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Sotheby’s to accept crypto offers at rare diamond auction

21 Jun 2021 : 19:48
2 min read
  • Auction house giant Sotheby's announced it will be accepting cryptocurrencies offers during the auction of a rare diamond
  • It would be the first time a diamond of this size has been offered for public purchase with cryptocurrency
  • Sotheby's seems to be actively exploring new opportunities with cryptocurrencies and NFTs

Auction house giant Sotheby’s announced Monday that a rare pear-shaped diamond will be up for sale next month, but the auction has an interesting twist. The buyer could pay for the gem in cryptocurrencies.

One of the ten confirmed diamonds of more than 100 carats

Sotheby’s stated that it would be the first time a diamond of this size has been offered for public purchase with cryptocurrency. No other physical object of such high value has ever been bought with cryptocurrencies at auction. The precious stone in question is a 101.38-carat flawless diamond, known as The Key 10138. This happens to be one of just ten confirmed diamonds in the world of more than 100 carats and could be worth up to $15 million.

Sotheby’s is auctioning one of only two pear-shaped diamonds in the world. The auction for The Key 10138 will be held on July 9 in Hong Kong, but online bidding will open on June 25. Buyers can pay in Bitcoin (BTC/USD), Ethereum (ETH /USD) or traditional fiat currency.

Sotheby’s has been actively experimenting with crypto

Sotheby’s sold a Banksy for $12.9 million in May. This sale was the first case of a physical artwork sold by a major auction house and bought with cryptocurrency. The auction house has also experimented with auctioning NFTs, by hosting a digitally curated NFT auction. During this auction, they sold a crypto punk also known as “Covid Alien”for a hammer price of $10M. And auctioned other valuable NFTs, such as the first NFT ever created, ‘Quantum’.

About Author

Stan Colenbrander

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Stan is the head of news and podcast host at Cryptonary. He was formerly a member of the Cryptonary Pro community. In early 2021, he decided to drop out of journalism school at university to pursue journalism in real life and make an impact in the crypto space. . His areas of interest include the NFT industry, decentralised finance, and crypto start-ups.

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