Eileen Kinsella writes about Gustav Klimt and his paintings + the price factor (s) + other viewpoints @ http://artnews.com/issues/article.asp?art_id=2193
Like art, gemstones are an imperfect market, with a sale possible only when there is a willing buyer and all prices are open negotiation. Many were shocked when Gustav Klimt's Portrait of Adele Bloch-Bauer I (1907) was sold at $135 million, surpassing ($104.2 million) Picasso's Blue Period Boy with a Pipe (1905). The reason may be the painting's provenance + history. Beauty is in the eye of the beholder.
The story of Hancock Red Diamond is a good comparison. In the 1980s the heirs of Warren Hancock owed the IRS a million dollars. In order to pay the bill they shipped off the gem collection their dad stashed away for years to the Sotheby's in New York for evaluation. Sotheby's picked out three, the largest of the trio, a 0.95ct red diamond was bought for $880,000 + 10% buyer's premium; that set a world record of $926,000 per carat. Warren Hancock had bought all three diamonds from his local jeweler for less than $20000 combined.
On February 15, 2006, for a 8.62 carat cushion-cut ruby (Burmese) Lawrence Graff paid a price of US$425,000 per carat. Again, the reason may be the stone's provenance, beauty + a good story.
In my view, because of gemstone's beauty, rarity, durability + portability, the stones should fetch more than paintings.
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