Three million-dollar paintings, six new auction records, and Australia’s first million-dollar diamond were all realised in Sydney on Tuesday night, emphasising the ongoing strength of the secondary art market. Deprived of their international getaways, Australia’s richest, many of whose fortunes have grown during the pandemic, are splashing out at home, and the auction industry is a clear beneficiary. The money needs to go somewhere, and why not on art and luxury goods – tangible art and luxury goods no less.

Leonard Joel managed to realise its all-important goal of selling Australia’s first million-dollar diamond – just. The star of its Important Jewels auction, a platinum ring set with a 25.02 carat diamond, estimated at $990,000 to $1.2 million, scraped in at $900,000 (hammer). But with 25 per cent buyer’s cost added (inclusive of GST), the price tag came to $1.125 million, enough for Leonard Joel to claim a first, in an achievement it clearly holds dear as it tries to capture a larger segment of the jewellery market. The ring sold to an absentee bidder.