The ultra-rich have crammed into the Masterpiece fair at the height of the London design season to shop for an extraordinary mix of paintings, one-off jewels and vintage home furnishings.

The glitterati, who visit London in their droves in June to attend sporting events from Ascot to Wimbledon as well as design, art and antique fairs, have adopted the five-year-old Masterpiece in chic Chelsea as a staple of the social calendar.

Standout items ranging from impressionist paintings to unique diamond and sapphire jewels stand out on exhibitor stands.

“People are looking for exceptional objects for their homes,” said Stephen Wild of Raffety Fine Antique Clocks.

“Interior designers also come here to choose unique items that would suit their clients’ various homes.”

A Queen Anne period 18th-­century clock in walnut by Daniel Quare,worth £145,000.

Raffety showcased an elegant Queen Anne period 18th-century clock in walnut by Daniel Quare, available for £145,000.

The dearest items at Masterpiece are paintings and jewellery.

One Claude Monet landscape oil painting was available for £3.2 million; a Camille Pissarro country scene had an asking price of £1.85 million, which is now roughly enough for a two-bedroom apartment in Chelsea.

A large L.S. Lowry oil painting depicting the approach to Manchester railway station could be had for over £3 million.

These are accessible prices for the visiting troupe of shoppers at Masterpiece.

Traditionally, collectors of Lowry paintings of industrial scenes in northern England were mainly British, but now a huge surge of international wealth creation has stimulated the interest of foreign buyers.

“Now American or Asian collectors who have seen the history of industrialisation in their own countries are developing a taste for Lowry,” said Simon Carter, director of the MacConnal-Mason Gallery in London.

At the patrons’ evening last week, Laurence Graff, the ‘king of diamonds’ who is passionate about gems and has diamond jewellery shops around the world, was spotted among the throng of visitors to the fair.

This was a clue that some spectacular diamonds were on show.

Chatila’s fancy purplish pink pear-shaped diamond costs £3m.

Bond Street jeweller Chatila presented an outstanding super-sized African white diamond ring of just over 100 carats, for £5 million, and a purplish-pink diamond ring for £3 million.

Jeweller Bogh-ART offered an extremely rare 200-carat yellow sapphire necklace for £1.1 million.

Masterpiece 2014 runs until Wednesday.