Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
AFP reports a blue-and-white Ming vase fetched nearly $22 million in Hong Kong on Wednesday, setting a new record at auction for porcelain from the 15th century Chinese dynasty.
The vase went for more than double the lower pre-sale estimate, but at Sotheby’s jewels and jadeite auction held at the same time the 9.27-carat Golconda Pink diamond with an estimate of $13 million – $19 million went unsold. Hong Kong is now the world’s third-largest auction centre after New York and London, thanks to China’s rapidly growing number of millionaires.
AFP reports thirty-two pieces in the porcelain sale went for a total of HK$560 million, far above pre-auction estimates.
The Type IIa classification for the rare VVS1 clarity Golconda Pink that attracted no lots of interest signifies that it is among less than 2 percent of the world’s gem diamonds that are virtually free of nitrogen in their chemical composition.
At the jewellery auction the 4.19 carat fancy vivid ‘Mandarin Orange” ring (pictured) sold for $2.9 million, a world record price per carat ($705,587 per carat) for any orange diamond at auction. A 6.01 carat fancy vivid blue diamond and pink diamond ring sold for $10 million, also a world record price per carat ($1,686,505) for a blue.
MINING.com took a jaundiced view of the market for coloured diamonds last week:
There is no better indication that coloured diamonds are spearheading record auction prices than news that a yellow weighing slightly less than the 33-carat flawless D-colour Liz Taylor wore every day, is expected to fetch three time as much as the Hollywood legend’s gem when it goes on sale next month.
Images are courtesy of Sotheby’s.
2 Comments
wall art
Vases are great possessions even way back to hundred years ago. It is something sentimental and important to a lot of families.
plumbing
This just proves how much we value our history and culture wherever country you may come from. They are really expensive.