A 28.86-carat D-color diamond sold for $2.1 million, setting a record for a jewel sold at an online-only auction. The VVS1 clarity gem was the top lot at Christie’s Jewels Online sale, held June 16 – 30.

Including the buyer’s premium, the diamond sold for just above its $2 million high estimate. It went on the virtual block as the largest D-color diamond to be offered at an online auction. The auction house said the diamond received 31 competitive bids from four countries with offers coming as soon as bidding opened.

The diamond accounted for about half of the auction’s total sales. The timed online only sale of 140 lots achieved more than $4.1 million with 100% sold by value, 93% sold by lot and 64% of lots selling at or above their high estimate.

With live auctions opening again after a long suspension because of the coronavirus pandemic, these online only sales have proven to be quite effective at providing sales of signed jewels and period pieces. Both Christie’s and Sotheby’s reported sell-through rates well above 90 percent with many items surpassing estimates. The sale of this diamond also proves that online auctions can be used to sell high-value items.

Online auctions are already an important part of the calendar for the major houses. The reliance on these sales during the global pandemic and the success they achieved mean they are here to stay, even as the auction houses open their doors again to live sales.

“The sale of this exceptional stone established the record for a jewel sold in an online-only auction, demonstrating greater client confidence in Christie’s digital ability and online sale platform,” Rahul Kadakia, International Head of Jewelry at Christie’s, said in a statement. “We now look forward to the beginning of our live auction season for jewelry spanning all major Christie’s global sale sites.”

From FORBES