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The Catherine the Great emerald and diamond brooch

Christie's Auction

Christie's NY Jewels Auction includes magnificent royal gems

Story update: Here are the sales results for key items at the Christie's NY Jewels Auction:

The heart-shaped D internally flawless diamond of 28.28 carats - $3,778,500 to an Asia private buyer

A cushion-cut fancy vivid blue, VS1 diamond of 3.43 carats - $3,106,500 to an American in the trade

The Emperor Maximilian Diamond - $1,762,500 to a private American buyer

Catherine the Great Emerald Brooch - $1,650,500 to a private Middle Eastern buyer

Recent record-setting auction prices for rare gems seems to have convinced many that it is time to part with the family treasures.

This Thursday's Jewels auction at Christie's New York has several magnificent gems that have not been seen in public in years.

Among the most notable are The Emperor Maximilian Diamond ring, a 39.55 carat cushion-cut stone that was purchased by Maximilian in Brazil prior to his installation to the throne of Mexico. It has since been owned by Laurence Graff and Imelda Marcos.

The Catherine the Great Emerald and Diamond Brooch includes a hexagonal-cut Columbian emerald of 60 to 70 carats. It was acquired for Catherine II of Russia after she ascended to the throne in 1762.

This marks the first time in decades that either of these jewels has been exhibited in public. Both are estimated to fetch $1 to $1.5 million.

The sale also includes a 3.43 carat fancy vivid blue diamond (est. $1.5 to $2.5 million), and a fancy vivid yellow diamond of 9.83 carats, mounted as a ring with two graduated baguette diamonds (est. $700,000 to $1 million).

Signed jewels include a Cartier Tutti Frutti bracelet circa 1930 (est. $600,000 to $800,000), a Van Cleef & Arpels ballerina brooch, circa 1956 (est. $10,000 to $15,000) and an unusual emerald and diamond ring by Bhagat (est. $100,000 to $150,000).

The sale's top lot is a diamond pendant necklace with D color, internally flawless heart-shaped diamond of 28.28 carats. It is expected to achieve in excess of $3 million.