Sotheby’s failed to sell the top three diamond lots at its Magnificent Jewels Sale in Geneva on Wednesday.

“The diamond market is currently in a period of transition and it will probably not be clear where it is headed until the end of the year,” said David Bennett, Sotheby’s chairman of jewelry in Europe and the Middle East. “As in all markets in transition, potential buyers were reluctant to commit to purchase, which resulted in the three top diamond lots remaining unsold.”

Posted: 11|20|08 at 3:48 pm. Filed under: Auction News.