Sotheby’s will soon be auctioning a rare diamond, accepting cryptocurrencies such as bitcoin (BTC) for the very first time. The world’s largest auction house announced this on June 21 via Twitter:
Called “The Key 10138,” this 101.38-carat pear-shaped diamond is one of only 10 diamonds over 100-carats ever auctioned. But two of them were pear-shaped and it is the first time such a diamond has been auctioned for crypto, Sotheby’s says.
“This is really a symbolic moment. The oldest and most emblematic denominator of value can now be purchased for the first time using humanity’s newest universal currency.”
Said Patti Wong, president of Sotheby’s Asia. Pear-shaped diamonds are among the most in-demand diamonds in the world. The best known is perhaps the Cullinan I diamond of 530 carats, which is part of the British crown jewels.
The auction will start on July 9 in Hong Kong and is expected to raise at least $15 million or €12.6 million. The highest price paid for a colorless diamond at auction was $30.8 million for a 118-carat oval in 2013, also at Sotheby’s in Hong Kong.
Sotheby’s is expected to accept ethereum (ETH) in addition to bitcoin. That was recently the case during the auction of a Banksy artwork. Then $12.9 million was paid with crypto.
Sotheby’s has been auctioning crypto-related items more often lately. Recently, a rare CryptoPunk non-fungible token (NFT) was auctioned for $11.8 million and soon the original source code of the World Wide Web (WWW) will be auctioned as NFT. The most expensive NFT auction ever remains that of Beeple, his artwork was sold in March for a whopping $69.3 million.