June 29, 2021: As new forms of investments emerge, the old world and new world collide in this extremely astute step, where Sotheby’s is accepting cryptocurrency against a valuable and rare 101.38 carat diamond!
This notion that cryptocurrency will be accepted as payment is a breakthrough moment in the market's evolution. No other tangible artefact worth more than US$ 10-15 million has ever been publicly offered for sale via cryptocurrency.
‘The Key 10138' is the second largest pear-shaped diamond ever sold in the market. The diamond's name is meant to represent the past, present, and future. Keys, like diamonds, have long been associated with power and the pride that comes with it.
The diamond will be presented in a single-lot live auction at Sotheby's Hong Kong on July 9, 2021, with online bidding having already commenced. Payment in either Ether or Bitcoin will be accepted and will be handled by Coinbase Commerce, one of the world's major cryptocurrency exchanges.
Wenhao Yu, Deputy Chairman of Sotheby’s Jewelry in Asia, said: “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.”
The sale of the diamond, which coincides with the launch of Sotheby's Luxury Edit series in Hong Kong, occurred at a time when demand for white diamond is at an all-time peak.
The ‘Luxury Edit’ sale combines a unique cross-category selling approach alongside exceptional goods to showcase them in a completely new way. This structure, including jewelry, watches, bags, and rare sneakers, caters to the growing trend of cross-collection.
