Ruby & Sapphire Under the Hammer

In the world of precious stones, it is common to reference auction prices. Not because they represent the highest prices paid, for they don’t; the finest gems generally trade hands in private sales at prices above the auction market. We reference them because the auction scene is an open reflection of the world gem market.

Unlike real estate, gems can and do travel, and therefore have a worldwide value. While auction prices do not always accurately reflect the market (due to bidding wars, etc.), they are public, and thus useful for those wishing to better understand prices. But they are not the only tool. Prospective buyers should not just visit auctions, but also the offices of dealers and jewelers. Dip your spoons into as many bowls as possible. In this way, readers will begin to develop a taste for pricing.

Per carat auction records for ruby and sapphire as of October 2015.

In 2012, this 32.08 ct Burmese ruby ring by Chaumet sold for a spectacular US$6,736,750, or $209,998/ct, then a total price world ruby.

This 8.62 ct Burmese ruby ring by Graff sold for US$8.57 million ($994,040/ct) at Sotheby's Geneva on 12th November 2014, then a total price world ruby auction record. Image © Sotheby's

The Sunrise Ruby, a 25.59 ct Burmese ruby ring by Cartier sold for US$32.42 million ($1,266,901/ct) at Sotheby's Geneva on 12 May 2015, a per carat and total price world ruby auction record. It currently holds the title as the most expensive colored gemstone in the world. Image © Sotheby's

Ruby Auction Records (in US$)

Ruby Auction Records (in US$

Auction records (per ct) for ruby from 1979 through May 2015.

At 62.02 ct, the Rockefeller Sapphire hails from Myanmar's Mogok Stone Tract. It sold at Christie's NYC 11 April, 2001 sale for $3,031,000 ($48,871/ct), at the time both a per carat and total auction record for sapphire. Image © Christie's

The "Jewel of Kashmir ," a magnificent 27.68 ct sapphire set a new per carat auction record for sapphire on 7 October 2015, when it sold for $6,745,688 ($243,703/ct) at Sotheby's Hong Kong. Image © Sotheby

Weighing in at a massive 392.52 ct, the Blue Belle of Asia set a new auction record total price for sapphire, being hammered down at US$17,295,796 at Christie's Geneva's 11 November 2014 sale. Image © Christie's

Sapphire Auction Records (in US$)

Sapphire auction records from 1979 through 2015

Padparadscha Sapphire Auction Records

In 2005, this 20.84-carat padparadscha sapphire fetchedUS$18,000 per carat at auction. Image © 2005 Christie’s