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25 Jun, 2021 12:39

Crypto per carat! Sotheby's to accept cryptocurrency for diamond auction

Crypto per carat! Sotheby's to accept cryptocurrency for diamond auction

The world's largest broker of fine art and jewelry, Sotheby's, will accept cryptocurrency for the first time as payment for a rare diamond, which is expected to fetch up to $15 million at an auction in Hong Kong next month.

Traditional money is still acceptable but the successful bidder can also pay with ether or bitcoin, Sotheby’s said, adding that no other physical object of such high value has previously been available for sale using cryptocurrency.

The 101.38-carat pear-shaped flawless diamond, dubbed ‘The Key 10138’, is one of just ten diamonds of more than 100 carats ever to come to auction, only two of which were pear-shaped. Diamonds of such a form are among the most sought after.

Crypto per carat! Sotheby's to accept cryptocurrency for diamond auction

“This is a truly symbolic moment. The most ancient and emblematic denominator of value can now, for the first time, be purchased using humanity’s newest universal currency,” Sotheby's Asia chairman Patti Wong said.

In May, Sotheby’s sold Banksy's Love is the Air for $12.9 million. The painting was bought with cryptocurrency. Bidding lasted 14 minutes between four buyers.

For more stories on economy & finance visit RT's business section

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