within the estimate range. Diamonds seemed to be priced accurately for the market, especially the large white and colored stones that drive the top end.
Here’s Diamonds.net’s take on the sale:
Sotheby’s New York sale of Magnificent Jewels saw its highest total ever for an April sale bringing in $39,367,350 — sold 84.2 percent by lot […]. Seven of the top ten lots soared past $1 million and bidding sometimes became so frenetic that even the auctioneer lost track of the action as multiple bidders on the phone, in the room and online competed fiercely for their lots.
The top lot of the sale was a 30.52-carat D,VVS1, emerald cut diamond that sold for $3,386,500, $110,960 per carat, against an estimate of $3 million to $4 million. It sold to Essex Global Trading. The second top lot of the sale was a a 3.18-carat internally flawless fancy vivid blue marquise shaped diamond [….] It sold for $3,274,5000 or $1,029,717 per carat, against an estimate of $3 million to $4 million to an Asian private.
Sotheby’s NY Sale Scores Big (Diamonds.net)