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Tuesday, March 15, 2011

Jewels at Sothebys - the MOST honest, smart, saavy auction house in the world.

1.  I bought an 8.06 carat diamond ring, lot 177 at Sothebys NYC for my wife, Bo-in, on April 13, 2005.  I was given a certificate saying that the ring was flawless.  I paid $374,400 for this ring.  The hammer price was $320,000 and the buyer's premium was $54,400.   In the description in the catalog it said that it was D color, internally flawless and was unmounted in the illustration.  It also noted that the ring was accompanied with a GIA report number 1378137.

2.  A few months ago my wife brought the ring back to Sothebys to have it recertified.  At the time we both believed that the ring had been purchased from Christies and we were going to my friends of 40 years - Sothebys - to check on Christies because recent disappointments with them had driven me to want to know if the quality of the ring was as certified.  In short we have become nervous about doing business with Christies because there are times when doing business with them is not as easy as we feel it should be.  This had never been the case at Sothebys.  With them issues were resolved quickly and fairly every time for 40 years.

3.   We did not know that the diamond had to be taken out of the setting to be regraded by the GIA.  We were not told that this was necessary.  My wife just gave them the ring.

4.   We were not told that there would be any risk with damaging the quality of the stone when we asked for it to be graded.

5.   When we bought this "so called" flawless stone we were not told that the slightest ding would damage the grading of the stone.  We have been told that since. But are not diamonds supposed to be the hardest stone known to man.  What is going on here.  The slightest ding can drop it two grades!!!!  Wow.  That sure is news to me.

6.   When my wife and I picked up the stone at Sothebys, we were told that it had gone down two levels in clarity and was not flawless anymore.  We were shocked and then determined to find out where and when we bought the diamond.  To our complete surprise we realized that we had in fact bought the stone from Sothebys NOT Christies.  This was terribly depressing for me because I have always had a wonderful relationship with Sothebys.  Basically they are super honest and are wonderful to do business with all of the time.  I love them.

Well they did the right thing.  They gave me $850,000.

They are super, super, super, super honest.  There is no auction house in the world that is even close to their level of professionalism.

I love Sothebys.  They ALWAYS do the right thing.

Graham

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