Sotheby’s luxury auction house said it would accept cryptocurrency payments for its rare 101-carat diamond auction sale.
Luxury auction house Sotheby’s announced yesterday that a rare pear-shaped diamond will be auctioned next month and bidders can pay for it with cryptocurrencies. This would be the first time cryptocurrencies have been used to pay for a very valuable physical object.
According to Sotheby’s, the 101.38-carat pear-shaped flawless diamond is expected to fetch around $ 15 million. This latest development is considered positive for cryptocurrencies as 100-carat diamonds are considered extremely rare and 100-carat pear-shaped diamonds are even rarer.
The auction house said the diamond was called “The key 10138“Is the second largest pear-shaped diamond that has ever been seen on the public market. Sotheby’s said the diamond will be auctioned in a single lot live sale at its Hong Kong home on July 9. The diamond should be on display at Sotheby’s Hong Kong auction house one week before the auction.
Josh Pullan, Managing Director of Sotheby’s Global Luxury Division, said: “Over the past year we’ve seen an insatiable appetite for jewelry and other luxury items from collectors around the world. This demand is increasingly coming from a younger, digitally native generation; many of them in Asia. “
Sotheby’s will also auction other items, including jewelry, watches, handbags and rare sneakers. However, the diamond will be the highlight of the Sotheby’s Luxury Edit range in Hong Kong.
Pullan pointed out that Sotheby’s accepts Bitcoin and Ether as means of payment for the diamond and other objects, which shows their commitment to innovation. Sotheby’s isn’t new to the cryptocurrency space. The auction house has sold several non-fungible token (NFT) works of art in the past few months, including a rare CryptoPunk NFT for $ 12 million.