The ring, which features a 10.33-carat Burmese ruby flanked by two pair-shaped diamonds, comfortably exceeded its presale estimate and returned $USD5.5 million ($AUD8.6 million) after a six-minute bidding frenzy.
Other items of interest included a ring featuring an emerald-cut, 7-carat, fancy-intense-purplish-pink stone which sold for $USD3.4 million ($AUD5.35 million).
A ring with an oval-shaped, 16.53-carat Brazilian alexandrite and diamonds returned more than $USD1.9 million ($AUD2.99 million), more than three times its upper estimate.
Quig Bruning, head of the jewellery at Sotheby’s, said that passion among collectors of luxury jewellery remains strong.
“The enthusiasm from international collectors translated into strong bidding across the board,” he said.
The 11 December Magnificent Jewels sale returned more than $USD30 million ($AUD47.22), with more than 90 per cent of items finding buyers.
More reading
Rainbow display: Rare diamonds garner international attention
Impressive return for dazzling pink diamond
Fancy colour diamonds continue to headline auctions
Green glory: Emerald brooch obliterates auction forecast
Rare desires: Passion for pink diamonds continues to burn
Fancy colour diamonds: Auction excitement heating up
Fancy colour diamond ring to headline Hong Kong auction