#osenat

The engagement ring the young Napoleon "must have broken his wallet" to buy for his fianceeJosephine shattered expectations today at the Osenat auction house in France when it sold for close to $1 million, Osenat's expert Jean-Christophe Chataignier said.

The winning bidder, who wanted to stay completely anonymous, paid $949,000, almost 50 times the $20,000 Osenat had expected to bring in. Including the buyer's 25 percent commission to Osenat, the total price for the ring was $1.17 million.

"In my wildest dreams, I did not think we would outsell the estimate by more than 47 times," said Osenat's Emily Villane, who led today's auction. "We based the estimates in our catalog on the actual market value of the ring, minus Napoleon and Josephine provenance. It is not our job to tell bidders how much they should pay for the historical premium."

There was intense interest in the ring, she said. In addition to the 300 people in the Fontainebleau auction house, about 50 more international bidders were hooked up by phone.

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