Sotheby’s Diamond Fetches $12.3 Million in Crypto

Live Bitcoin News
Live Bitcoin News July 17, 2021
Updated 2021/07/17 at 2:36 PM
4 Min Read

Not long ago, Live Bitcoin News reported on a diamond that was being sold by Sotheby’s. The diamond was more than 101 carats – a rare feat for any jewel – and the big clincher was that the auction house was willing to accept crypto bids for the item. It now looks like this little bet has paid off.

Sotheby’s Auction Makes Crypto History

A crypto fan has ultimately parted with approximately $12.3 million in digital funds in exchange for the jewel. According to a statement issued by Sotheby’s, the sale marks the “latest milestone” in the adoption of digital assets. The company also referred to the event as a historic moment.

The diamond was extremely unique in that it was pear-shaped, making it a prized asset as several collectors are often looking for pear-shaped diamonds given the perfection of the cutting. The auction house made it clear early on that it was willing to accept either bitcoin or Ethereum in exchange for the product. Sotheby’s said:

No other physical object with an estimate even approaching the $10-$15 million estimate this diamond carries had ever been publicly offered for purchase with cryptocurrency (sic).

Wenhao Yu – the deputy chairman of Sotheby’s – expressed his enthusiasm regarding both the sale and the potential of the offer, claiming:

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.

Known as “the Key 10138,” the diamond was the second pear-shaped jewel to be sold publicly like this. The product came by way of a diamond company known as Diacore. A spokesperson for the auction house explained:

Many of the most important diamonds in history are pear-shaped, including those of royal provenance… The stone is the second largest pear-shaped diamond ever to come to market.

The situation has been big in that several other crypto-bearing customers have expressed interest in taking part in similar auctions in the future and have shown a willingness to part with at least part of their stashes to obtain something as rare and as valuable as the diamond in question. Wenhao says that many customers have become digitally savvy over the years, and that the appeal of cryptocurrency is far too strong to ignore.

This Has Happened Before

This is not the first time Sotheby’s has said “yes” to digital currency. In the past, the company accepted a payment of $12.9 million in digital money for a piece of art known as “Love Is in the Air” by popular artist Banksy.

A competing auction house known as Christie’s also held an event in which art by American painter Keith Haring was up for grabs amongst bitcoin and Ethereum holders.

The post Sotheby’s Diamond Fetches $12.3 Million in Crypto appeared first on Live Bitcoin News.

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