GENEVA — A large, drop-shaped natural pearl pendant sold for more than $36 million Wednesday at a rare auction of jewelry that once belonged to French Queen Marie Antoinette, which Sotheby's is calling a record price for a pearl at auction. The "Queen Marie Antoinette's Pearl," a diamond-and-pearl pendant, was among the highlight offerings on the block at the Sotheby's sale of jewelry from the Bourbon-Parma dynasty in Geneva. Sotheby's billed the sale as a once-in-a-lifetime chance to scoop up heirlooms and jewels that have been held in the Bourbon-Parma dynasty for generations. Some of the Marie Antoinette jewelry hadn't been seen in public for 200 years — until now. Like many of the 10 former Marie Antoinette pieces up for sale, the pendant obliterated the pre-auction estimate — in its case, $1 million to $2 million. It sold for a hammer price of 32 million Swiss francs ($32 million), but with the buyer's premium and fees, the total sale rose to more than $36.1 … [Read more...] about Marie Antoinette’s pearl pendant sells for record $36 million
Selling at auction fees
GENEVA -- Christie's sold the "Pink Legacy" diamond at auction Tuesday for more than $50 million including fees, saying it's a new world record price per carat for a pink diamond. Christie's said that renowned jeweler Harry Winston was the buyer. The auction house had expected to fetch $30 million to $50 million for the nearly 19-carat, rectangular-cut stone, the largest fancy vivid pink diamond that it has ever put under the hammer. It was the standout offering at Christie's fall jewelry auction in Geneva. The standing-room only ballroom broke into applause after the auctioneer struck down a hammer price of $44.5 million. That excludes the standard "buyer's premium" and other fees. The stone once belonged to the Oppenheimer diamond family, and Christie's says it's among the most chemically pure gems. Rahul Kadakia, Christie's head of international jewelry, said that auction house has only sold four diamonds weighing more than 10 carats of the same color in its 251 … [Read more...] about “Pink Legacy” diamond sells for more than $50M in new world record
A painting generated by artificial intelligence sold at auction Thursday for nearly half a million dollars. The painting "Edmond de Belamy, from La Famille de Belamy" sold at Christie's New York for $432,500 including fees, according to The New York Times. Christie's estimated auction price was $7,000 to $10,000. The buyer bid by phone and remains anonymous. The portrait was created by Obvious, a French art collective, and marketed by Christie's as the first AI-made painting sold at an auction, the Times said. The work sold for the same price as Pablo Picasso's linocut "Buste de femme d'apres Cranach le Jeune." Andy Warhol's screen-print series "Myths" also sold at the auction, for $780,500. Not everyone is happy about the sale. Some criticized the methods Obvious used, saying the Generative Adversarial Network algorithm (GAN) it employed has been used by artists for years, according to CNN. Mario Klingemann, an artist known for using machine learning, told the Times that "Edmond … [Read more...] about AI-made portrait sells at Christie’s auction for $432,500
PUBLISHED: 10:12 12 October 2018 | UPDATED: 10:12 12 October 2018 Caroline Culot Pic: www.gettyimages.co.uk As everyone will probably know, when the hammer falls at an auction, you have successfully bought what you bid for. It’s yours. If it’s a car or a piece of furniture, you have probably had a good look over it first, noticed any defects and taken these into account before bidding. But what if it’s a property? Ian Taylor, from Spire solicitors, discusses. Ian Taylor, Spire solicitors. Pic: Rob Ward Photography for www.spiresolicitors.co.ukThe principle is exactly the same - you should be fully aware of all the potential pitfalls and any defects well before attending the auction, even more so since, although not always the case, properties are sometimes in an auction because they are difficult to sell or to value on the open market.The seller’s “Auction Pack” should include all the paperwork normally involved in … [Read more...] about Buying at auction
Brian Mooney looks at how the food and drink sector can take advantage of online opportunities Online businesses such as Amazon, Airbnb, and Uber are part of our everyday lives and a big part of the global economy in terms of consumer spend and stock market value.These businesses have grown rapidly by attracting millions of users and thousands of suppliers to provide goods or services to the users. This type of business is known as a “platform”. A platform is an online business that facilitates a transaction between two third parties. The platform provides the marketplace and functionality to perform the trade but does not own the inventory or assets involved. For example, Uber is the world’s largest taxi platform but owns no taxis; Airbnb is the largest hospitality platform but owns no hotels; Alibaba is the largest merchant platform but has no stock. At AAB Consulting, we have seen platforms upturn conventional business wisdom: rather than build assets, acquire … [Read more...] about Is your food business at risk of being disrupted by an online platform?