This Friday, on July 9th, 2021, International auction house Sotheby’s will accept payment in Ether or Bitcoin at the sale of a 101.38-carat diamond. This event will mark another milestone in the adoption of crypto.
The name of the colorless diamond – Key 10138 – is predetermined to represent the important roles that keys occupy in the crypto world.
The pear-shaped D flawless diamond could get as much as $15 million (around Rs. 111.17 crores) in the single-lot sale in Hong Kong. According to Sotheby’s, it is the most expensive physical object publicly offered ever for purchase with digital currency.
Managing director of Sotheby’s global luxury division, Josh Pullan, told there was increasing demand for precious gems, mostly from a younger digitally native generation, many of whom are in Asia. The 530 carats Cullinan 1 diamond, which forms part of Britain’s Crown Jewels, is the most famous example. Less than 10 diamonds weighing more than 100 carats have ever come to auction. Out of them, only two are pear-shaped.
Auction houses are rapidly accepting crypto for payment. Phillips was offering a piece from street artist Banksy the previous month for Bitcoin or Ether. In February, Christie’s also agreed on payment in Ether for a set of digital artworks.
In May Sotheby’s sold a Banksy for $12.9 million (around Rs. 95.71 crores) in the first example of a work of physical art sold by a major auction house that was brought with digital currency.