For a diamond auction, Sotheby’s will accept Bitcoin bids

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A multi-million dollar diamond will be auctioned, and BTC and ETH will be accepted as payment.

Sotheby’s, one of the world’s top auction houses, plans to take crypto bids for a forthcoming diamond sale.

A $10 million diamond will be auctioned at Sotheby’s

According to Reuters, Sotheby’s will auction “The Key 10138,” a 101.38-carat pear-shaped flawless diamond.

The diamond is precious; just two other diamonds of equal value have ever been auctioned. Sotheby’s predicts that the diamond will fetch $10 million to $15 million in bidding.

The winning bidder can pay using Bitcoin (BTC), Ethereum (ETH), or traditional fiat cash.

The auction is the first of its type because of these payment alternatives. According to Sotheby’s, no other tangible property of such great value has ever been bought for with bitcoin.

Patti Wong, chairman of Sotheby’s Asia, described the decision as a watershed event, adding that diamonds, an old store of wealth, may now be purchased with crypto, the world’s “newest global currency.”

NFTs and Auction Houses

Even though this is the first time Sotheby’s has taken cryptocurrencies for a standard auction, the auction house has previously sold non-fungible tokens (NFTs) and crypto collectibles.

Sotheby’s organized an NFT sale for a piece by digital artist Pak in March. In May, the auction house sold a Banksy piece, accepting Bitcoin and Ethereum payments at the time.

Sotheby’s has revealed intentions to sell an NFT based on Tim Berners-source Lee’s code for the World Wide Web.

A rival auction house, Beeple’s “Everydays: The First 5000 Days” was also sold at Christie’s in March. For $69 million, that object was sold. Unfortunately, though it was far more valuable than today’s diamond, it was a digital rather than a natural substance.

Finally, both auction houses have auctioned “CryptoPunks” pixel art NFTs from a series that began in 2017.

Because of the popularity of these deals, the trend will probably continue for both digital and physical products in the future.

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