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
EditorsSep 03, 2026
Q&A: Simon G.’s CEO on Why He Won’t Use AI for Jewelry DesignZaven Ghanimian discussed the value of human craftsmanship and where the implementation of artificial intelligence does work.
Events & AwardsSep 03, 2026
Here Are the First Recipients of Nina Pugliese Memorial Scholarship Jewelers of America also revealed the recipients of the Seymour & Evelyn Holtzman Bench Scholarship and its own scholarship programs.
WatchesSep 03, 2026
Robert Pattinson Joins Jaeger-LeCoultre as Brand AmbassadorThe British actor, known for his roles in “Twilight” and “The Odyssey,” will star in a campaign for the Master Control Chronometre.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
CollectionsSep 03, 2026
Sydney Evan Celebrates 25 Years With 4 New CollectionsThe “Confetti Disco,” “Champagne Cheers,” “Tuxedo,” and “Classic Punk” jewelry collections each capture a distinct spirit of celebration.
Weekly QuizAug 27, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeSep 02, 2026
CA Jeweler Gets 5 Years in ‘Phantom Rolex’ Ponzi SchemeNelson Holdo of Newport Beach pleaded guilty to multiple counts of felony grand theft and writing bad checks and was sentenced Monday.
MajorsSep 02, 2026
Messika Names Former Omega Exec as New President, CEO of AmericasArnaud Michon, the former Omega USA President, will now lead Messika’s Americas region during its international development.
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.
Events & AwardsSep 02, 2026
Emerald’s New Owner Introduces ‘Glitter in the Grove’The branding references the back-to-back jewelry shows that new parent company Forge will host in Miami's Coconut Grove this November.
ColumnistsSep 01, 2026
Your Jewelry Marketing Has a Bridal ProblemEngagement rings are important but don’t ignore the customers who are buying jewelry “just because,” Emmanuel Raheb writes.
MajorsSep 01, 2026
Kering Names New Pomellato, DoDo CEOsFormer Pomellato CEO Sabina Belli has been named president of Kering Italia amid a shakeup of Kering's new Jewelry division.
MajorsSep 01, 2026
Anne Marie Shulman Joins GPA GlobalThe veteran luxury packaging executive was appointed to help the company grow its North American business.
CrimeAug 31, 2026
$4M Van Cleef & Arpels Diamond Necklace Snatched From Vienna Museum Once the property of an Egyptian queen, the necklace was part of a larger exhibition of VCA jewelry at the Museum of Applied Arts (MAK).
GradingAug 31, 2026
GIA, Gübelin Gem Lab Confirm New Paraíba Tourmaline Deposit in EthiopiaThe labs’ separate investigations each determined that the East African country is producing copper-bearing tourmaline.
Events & AwardsAug 31, 2026
Wisconsin Museum to Host Jewelry Exhibition“Chicago Collects: Jewelry in Perspective” at the Oshkosh Public Museum will feature works by Fabergé, Lalique, and Louis Comfort Tiffany.
CollectionsAug 31, 2026
Catbird Launches First Men’s Jewelry CollectionThe “Worn Well” collection is Catbird's take on classic men's jewelry.
CollectionsAug 28, 2026
Dolly Parton Would Have Loved This Butterfly Necklace This Buddha Mama butterfly is our Piece of the Week honoring the legend, who embraced the beautiful insect as her symbol.
SourcingAug 28, 2026
Gareth Penny to Give Opening Speech at CIBJO Centenary CongressThe former De Beers CEO, and perhaps its next owner, will be a featured speaker at the event, slated for Sept. 4-7 in Italy.
IndependentsAug 28, 2026
Day’s Jewelers Honored With 3 Workplace AwardsThe employee-owned jeweler was named a “Best Place to Work” in Maine, New Hampshire, and for women.
CollectionsAug 27, 2026
Pandora Expands ‘Talisman’ Collection as Lawsuit Continues The second iteration of the jewelry collection was inspired by the zodiac and the four elements: earth, water, air and fire.
SourcingAug 27, 2026
OFAC Renews License Allowing Import of ‘Grandfathered’ Russian Diamonds General License 104B supersedes General License 104A, which was set to expire on Sept. 1.
CrimeAug 27, 2026
Customs Seizes Nearly 900 Pieces of Counterfeit JewelryThe package, intercepted in Indianapolis, contained fake Cartier, Tiffany & Co., and Van Cleef and Arpels jewelry.
IndependentsAug 27, 2026
Jessica McCormack to Open First West Coast StoreThe new location in Costa Mesa, California, marks the brand’s second store in the United States and fourth standalone location worldwide.
FinancialsAug 27, 2026
Movado’s Q2 Sales Up As Younger Consumers Take Interest in WatchesThe fashion watch category was once threatened by the Apple Watch, but consumers are now opting for new wearables, said Movado’s CEO.
SurveysAug 26, 2026
5 Jewelry Insights From The RealReal’s Resale ReportThe report delves into trending styles, the most popular jewelry brands by city, and why Belle Époque jewelry could be the next big thing.
Lab-GrownAug 26, 2026
AGTA Now Requiring Members to Call Lab-Grown Gems ‘Synthetic’The association added the requirement to its revised "Code of Ethics" and released the 17th edition of its “Gemstone Information Manual.”
SurveysAug 26, 2026
Consumer Confidence Dips in August Amid Anticipatory Anxieties Respondents were concerned about the future of the labor market and their income as well as the rising prices of gas and groceries.
