14 Jul 2020
June 12, 2017 - Filed under: Selling Antiques — David

A diamond ring, found at a car boot sale and bought for £10, recently sold at auction for over half a million pounds.

The owner had bought the ring during the 1980s, at a boot sale at West Middlesex Hospital in West London, not realising that the ring may be valuable. The diamond ring dates back to the 19th century, is claw set and has a 26.27ct diamond which is cushion shaped. The diamond ring is named The Tenner, while the diamond itself has a clarity grade of VVS2. The colour has been graded as I.

Earlier this year, the owner was persuaded to take the ring to be valued. Sotheby’s valued the ring between £250,000 and £350,000. The ring was placed up for auction at the Fine Jewels sale at Sotheby’s, which took place on 7th June in London. The ring finally sold for £540,000.

Another item which surprised the auctioneers was a Cartier diamond brooch, valued between £25,000 and £35,000. The brooch had previously been worn by Margaret Thatcher, on numerous high-profile occasions, including offering her resignation to the Queen, from her post as Prime Minister. The brooch finally sold for £65,000, more than double the original estimate. The money raised from the sale of the brooch have been donated to a charity which supports the care of service men and women who are sick or injured.

When purchasing items at an auction, there is a premium included which inflates the price. When buying high-end items like inlaid Edwardian furniture, or other collectible pieces, it is often cheaper to buy from a reputable dealer.

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