An Australian Technology Startup Yourdiamonds.com founded by Tim Goodman, a former Executive Chairman of Sotheby’s Australia, was requested by an Australian Finance Corporation, as mortgagee in possession, holding a collection of five rare Argyle pink diamonds, to sell the stones on their behalf. The diamonds ranging in size from from 0.40-carat to 1.01-carat were expected to fetch over $1 million. The request to sell the rare beauties of nature inspired Tim Goodman to expand the sale to include other pink diamonds from Argyle that may be foiund in private collections, whose owners may be interested in selling their collections.
Tim Goodman’s efforts resulted in the first ever global public sealed-bid tender of Australian Argyle pink diamonds. Commenting on the historic sale Tim Goodman said, “Yourdiamonds.com is honoured to have been appointed to conduct the First Public Sealed Bid Tender of Australian Pink Diamonds. We are proud to have been entrusted with mandates from the esteemed collector, Ms. Di Fitzpatrick of Brisbane, a South Australian Financial Corporation and eight private collectors, to offer for sale so many beautiful and rare pink diamonds, all of which are appearing on the secondary market for the very first time.
A total of 32 pink diamonds were put up for sale under this arrangement. The tender closed on Tuesday, 13th July, 2021 and all sealed bids were expected to be received strictly by 5.00 pm AEST on this day. The collection of diamonds offered for sale were taken around the cities of Sydney, Melbourne, Adelaide and Perth under high security conditions for the benefit of prospective buyers who may be interested in bidding for them. The sealed Tender Bids were opened at 10.00 am in Sydney on Friday 02nd July, 2021 in the presence of a partner at International Accountants, Grant Thornton.
“We are creating a secondary market. The primary market is strong and the timing is perfect for sellers. Subject to the success of this first project we intend to conduct a Public Tender of Australian pink diamonds twice a year. We may extend the scope to include diamonds of other colours originally sourced from the Argyle Mine,” Tim Goodman said
Among the celebrated Argyle diamond collections entrusted to Tim Goodman’s first ever global public sealed-bid tender was the most important and celebrated private collection belonging to Mrs Diosma Fitzpatrick, including the “Fitzpatrick Pink” and the “Queen of Hearts diamonds.” Eight Lots bearing Lot Nos 16 to 23 were offered for sale from the Fitzpatrick Collection, out of which seven lots were sold and only one lot remained unsold. Out of the seven lots sold, Lot 17 – “The Fitzpatrick Pink Diamond” a 2.00-carart Argyle pink diamond with a pre-sale estimate of A$ 1.5-2.5 million set an auction record by becoming the most expensive diamond from the iconic Argyle Mine ever sold at an auction or public tender.
The round brilliant-cut, fancy purplish-pink diamond fetched a staggering price of A$2.2 million (US$1.62 million), which also smashed Australia’s record for the highest price paid for any diamond or piece of jewelry. This record was set up last April by a square emerald-cut diamond weighing 25.02-carats, which sold for $870,000 at the Leonard Joel Auction Houise.
The 1.48-carat “Queen of Hearts Diamond” bearing Lot No. 18, an exceptionally rare and outstanding Argyle pink diamond from the Fitzpatrick Collection with a pre-sale estimate of A$ 600,000 – 1,200,000 was sold for an undisclosed amount.
According to the results of the first ever public sealed-bid tender, published in the yourdiamonds.com website, overall out of the 32 Lots offered for sale, 19 Lots were sold out and 13 Lot remained unsold. This works out to around 60% of the lots being sold out, which is a significant success for an inaugural auction. According to the website the unsold Lots are still open for sale.