A massive 1,040 carat emerald heads to auction this weekend on August 29 at LiveAuctioneers.com. The Polly Emerald will be offered for sale by GovernmentAuction.com. The gemstone has been appraised for $454,000 by a GIA certified appraiser. LiveAuctioneers will provide Internet live bidding for this special auction, which will consist of the lone lot selling at 6 p.m. Pacific, 9 p.m. Eastern Time. There is no reserve, the stone goes to the highest bidder. For this auction they are accepting phone bids and absentee bids with a $50,000 deposit.