ETX Daily Up
Wire Service
1 minute read
23 Jun 2021
1:31 pm

Sotheby’s will accept cryptocurrency payment for a 100+carat diamond

ETX Daily Up

Sotheby's Hong Kong will offer a rare 101.38-carat diamond in a single-lot sale on July 9, and the auction house is enabling it to be purchased via a cryptocurrency payment.

This very rare pear-cut diamond will be offered by Sotheby's this July. For the first time, it will be possible to acquire it by payment in cryptocurrency.

It’s a first for a physical object estimated between 10 and 15 million dollars. Mark your agenda!

Indeed, it’s already rare for such a diamond to be auctioned — fewer than ten examples over 100 carats, including only two pear-cut, have ever come to auction, as Sotheby’s points out —  and on top of it all, it’s 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,” noted Wenhao Yu, Deputy Chairman of Sotheby’s Jewellery in Asia.

While more and more auction houses are accepting cryptocurrencies, it’s usually digital artworks fetching high prices that are paid this way rather than physical objects.

This rare diamond will be the subject of a single-lot sale on July 9, held live from Sotheby’s Hong Kong.

It will be possible to start bidding as of June 25. In a statement, Sotheby’s said payments can be made in fiat currency, Ether or Bitcoin via Coinbase Commerce.