Sotheby’s is auctioning a diamond valued above $10 million.
The successful bidder will be able to pay in Bitcoin (BTC), Ethereum (ETH), or standard fiat currency.
This is the first time that such a high-value physical item has been sold by an auction house for cryptocurrency.
Share this article
Sotheby’s, one of the largest auction houses in the world, is planning to accept crypto bids for an upcoming diamond auction.
Sotheby’s Will Auction a $10 Million Diamond
According to Reuters, Sotheby’s will auction a 101.38-carat pear-shaped flawless diamond called “The Key 10138.”
The diamond is a high-value item; only two other comparable diamonds have come to auction. Sotheby’s estimates that the diamond will attract bids of $10 million to $15 million.
The successful bidder can make their purchase with Bitcoin (BTC), Ethereum (ETH), or standard fiat currency.
These payment options make the auction the first of its kind. According to Sotheby’s, “no other physical object of such high value” has been paid for with cryptocurrency to date.
Sotheby’s Asia chairman Patti Wong called the decision a “symbolic moment,” noting that diamonds, an ancient store of value, can now be bought with the crypto, the world’s “newest universal currency.”
Auction Houses and NFTs
Though this is the first time Sotheby’s has accepted cryptocurrency for a regular auction, the auction house has been involved in sale of non-fungible tokens (NFTs) or cryptocollecibles in the past.
In March, Sotheby’s coordinated an NFT sale for a work by the digital artist Pak. The auction house then sold a Banksy NFT in May; it accepted payments in Bitcoin and Ethereum at the time.
More recently, Sotheby’s announced plans to auction an NFT based on Tim Berners-Lee’s World Wide Web source code.
Competing auction house Christie’s also executed a sale for Beeple’s “Everydays: The First 5000 Days” in March. That item was sold for $69 million. Though that item was considerably more value than today’s diamond, it is a digital object rather than a physical one.
Finally, both auction houses have auctioned pixel art NFTs called “CryptoPunks” from a series that originated in 2017.
The success of these sales makes it likely that the trend will continue in the future for digital and physical items alike.
Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Sotheby’s Announces Upcoming Sale With NFT Artist Pak
After Beeple’s landmark Christie’s auction, NFTs are headed to Sotheby’s. Pak Heads to Sotheby’s Sotheby’s has announced its first NFT sale. The 276-year-old auction house will showcase a collection by…
Sotheby’s Will Take Bitcoin Bids for Diamond Auction
Sotheby’s, one of the largest auction houses in the world, is planning to accept crypto bids for an upcoming diamond auction. Sotheby’s Will Auction a $10 Million Diamond According to…
What is Polygon (MATIC): Ethereum’s Internet of Blockchains
In terms of both decentralized app (DApp) development and adoption, no blockchain has been more successful than Ethereum (ETH). But despite its relative success, the Ethereum network still contains several…
Tim Berners-Lee to Auction WWW Source Code as NFT
Tim Berners-Lee, inventor of the World Wide Web, will auction his original source code as a non-fungible token (NFT) via Sotheby’s. Tokenized Source Code Lee submitted a proposal for the…