102-carat diamond To Be Offered Without Reserve By Sotheby’s.

Sotheby’s Hong Kong will offer a 102.39-carat D-color flawless oval diamond in a single-lot combination online and live auction. It will be only the eighth D color internally flawless or flawless white diamond of more than 100 carats sold at auction; and it is the second-largest oval diamond of its kind to be presented in a public sale.

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Its sale is guaranteed as it is being offered “without reserve,” meaning that the winning bid is the highest bid, regardless of its amount or the intrinsic value of the diamond itself, which the auction house describes as an “unprecedented move,” adding “This approach marks the first time in auction history that a diamond of this caliber – or indeed any work of art or object of this importance and inherent value – has been offered this way.”

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In addition to its top color and clarity designation, the piece is classified as a type IIa diamond, the most chemically pure type of diamond. This classification accounts for fewer than 2% of all diamonds. For diamonds of more than 100 carats the rarity factor is substantially increased.

Sotheby’s will not place an estimate on the diamond. However, for perspective, in October 2013, a 118.28-carat, D color, flawless, type IIa oval diamond was sold by Sotheby’s Hong Kong for $30.8 million, with per carat price of $260,252, the highest per-carat price for a diamond with these characteristics. It also was the largest oval diamond ever sold at auction.

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