Sotheby’s opens diamond auction to cryptocurrencies

Auction house Sotheby’s announced that cryptocurrency will be an accepted payment method for a rare diamond that is up for auction. 

Sotheby’s tweeted Monday about the cryptocurrency sale of a 101.38-carat pear-shaped D Flawless diamond from their collection, adding that this is the first time a high-value object will be auctioned using the new currency.

Crypto per carat! We’ve just announced that cryptocurrency will be accepted as payment for an exceptional 101.38-carat pear-shaped D Flawless diamond – a significant moment in the evolution of the market. https://t.co/ulHfAJN9uW @sothebysjewels #SothebysJewels #Cryptocurrency pic.twitter.com/QEwFqmbsGn

— Sotheby’s (@Sothebys) June 21, 2021

“Crypto per carat! We’ve just announced that cryptocurrency will be accepted as payment for an exceptional 101.38-carat pear-shaped D Flawless diamond – a significant moment in the evolution of the market,” Sotheby’s announced. 

The diamond carries a pre-sale estimate of around $10 million to $15 million in U.S. dollars. The chairman of Sotheby’s Asia Patty Wong told Reuters that this is a “symbolic moment” for the auction house. 

“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,” Wong said. 

This comes after Sotheby’s sold a nonfungible token (NFT) of a digital artwork called “CryptoPunk” for $11.8 million through their “Natively Digital: A Curated NFT Sale” in June. 

Moments ago in our #London saleroom, an extremely rare “Alien” CryptoPunk #7523 from the collection of @sillytuna sold for $11.8M as part of our #NativelyDigital NFT auction – setting a new world auction record for a single CryptoPunk. pic.twitter.com/PDVUSttI3o

— Sotheby’s (@Sothebys) June 10, 2021