Sotheby's To Auction Off Rare 101-Carat Diamond And Crypto's Being Accepted

Hong Kong: Sotheby¡¯s will offer a rare 101.38-carat diamond in a single-lot sale on July 9. The unique part: the auction house is allowing payments in cryptocurrency.

This is the first time a physical object estimated between 10 and 15 million dollars to be purchased with cryptocurrency.

AFP

Auction house Sotheby's is informing cryptocurrency holders that they will be able to bid for an extraordinary pear-cut diamond weighing over 100 carats. A rare diamond to be auctioned, Sotheby's has had ten other examples of over 100 carats, including only two pear-cut that have been auctioned off.

This is the very first time a non-digital item of such value has been offered up for purchase by cryptocurrency.

¡°This is a truly symbolic moment. The most ancient and emblematic denominator of value can now, for the first time, be purchased using humanity¡¯s newest universal currency. Never was there a better moment to bring a world-class diamond such as this to the market," said Wenhao Yu, Deputy Chairman of Sotheby¡¯s Jewellery in Asia.

Reuters

Cryptocurrencies are becoming quite the go-to currency for auction houses but it is usually digital artworks fetching high prices.

The auction will be held live from Sotheby's in Hong Kong and the bidding will start on June 25.

Sotheby's

In a statement, Sotheby¡¯s said payments can be made in fiat currency, Ether or Bitcoin via Coinbase Commerce.