Pink Star diamond sold for £46m

As a new world record is set for the highest price paid for a single diamond, the super rich appear to be on a high art spending spree.

Tonight's auction follows another record-breaking sale yesterday when a Francis Bacon triptych sold for £89 million - the priciest work of art ever sold at auction.

ITV News' Business Editor Laura Kuenssberg reports:

Read: Francis Bacon painting fetches record price at auction

The identity of the person who bought the Pink Star diamond for a world record £46m at auction in Geneva remains a mystery tonight.

But auctioneers have revealed there was a fierce bidding war in the final moments between an in-room bidder and a competitor on a telephone.

The bidding in Geneva was conducted in Swiss francs, starting at 48 million (£33m) and working its way upwards million-by-million.

There was a long silence as the price reached 67 million Swiss francs, before the in-room bidder came back with the winning 68 million (£46m).

The winning bidder declined to identify himself but did say that he had been representing another individual, whose name and location he also refused to reveal.

After the hammer came down the auction room erupted into applause, as the theme tune from the "Pink Panther" was jokingly played.

The Pink Star diamond has sold at an auction in Geneva for 68m Swiss francs (£46m) - a new world record.

The gem is a 59.6-carat internally flawless fancy vivid pink diamond.