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Bring Back the Tiara!

You just don’t see women wearing tiaras like they used to. Sure, there’s the occasional cardboard tiara worn by little girls at birthday parties, but maybe its time we bring back this epic fashion statement. If you have $12 million, that is.

Geneva–An auction world-record price for a tiara was set Tuesday, when a rare emerald and diamond tiara realized more than $12 million at Sotheby’s sale of magnificent and noble jewels here.

Previously estimated to garner between $5 million and $10 million, the tiara’s sale also represents a world auction record of an emerald jewelry piece.

“This evening’s results, across the board–in noble jewels, diamonds, colored gemstones, and pieces signed by the world’s greatest jewelers–show the extraordinary appetite among connoisseurs for rarity, quality and provenance,” David Bennett, chairman of Sotheby’s jewelry department for Europe and the Middle East, said.

The Sotheby’s sale realized a total of $89 million, with 90 percent sold by lot and 97 percent sold by value.

Included in the auction was the nearly $11 million sale of a 10-carat, rare fancy intense pink diamond ring (below) made for the third-highest price for a pink diamond at auction, as well as the ninth-highest price for a diamond at auction.

Christie’s sale of magnificent jewels in Geneva on May 18 realized a total of more than $78 million, with 84 percent sold by lot. This auction also set world-record prices in various categories.

“The jewelry sale in Geneva was marked by strong bidding,” Francois Curiel, president of Christie’s Switzerland, said. “Forty-two years after our first sale in Switzerland, Geneva remains a vital, specialized auction center in today’s global market.”

Read more at National Jeweler