A blue diamond lived up to the hype at auction this week.

The 5.7-carat fancy intense stone, mounted as part of a diamond ring, hammered down for US$8.8 million (approximately HK$68.42 million) during Christie’s Magnificent Jewels sale. That price was more than the diamond’s pre-auction high estimate and makes the jewel the second most expensive sold at auction globally this year.

“Today’s sale in New York was a testament to the vibrant market for jewellery of the highest calibre with singular provenance,” Rahul Kadakia, the international head of jewellery at Christie’s, said in a statement. “We were particularly pleased with the result of the top lot… We also were deeply honoured to sell jewels from several of the world’s most esteemed private collectors, including Mica Ertegun. Offering this selection of jewellery hailing from the collection Mica Ertegun was a tribute to her brilliant eye, and we are thrilled by the exceptional outcome.”

In total, the Magnificent Jewels auction was sold 97 per cent by lot, for a grand total of US$49.2 million (approximately HK$382.52 million). Buyers came from around the globe, with 62 per cent from the Americas, 21 per cent from Europe, and 17 per cent from the Asia-Pacific region. While the blue diamond was far and away the star of the show, other pieces similarly crossed the US$1 million (approximately HK$7.77 million) mark: A pair of Harry Winston spinel and diamond earrings fetched US$2.2 million (approximately HK$17.10 million), four times their high estimate, and another pair of Harry Winston diamond earrings also achieved a cool US$1.9 million (approximately HK$14.77 million).

As Kadakia mentioned, Ertegun’s collection of jewels was also highly desired by bidders. The 16 lots were all sold, with more than 80 per cent hammering down for more than double their pre-auction low estimate. The most valuable piece was a Cartier Art Deco multi-gem and diamond brooch, which sold for US$1.4 million (HK$10.88 million), more than 10 times its low estimate. The next highest-priced items were a JAR ruby and diamond torsade necklace (US$378,000/approximately HK$2.93 million) and a pair of Old European brilliant-cut diamond earrings (US$352,800/approximately HK$2.74 million).

Also achieving a rather impressive sum was a Van Cleef & Arpels “Ruban Mysterieux” necklace, which went home for US$1.4 million (approximately HK$10.88 million). And the Jewels as Art sale, part of the same auction, was led by a Suzanne Belperron diamond “Tube” bracelet (US$945,000/approximately HK$7.34 million).

If you’re feeling left out from not having acquired any of these exquisite jewels, Christie’s is keeping its Jewels Online auction open until Thursday.