The diamond was sold to an anonymous bidder by the Christie's auction house in Geneva.

BBC: 'Perfect' Archduke Joseph diamond sells for $21m

For 10 minutes late Wednesday morning, a jam-packed sale room at Christie's auction house in London was silent.

FORBES: Faberge Egg Goes Back To Its Nest

On the evening of Nov. 6, in the packed Rockefeller Center salesroom of Christie's auction house, four buyers were vying for a 1955 Picasso oil of Jacqueline, the artist's second wife.

FORBES: Magazine Article

"It's only a matter of time, " observes Yamini Mehta, head of the Indian art department at Christie's auction house, pointing to the inclusion of London-born Bharti Kher, 38, in the Basel, Switzerland art fair this coming spring.

FORBES: Art That's Hotter Than Curry

Christopher Davidge, former Christie's CEO, says the auction house price-fixing scheme was Taubman's idea.

FORBES: The Taubman Trial

The return is a clever move by Mr. Pinault, who recently won the honor of seeing Christie's become the only foreign auction house allowed to set up a wholly owned business in China.

WSJ: Ilaria Maria Sala: China Brings Home Its Bronzes

The Hong Kong auction, which will feature ink paintings, calligraphy and classical Chinese furniture, marks the first time a Chinese auction house will compete with Sotheby's and Christie's on their home turf.

CNN: The Chinese threat to Sotheby's and Christie's

Christie's Asia says the problem is not a major issue for the auction house today but it was a problem back in 2010.

CNN: Deadbeat art buyers rise in China

When sellers put art up for sale at Christie's, they sign a warranty that they have clear title, although the auction house cannot guarantee that this is correct.

ECONOMIST: Art-title insurance