If the number alone doesn't boggle your mind, consider this: The price is nearly double the previous auction record for a work of art.

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In fact, virtually every member of this conspiracy comes away a winner because the profits at the second auction (that is, the difference between the price paid at second auction minus the price paid by the Designated Bidder at the public auction) is frequently divided among the conspirators.

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Perhaps the most notable aspect of the sale, from a market perspective: While the rule of thumb for jewelry at auction is that on the secondary market pieces bring only a third of their original price, this collection reaped a hefty profit for the seller.

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