'Costume jewelry' diamond ring purchased for $13 sells for more than $800K at Sotheby's auction

LONDON - A ring thought to be costume jewelry sold for a little under $1 million at Sotheby's auction this week.

An anonymous buyer purchased the ring for ‎£10 ($13) at a car boot sale, or an open market sale in the U.K., in the 1980s, according to Sotheby's auction house. The person originally believed the ring was simply costume jewelry but learned that it was actually a 26.29 carat diamond after Sotheby's appraised it several months ago.

The "genuine cushion-shaped" diamond sold for £656,750 ($847,667) at the Sotheby's Fine Jewels auction in London on Wednesday, CNN reported.

While many might think it inconceivable that someone would have a multi-carat diamond and not realize it, the old-fashioned cut may have tricked the buyer, Jessica Wyndham, head of the auction house's jewelry department told CNN in May.

"When we think of diamonds, we think of modern cuts, of brilliance," Wyndham told CNN. "This wouldn't have looked like that. The silver had tarnished, and there was probably some dirt. These diamonds were made for candlelight, not our white artificial light, so it was all about trying to bring out its fire."

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