AuctionsOct 13, 2022
These 8 Blue Diamonds Worth $70M+ Will Go Up for AuctionAuctionsNov 04, 2022
5-Carat Emerald Ring From 400-Year-Old Shipwreck Surfaces for Auction
Sotheby’s estimates the piece, pulled from the sunken Nuestra Señora de Atocha, could sell for $50,000-$70,000.
This 6.25-carat octagonal step-cut emerald ring sunk with the Spanish ship Nuestra Señora de Atocha in 1622 but was recovered in 1985. On Dec. 7, Sotheby’s will put it up for auction for the first time as part of its Magnificent Jewels sale in New York.
New York—Four hundred years after it sunk in a shipwreck and more than three decades after being found, an emerald ring from one of history’s most successful treasure hunts will soon hit the auction block.
Sotheby’s has unveiled a 5.27-carat octagonal step-cut emerald ring that will appear in its New York jewelry auction next month, salvaged from the wreck of the Spanish ship Nuestra Señora de Atocha.
The Casa de Contratación, a Spanish government agency that tried to regulate the country’s exploration and colonization efforts, commissioned the Atocha. It was constructed in Cuba and crossed the Atlantic Ocean to Spain in late 1620.
In March 1622, the Atocha joined the Tierra Firma fleet and departed Spain for the West Indies. In Cartagena, Colombia, and Portobelo, Panama, the belongings of the noble families and other passengers were loaded onto the galleon for the return journey to Spain.
When it set out in again in September 1622, it was the middle of hurricane season, and the Atocha only made it as far as the Florida Keys before hitting a squall and sinking along the reefs.
But the ship was far from forgotten—treasure hunters spent more than 300 years looking for it.
Mel Fisher, a diver interested in shipwrecks, started exploring the waters of the Florida coast in the 1960s in search of Spanish ships lost in the area, including the Atocha.
The lost ship was discovered in 1985, when Fisher’s team uncovered its main hull and, in it, a plethora of hidden treasure: about 180,000 coins and 24 tons of ingots made from Bolivian silver, as well as 125 bars of gold bullion from the Caribbean, Mexico, and the Andes, among many other items.
The ship’s detailed log also recorded 70 pounds of rough emeralds from Colombia, sourced at Chivor and Muzo.
Related stories will be right here …
Sotheby’s has unveiled a 5.27-carat octagonal step-cut emerald ring that will appear in its New York jewelry auction next month, salvaged from the wreck of the Spanish ship Nuestra Señora de Atocha.
The Casa de Contratación, a Spanish government agency that tried to regulate the country’s exploration and colonization efforts, commissioned the Atocha. It was constructed in Cuba and crossed the Atlantic Ocean to Spain in late 1620.
In March 1622, the Atocha joined the Tierra Firma fleet and departed Spain for the West Indies. In Cartagena, Colombia, and Portobelo, Panama, the belongings of the noble families and other passengers were loaded onto the galleon for the return journey to Spain.
When it set out in again in September 1622, it was the middle of hurricane season, and the Atocha only made it as far as the Florida Keys before hitting a squall and sinking along the reefs.
But the ship was far from forgotten—treasure hunters spent more than 300 years looking for it.
Mel Fisher, a diver interested in shipwrecks, started exploring the waters of the Florida coast in the 1960s in search of Spanish ships lost in the area, including the Atocha.
The lost ship was discovered in 1985, when Fisher’s team uncovered its main hull and, in it, a plethora of hidden treasure: about 180,000 coins and 24 tons of ingots made from Bolivian silver, as well as 125 bars of gold bullion from the Caribbean, Mexico, and the Andes, among many other items.
The ship’s detailed log also recorded 70 pounds of rough emeralds from Colombia, sourced at Chivor and Muzo.
As a patron of the Atocha recovery, the late agri-business pioneer Frank Perdue, founder of the eponymous poultry farming company, was given some of the treasures pulled from the shipwreck, including silver, gold coins, and gems.
Though he later donated most of the coins and other artifacts to Delaware Tech and the Smithsonian Institution, there was one jewel he kept—an emerald he had cut and mounted in a ring to propose to his wife, author and philanthropist Mitzi Perdue, in 1988.
The emerald heads to Sotheby’s straight from her personal collection. It’s expected to sell for between $50,000 and $70,000.
The ring will be offered at Sotheby’s Magnificent Jewels sale on Dec. 7 in New York—its auction debut—with proceeds from the sale supporting humanitarian efforts in Ukraine.
It joins many other notable jewels in the auction, including the 303.10-carat “Golden Canary” diamond, the largest flawless or internally flawless diamond ever graded by GIA.
Both will be on display at Sotheby’s York Avenue galleries beginning Nov. 30 as part of its “Luxury Week” sales series.
“I’m overjoyed to offer this extraordinary piece from my private collection. While I have cherished my beautiful engagement ring for over 30 years, I would like to use it now to benefit the great people of Ukraine,” Mitzi said.
“I am honored to partner with Sotheby’s in offering this jewel for auction this year, on the 400th anniversary of the Atocha Shipwreck, and I know my late husband, Frank Perdue, would share my desire to help those in dire need.”
Editor’s note: This story was updated on Dec. 8, 2022 to reflect a carat weight change from 6.25 carats to 5.27 carats, per an updated report from AGL, which also confirmed the emerald is of Colombian origin with minor, traditional treatment.
More on Auctions
The Latest
CrimeAug 06, 2026
Lalique Museum to Remain Closed Following $5M HeistMuseum officials are looking to the public to help cover the “exceptional” costs involved in recovering from the July 5 smash-and-grab.
Supplier BulletinAug 06, 2026
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsSponsored by Stratus Estate Buyers
MajorsAug 06, 2026
Claire’s Revamps Piercing Services for Second Time in Three Years The overhaul includes enhanced employee safety training and trendy earring styles, including lab-grown diamond studs.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
FinancialsAug 06, 2026
Brilliant Earth’s Q2 Sales Up 6%, Driven by High-Income ShoppersThe retailer said it had its biggest Mother’s Day ever, with strong demand for higher-priced jewelry.
Weekly QuizAug 06, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsAug 06, 2026
New Book on Handcrafted American Objects Highlights Jewelry“Handwork: Handcrafted Objects that Made America” features historic and contemporary works, including a Diné squash blossom necklace.
MajorsAug 06, 2026
AJA East Coast Names Ani Khachian as First Female President-ElectThe Armenian Jewelers Association’s East Coast chapter has also elected its 2026–2027 board of directors.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
MajorsAug 05, 2026
Private Equity Firm Wants to Buy 100+ JCPenney StoresOnyx Partners has submitted a second offer to buy the department stores after its first offer fell through last year.
IndependentsAug 05, 2026
Atlanta Jeweler Introduces $10K MartiniSolomon Brothers Jewelers has partnered with local cocktail bar Roaring Social on a new martini garnished with a tennis necklace.
IndependentsAug 05, 2026
Another Member of the Siegel Family Joins Hamilton Jewelers Benjamin Siegel, son of President and CEO Hank Siegel, started working for the family business this week.
MajorsAug 05, 2026
Bulgari Opens Store in San DiegoThe new space features a modern design that blends Bulgari’s Roman heritage with San Diego’s coastal spirit.
CrimeAug 04, 2026
Crew of Thieves Break Into Indiana Jeweler’s HomeFour men were charged in connection with the break-in and accused of stealing $365,000 in cash, jewelry, and designer goods.
MajorsAug 04, 2026
Pandora Hires Former Signet Board Member to Lead North American MarketAndré Branch has more than 25 years of experience with various brands, most recently serving as CEO of Ariana Grande’s cosmetics company.
MajorsAug 04, 2026
Sasha Primak Acquires GemlokNew York-based atelier Gemlok is best known for creating the innovative “bridge” setting that became popular in the bridal market.
CollectionsAug 04, 2026
Musician Carlos Santana Launches Jewelry BrandSantana Now's debut collection, “Unidad,” features symbolic motifs as well as pieces of wood from the Woodstock stage.
CrimeAug 03, 2026
Florida Man Gets 15 Years in Trio of Jewelry Store RobberiesThe 50-year-old man pleaded guilty earlier this year to robbing two jewelry stores and a pawn shop of more than $700,000 in merchandise.
WatchesAug 03, 2026
Citizen's New Spider-Man Watch Is a Collector’s DreamThe watch’s dial features an original design by Marvel comics illustrator Adam Kubert.
CollectionsAug 03, 2026
Chatham Releases First Men’s CollectionThe new collection of lab-grown diamond and colored gemstone jewelry provides a “fresh perspective” on the category, Chatham said.
TrendsAug 03, 2026
Amanda’s Style File: Spinel vs. Peridot While some August babies are team peridot, the month's time-honored birthstone, others are team spinel, the newer alternative.
TrendsJul 31, 2026
These Pieces of the Week Are Sweet Edina Kiss’ “Popsicle” pendant and Karina Choudhrie’s “Ice Cream” charm satisfy that summer craving for a sweet piece of jewelry.
MajorsJul 31, 2026
Macy’s Iconic Red Shopping Bag Sign Torn DownThe massive billboard has been in the same spot on the department store’s Herald Square flagship store for decades.
SourcingJul 31, 2026
Gemfields’ H1 Revenue Jumps 72%The miner’s ruby and emerald auctions brought in a combined $102.9 million.
SourcingJul 30, 2026
De Beers Sale in ‘Final, Most Challenging’ Phase, Anglo CEO SaysThe goal is for the De Beers sale to be finished by the second half of 2026, with the subsequent approvals process expected to take a year.
Policies & IssuesJul 30, 2026
JA Heads Back to Washington as New Wave of Tariffs Takes Effect David Bonaparte, along with Tim Haake and Ronnie VanderLinden, continue to lobby for tariff exemptions for diamonds, gemstones, and pearls.
SurveysJul 30, 2026
Consumer Confidence Slips in JulySurvey respondents were concerned about the rising prices of food and groceries as well as unemployment.
Events & AwardsJul 30, 2026
Vicenzaoro Releases 2026 Education LineupThe trade show, slated for Sept. 4-8 in Vicenza, Italy, will feature sessions on trends, AI, gemology, and manufacturing.
