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Pink Dreams come crashing down as bidder defaults on $83.2 million diamond

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Less than 48 hours ago, Sotheby's announced the "Big Pink" diamond remains unsold. On February 28th, the winning bidder, Isaac Wolf, defaulted on the $83.2 million November 2013 sale of the flawless "vivid pink" diamond in the Sotheby's auction. This news was not only an economic blow to Sotheby's itself, but the news rocked the fine jewelry realm, and blew the minds of those keeping up with record setters alike. The "Big Pink" fetched 68 million francs- the Swiss equivalent of $83.2 million USD. The price set a record of any fine jewelry or stone ever sold at auction, and sold for the third highest dollar amount of any artwork or collectible at an auction. The only items outselling the "Big Pink" was an oil on canvas painting 1969 Francis Bacon painting for $142.4 million, and a 1963 Andy Warhol silk painting at $105 million, respectively. All items were sold at record prices in November 2013. The recent default of the "Big Pink" threatens to reverse these record holding titles it currently holds if a buyer steps up and purchases the "Big Pink" for a lower price.

"We are currently in discussions with the buyer while also considering other alternatives," states Patrick McClymont, Sotheby's chief financial officer, as he addresses concerns by Sotheby's many financial investors.

This recent news in regard to the defaulted sale comes shortly after Sotheby's decision to perform light restructuring at the forefront of the corporate level of the company. After the default, the auction house acquired the exquisite diamond, and the diamond is currently listed in Sotheby's inventory at $72 million. Sotheby's expressed confidence in the high profile listed value of the "Big Pink," also known as the "Pink Star."

It is not yet known why Isaac Wolf defaulted on the purchase, but he did state that he bought the diamond with a pool of other investors. Wolf has not revealed if the other investors pulled out of the deal, or if he will continue to go forward. Wolf felt that regardless, the purchase was sound in nature. Since most 10 carat diamonds sell for $2.5 million per carat, Wolf felt the almost 60 carat "Pink Star" could be well worth $150 million. Wolf renamed the diamond "The Pink Dream," shortly after the November 2013 sale. So far, it remains to be seen who will become the next owner of the luxurious gemstone.

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