Avid bidders exhibited remarkable enthusiasm as they propelled the price of Princess Diana’s iconic “Black Sheep” sweater to unprecedented heights during the Sotheby’s auction held on Thursday.
The red knitted garment, famously worn by Lady Diana at a polo match in the 1980s, astonishingly exceeded pre-auction estimates, ultimately selling for an astounding $1.1 million at a prestigious auction in New York. This achievement now positions it as the most valuable sweater ever to be auctioned, comfortably surpassing the $334,000 achieved for a Kurt Cobain cardigan in 2019. Furthermore, it establishes a new auction record for any article of clothing previously owned by Princess Diana, surpassing the $604,800 attained earlier this year for her Victor Edelstein evening dress.
The sweater, which was recently rediscovered by its creators, Joanna Osborne and Sally Muir, garnered a total of 44 bids during its debut appearance in the market. The culmination of this auction was marked by a fierce and prolonged 15-minute bidding contest, elevating the final price from an initial $190,000 to the remarkable sum of $1.1 million. Notably, this final figure was a staggering 14 times higher than the original high estimate of $80,000.
This particular knit played a pivotal role in the early success of Osborne and Muir’s brand, Warm & Wonderful, as it contributed to the label’s heightened visibility. Though missing for several decades, the designers fortuitously located the original design earlier this year while searching for an old pattern in an attic.
Reflecting on this rediscovery, the designers expressed their sentiments in a statement, saying, “Since stumbling upon the sweater in March of this year, we have been reliving the fond memories of Princess Diana appearing on the front pages of every newspaper in 1981, wearing our very own sweater. While we are forever indebted to her for the impact this had on our business, our deepest appreciation lies in the knowledge that she shared a unique connection to the black sheep design.”
Warm & Wonderful ceased production of the sweater in 1994, but the design was resurrected in 2020 through a collaboration with Jack Carlson of Rowing Blazers. The contemporary version of the sweater is available for purchase through Warm & Wonderful and Rowing Blazers at a considerably more accessible price point of $248, making it a decidedly attractive alternative to the historic $1.1 million auctioned piece.
