Michelle Cheung2

Barbie with diamond choker sells for record price

Last week, in an auction in New York, a Barbie was sold for $302,500 (USD) to an anonymous bidder and the proceeds will go to the Breast Cancer Research Foundation. This broke the previous  world auction record – $17,091, for a Barbie in 2006.

Stefano Canturi, an Australian Jewelery designer, used four weeks to design every details of this doll from her dress, to hairstyle and makeup. She wears a black strapless evening gown with a choker featuring an emerald one-carat pink diamond. Although the price was at the lower end of the estimate, it is still the most expensive Barbie ever sold in the world.

For those who are willing to pay a piece of auction product like the Barbie in this case, the buyers either buy it out of extreme interest or of unconventional investment. Since polished diamond prices are showing large gains when comparing September 2010 to September 2009 according to the data released from International Diamond Exchange, it is not surprised that the buyer of the Barbie is a investor. However, diamond is not as liquid as gold, so I think this kind of investment yields relatively risky returns (a concept learned in class).