As one of the world’s largest brokers of jewelry and fine art, Sotheby’s is preparing to auction off a massive 100 carat diamond. What is the big clincher? Bidders can potentially purchase the item with cryptocurrency.
Sotheby’s Will Sell You a Diamond for BTC
Known as Key 10138, the diamond in question is pear shaped and nearly flawless in its crystal-like design. It is extremely rare to come across a diamond with so many carats, though it seems like Sotheby’s has done so, and one lucky winner can potentially purchase the jewel with crypto granted they have enough in their portfolio.
So far, there are only ten diamonds in the world – including the one mentioned above – that contain 100 carats or more. In addition, pear-shaped diamonds are amongst the most sought after. The most famous one is a Cullinan 1 diamond used in Britain’s crown jewels. As one of the largest and most precious assets available today, the item boasts 530 carats.
The auction is set to take place in July in Hong Kong. Bidding will begin on Friday and continue until all bets cease and the auctioneers in question can narrow down the top one. The diamond is worth anywhere between $10 and $15 million, and while Sotheby’s is open to bidders willing to pay cash for the item, they are also making the event open to crypto holders.
In a statement, Sotheby’s explained:
While fiat will be accepted as is customary, payment in either ether or bitcoin will also be possible facilitated through Coinbase Commerce, one of the world’s largest cryptocurrency exchanges.
Prior to the event, the diamond will be on display in New York for anyone looking to ogle one of the world’s finest jewels. It will later be moved to Hong Kong and will be available to view anywhere between July 3 and July 8. This period is part of what is being called a “Luxury Edit” sale series, in which several handbags, luxury watches, rare sneakers and other expensive collectibles will be displayed prominently for token seekers to admire.
We Are Seeing the Diamond Market Grow
Wenhao Yu – deputy chairman of Sotheby’s Jewelry in Asia – expressed his joy that crypto was being considered for the auction, explaining in a statement:
This is truly a 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.
Diamonds and other rare jewels have seen their demand and market size grow over the past year. Sotheby’s claims that approximately 80 percent of the white diamonds offered through its ongoing Magnificent Jewels auctions in 2021 have found buyers. The highest price a diamond auctioned through Sotheby’s has ever sold for was $30.8 million in 2013.