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maxter · Apr 7th, 2007, 11:56 PM

Dazzling 'Lost And Found' Diamond
Nina P. West, Artfact.com 04.04.07, 12:01 AM ET

The sale of a diamond ring at a Midwest auction house was remarkable not so much for its price but for the unusual circumstances surrounding its sale. The 3.75-carat sparkler was discovered in an abandoned safe deposit box and was sold to a private buyer on eBay.

In today’s electronic age, more and more traditional brick and mortar auction houses, like Apple Tree Auction Center in Ohio, are tapping into a global market by using eBay Live Auctions (via Artfact). Bidding started at a mere $8,500. The final selling price of $37,375 was a bargain considering the overall quality, cut and color.

Auctioning off the contents of unclaimed safe deposit boxes is a big business in the U.S., producing an estimated 23 billion in sales over the years. Thousands of safe deposit boxes are declared abandoned each year and by law, banks may sell their contents after unsuccessful attempts to find the rightful owners. If a safe deposit box owner does not receive a bill or chooses to ignore it, in time, an auction house will be called in to review the contents.

Artfact Analysis:

One wonders why someone would leave an $85,000 diamond ring left behind. Apparently, it happens all the time. Usually it’s a case of people who died without letting heirs know about the existence of the property. Sometimes the safe deposit boxes are simply forgotten and the owners move away. Occasionally bank mergers are to blame, where records are lost in a corporate shuffle. On the positive side, the proceeds from the sales are stashed away in state unclaimed money funds to earn interest. In some states, the interest adds up enough to provide critical funding for education and other state programs. Should the rightful owner of the property ever appear, they would receive the sale proceeds.

It appears 2007 will be a great year to sell a diamond ring at auction. Prices for rare jewels have never been higher with Christie’s and Sotheby’s announcing a 15% to 20% increase in diamond sales in 2006. At the very top of the market, Christie’s sold a clear, flawless 50.53 carat diamond ring to an Asian buyer for $4.22 million.

diamond_lover · Apr 8th, 2007, 12:51 AM

gosh these jewels make my jaw drop !

aquarius4u · Apr 8th, 2007, 01:42 AM

ohhh my goodness!that is probably a torture wearing that huge rock!!!!no wonder, it is in the safe!but if somebody offers me a gigantic rock ,i'll take it in a heartbeat.

oregonfanlisa · Apr 8th, 2007, 02:30 AM

Hmmmm, either it's not a good photo, or it's not a good stone. Where is the fire?

Very interesting story though. Happens all the time. Paris Hilton forgot to pay her storage fee, and the rest is history.

winternight · Apr 9th, 2007, 01:05 PM

Maybe it needs to be cleaned - looks a little dirty to me.

Ha, did Paris Hilton really forget?! That cracks me up. Although I don't know how the bank could possibily claim that it couldn't find her.

oregonfanlisa · Apr 9th, 2007, 04:19 PM

^^^ No, not bank, Miss Hilton's storage unit. They probably couldn't WAIT for her to miss a payment so they could take all her things and sell them off for a huge profit! Scary.

Apr 7th, 2007, 11:56 PM	#1
maxter OP Member Joined: Feb 2006 Posts: 5,845	The dazzling lost and found diamond! Dazzling 'Lost And Found' Diamond Nina P. West, Artfact.com 04.04.07, 12:01 AM ET The sale of a diamond ring at a Midwest auction house was remarkable not so much for its price but for the unusual circumstances surrounding its sale. The 3.75-carat sparkler was discovered in an abandoned safe deposit box and was sold to a private buyer on eBay. In today’s electronic age, more and more traditional brick and mortar auction houses, like Apple Tree Auction Center in Ohio, are tapping into a global market by using eBay Live Auctions (via Artfact). Bidding started at a mere $8,500. The final selling price of $37,375 was a bargain considering the overall quality, cut and color. Auctioning off the contents of unclaimed safe deposit boxes is a big business in the U.S., producing an estimated 23 billion in sales over the years. Thousands of safe deposit boxes are declared abandoned each year and by law, banks may sell their contents after unsuccessful attempts to find the rightful owners. If a safe deposit box owner does not receive a bill or chooses to ignore it, in time, an auction house will be called in to review the contents. Artfact Analysis: One wonders why someone would leave an $85,000 diamond ring left behind. Apparently, it happens all the time. Usually it’s a case of people who died without letting heirs know about the existence of the property. Sometimes the safe deposit boxes are simply forgotten and the owners move away. Occasionally bank mergers are to blame, where records are lost in a corporate shuffle. On the positive side, the proceeds from the sales are stashed away in state unclaimed money funds to earn interest. In some states, the interest adds up enough to provide critical funding for education and other state programs. Should the rightful owner of the property ever appear, they would receive the sale proceeds. It appears 2007 will be a great year to sell a diamond ring at auction. Prices for rare jewels have never been higher with Christie’s and Sotheby’s announcing a 15% to 20% increase in diamond sales in 2006. At the very top of the market, Christie’s sold a clear, flawless 50.53 carat diamond ring to an Asian buyer for $4.22 million.
maxter OP Member Joined: Feb 2006 Posts: 5,845

Apr 8th, 2007, 12:51 AM	#2
diamond_lover Member Joined: Aug 2006 Location: NYC Posts: 1,508	Re: The dazzling lost and found diamond! gosh these jewels make my jaw drop !

Apr 8th, 2007, 01:42 AM	#3
aquarius4u Member Joined: Nov 2006 Posts: 387	Re: The dazzling lost and found diamond! ohhh my goodness!that is probably a torture wearing that huge rock!!!!no wonder, it is in the safe!but if somebody offers me a gigantic rock ,i'll take it in a heartbeat.
aquarius4u Member Joined: Nov 2006 Posts: 387

Apr 8th, 2007, 02:30 AM	#4
oregonfanlisa Cherokee H Princess Joined: Dec 2006 Location: in my jewelry box Posts: 3,174	Re: The dazzling lost and found diamond! Hmmmm, either it's not a good photo, or it's not a good stone. Where is the fire? Very interesting story though. Happens all the time. Paris Hilton forgot to pay her storage fee, and the rest is history.
	__________________ Something special this way comes...

Apr 9th, 2007, 01:05 PM	#5
winternight Member Joined: Apr 2006 Posts: 2,101	Re: The dazzling lost and found diamond! Maybe it needs to be cleaned - looks a little dirty to me. Ha, did Paris Hilton really forget?! That cracks me up. Although I don't know how the bank could possibily claim that it couldn't find her.
winternight Member Joined: Apr 2006 Posts: 2,101

Apr 9th, 2007, 04:19 PM	#6
oregonfanlisa Cherokee H Princess Joined: Dec 2006 Location: in my jewelry box Posts: 3,174	Re: The dazzling lost and found diamond! ^^^ No, not bank, Miss Hilton's storage unit. They probably couldn't WAIT for her to miss a payment so they could take all her things and sell them off for a huge profit! Scary.
	__________________ Something special this way comes...

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