Auction Winner Defaults on Purchase of Pink Star Diamond

Reuters reported that Sotheby’s has acquired the Pink Star diamond, which sold for a record $83.02 million in November, after buyer Isaac Wolf could not pay for it.

As quoted in the market news:

In a post-earnings conference call, the auction house said it reversed the related commission revenue as a result of the buyer default and recorded the pink diamond in inventory at a value of about $72 million.

‘We are currently in discussions with the buyer, while also considering other alternatives,’ Patrick McClymont, Sotheby’s CFO said on the call with analysts. ‘In the meantime, we are quite comfortable with our valuation, and see real value in owning the diamond at this price.’

Click here to read the full Reuters report.