Even During a Recession, They're Still a Girl's Best Friend

A 32-carat emerald-cut diamond ring once owned by prominent philanthropist Leonore Annenberg was sold at a Christie's auction yesterday for $7.7 million. The precious gem, in a setting created by jeweler David Webb, had been Annenberg's 90th-birthday gift to herself. (The widow of former U.S. Ambassador to Britain Walter Annenberg, she died earlier this year at the age of 91.)

The new owner, whose name was not released, paid a price that blew through the pre-sale estimate, which was $3–$5 million. Where will we see the ring next? Only time will tell.