Sotheby's said it acquired the "Pink Star" diamond, which had fetched a world-record price in November, after its buyer couldn't pay and defaulted.
New York-based diamond cutter Isaac Wolf outbid three rivals last November to pay 76.3 million Swiss francs ($83.02 million)for the flawless pink diamond in an auction guaranteed by Sotheby's.
In a post-earnings conference call, the auction house said it reversed the related commission revenue as a result of the buyer default and recorded the pink diamond in inventory at a value of about $72 million.
"We are currently in discussions with the buyer, while also considering other alternatives," Patrick McClymont, Sotheby's CFO said on the call with analysts. "In the meantime, we are quite comfortable with our valuation, and see real value in owning the diamond at this price."