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
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
MajorsNov 13, 2025
Vahan Jewelry Founder Leon ‘Sacha’ Der Calousdian Dies at 85The third-generation jeweler is remembered as a passionate creative with a love of art, traveling and sailboat racing.
Weekly QuizNov 13, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeNov 12, 2025
Father, Son Jewelers in Chicago Victims in Double Homicide JSA and Cook County Crime Stoppers are both offering rewards for information leading to the arrest of the suspect or suspects involved.
GradingNov 12, 2025
It’s Time: GIA’s Express Holiday Service Is Back GIA is offering next-day services for natural, colorless diamonds submitted to its labs in New York and Carlsbad.
Brought to you by
Jewelers of America Aligns New Mission to Create Meaningful Impact for MembersFrom educational programs, advocacy, and recent MJSA affiliation, Jewelers of America drives progress that elevates businesses of all sizes.
MajorsNov 10, 2025
Jewelers Focus on Love, Joy In 2025 Holiday Campaigns Tiffany & Co., David Yurman, and Pandora have launched holiday campaigns depicting their jewelry as symbols of affection and happiness.
SurveysNov 10, 2025
5 Things Retailers Should Know About Holiday Shoppers This YearThe National Retail Federation is bullish on the holidays, forecasting retail sales to exceed $1 trillion this year.
AuctionsNov 10, 2025
300+ Colored Diamonds Up for Auction at Christie’sLate collector Eddy Elzas assembled “The Rainbow Collection,” which is offered as a single lot and estimated to fetch up to $3 million.
EditorsNov 07, 2025
Piece of the Week: An MVP’s Sapphire Tennis Necklace At the 2025 World Series, the Los Angeles Dodgers’ Yoshinobu Yamamoto sported a custom necklace made by California retailer Happy Jewelers.
IndependentsNov 07, 2025
Foundrae’s New Palm Beach Location Is a ‘Golden Solarium’The brand’s seventh location combines Foundrae’s symbolic vocabulary with motifs from Florida’s natural surroundings.
FinancialsNov 07, 2025
Watches of Switzerland’s H1 Sales Up 8%The retailer also shared an update on the impact of tariffs on watch customers.
SourcingNov 06, 2025
Pink Tourmaline Bracelet, Emerald Suite Take Top Spectrum Honors Pink and purple stones were popular in the AGTA’s design competition this year, as were cameos and ocean themes.
IndependentsNov 06, 2025
Greenwich St. Jewelers Hosts Raffle Supporting Food RescueAll proceeds from the G. St x Jewel Boxing raffle will go to City Harvest, which works to end hunger in New York City.
IndependentsNov 06, 2025
Cornell’s Jewelers Names New PresidentCourtney Cornell is part of the third generation to lead the Rochester, New York-based jeweler.
SourcingNov 06, 2025
De Beers’ Production, Sales Increase in Q3 De Beers also announced more changes in its upper ranks ahead of parent company Anglo American’s pending sale of the company.
WatchesNov 05, 2025
Shinola President Steps Down Just as He Starts Former Signet CEO Mark Light will remain president of Shinola until a replacement for Ulrich Wohn is found.
AuctionsNov 05, 2025
Taylor Swift’s Engagement Ring Designer Makes Her Auction DebutKindred Lubeck of Artifex has three rings she designed with Anup Jogani in Sotheby’s upcoming Gem Drop sale.
FinancialsNov 05, 2025
Pandora Posts Modest Q3 Sales Growth Amid ‘Weak’ Consumer Sentiment The company focused on marketing in the third quarter and introduced two new charm collections, “Pandora Talisman” and “Pandora Minis.”
FinancialsNov 05, 2025
Brilliant Earth’s Q3 Sales Climb 10%The jewelry retailer raised its full-year guidance, with CFO Jeff Kuo describing the company as “very well positioned” for the holidays.
Policies & IssuesNov 04, 2025
Supreme Court to Hear Tariffs Case WednesdayAhead of the hearing, two industry organizations co-signed an amicus brief urging the court to declare Trump’s tariffs unlawful.
MajorsNov 04, 2025
Danny Clark to Become Stuller CEO, Succeeding Matt StullerStuller COO Belit Myers will take on the additional role of president, with all changes effective at the start of 2026.
ColumnistsNov 04, 2025
Peter Smith: What Do Birds Have to Do With the Price of Gold? Smith cautions retailers against expending too much energy on things they can’t control, like the rising price of gold.
TrendsNov 04, 2025
Amanda’s Style File: Fall Colors for November BirthdaysCitrine and topaz are birthstones fit for fall as the leaves change color and the holiday season approaches.
IndependentsNov 04, 2025
Weston Jewelers Heads to Fort LauderdaleThe family-owned jeweler will open its fourth store in Florida in late 2027.
