After the success of the famous Banksy’s auction, this time the entire luxury sector is opening up to cryptos. Sotheby’s announced on Monday, June 21, that a very rare, pear-shaped diamond could be bought at auction next month using bitcoin (BTC) or ether (ETH).
A new step for Bitcoin…
Sotheby’s said it would be the first time ever that a diamond of such a size would be offered for public purchase with a cryptocurrency. No other physical item of such value was previously available for sale in bitcoin, the auction house added.
According to our information, the diamond could fetch up to $15 million.
The 101.38-carat pear-shaped diamond is one of only 10 diamonds over 100 carats ever auctioned, only two of which are pear-shaped.
The name of the colorless “Key 10 138” diamond is meant to reflect the pivotal role that keys play in the cryptocurrency world: “Not your key, not your bitcoin.”
“This is a really symbolic moment. The oldest and most iconic denominator of value can now, for the first time, be purchased using humanity’s last universal currency. “Patti Wong, President of Sotheby’s Asia
The diamond will be sold on July 9, 2021 in Hong Kong. Buyers will be able to use BTC, ETH and fiat currencies as payment.
… and this is just the beginning!
Sotheby’s said that last year saw a strong demand for white diamonds, jewelry and other luxury items, especially from young Asians. The sale of this diamond is thus expected to be the “highlight” of the Luxury Edit series, which will include rare jewelry, watches, handbags and sneakers.
Indeed, pear-shaped diamonds are among the most sought-after. The 530-carat Cullinan 1 diamond, one of the British crown jewels, is the most famous example. The highest price paid for a colorless diamond at auction was a 118.28-carat oval that went for $30.8 million at Sotheby’s in Hong Kong in 2013, with a record per-carat price of $260,252.
According to Pullan, accepting payments in ethers and bitcoins is part of the auction house’s “commitment to innovation.” Good news for all crypto fans!
Crypto-currencies have had a volatile year, with explosive growth and sharp drops. But democratization has never been more visible. In fact, in the United States, the NRCC declared last week that it would now accept donations in cryptocurrencies. In addition, El Salvador this month became the first country to adopt Bitcoin as a legal currency. Most importantly, Sotheby’s set a new world record for the sale of an NFT. Who said Bitcoin was dead?