The De Beers Millenium Blue Diamond, which sold for $6.4 million at auction on Wednesday

A number of high bidding prices and a bidding war marked the results of Sotheby’s Hong Kong Magnificent Jewels and Jadeite sale on Wednesday, totaling $52.4 million.

The star of the evening was the fancy vivid blue diamond sold for $6.4 million, one of the 11 blue diamonds that were part of the De Beers Millennium Jewels Collection. Sotheby’s reported fierce bidding for the diamond that eventually sold for a high $1.24 million per carat.

According to Quek Chin Yeow, head of Sotheby’s Hong Kong jewelry department, buyers and collectors in the current market are driven by the search for perfection and rarity, proven by the vigorous competition from bidders from across the world and included private collectors and traders.