Beau Sancy Beau Sancy The Beau Sancy is a modified "pear double rose cut" diamond found in India that has been owned by a number of European royal houses. In May 2012, it was sold at Sotheby's auction in Geneva for $9.57 million. The original estimated price of $2 million was lifted five times during the eight-minute battle between five buyers, before the diamond was sold to one of them who remained anonymous. The Beau Sancy diamond takes its name from Nicolas de Harlay, Lord of Sancy, who brought the diamond to France from India where he had been the French ambassador.
Auction bid has become a binding agreement. Auctions can differ in the number of participants: Prices are "bid" by buyers and "asked" (or "offered") by sellers. Auctions may also differ by the procedure for bidding (or asking, as the case may be): Auctions may differ as to the price at which the item is sold, whether the first (best) price, the second price, the first "unique" price or some other. Auctions may set a reservation price which is the least/maximum acceptable price for which a good may be sold/bought. Without modification, "auction" generally refers to an open, demand auction, with or