Sotheby’s to accept cryptocurrency as payment for a rare diamond

The auction house Sotheby’s, founded in 1744, will put a rare diamond up for auction in Hong Kong. Bids are planned to be accepted in traditional currency, Bitcoin, or Ethereum.

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

The auction will begin on July 9. Ahead of that, the 101.38-carat pear-shaped diamond will be exhibited at Sotheby’s gallery in Hong Kong.

The head of the local Sotheby’s unit, Patty Wong, called the upcoming sale a “truly symbolic moment.”

“The oldest and most symbolic measure of value can be purchased with humanity’s newest universal currency for the first time,” the statement said.

The lot is valued at $10–15 million. Sotheby’s added that this is the first time a lot of this value has been offered for purchase with cryptocurrency.

Earlier, the auction house sold Banksy’s “Love Is in the Air” for $12.9 million. It was the first instance of arranging sales of a physical artwork with the option to pay in Bitcoin or Ethereum.

Earlier, on June 8, the British auction house Phillips put up another Banksy painting, allowing bidders to pay for the lot with cryptocurrency.

Follow ForkLog’s bitcoin news on our Telegram — cryptocurrency news, rates and analysis.