More

    Sotheby’s will accept bitcoin or ether for $15 million diamond sale

    Recently minted cryptocurrency millionaires, unsure of what to do with their newfound wealth, can now bid for a $15 million 100-carat diamond at Sotheby’s auction — a first for a gem that valuable.

    Sotheby’s 9 July auction comes as the art world and cryptocurrencies become more interlinked, with non-fungible tokens, which are smart contracts built on blockchain networks, selling for millions.

    Those interested in buying the pear-shaped diamond can pay with either ether
    ETHUSD,
    +3.20%
    or bitcoin
    BTCUSD,
    +2.56%,
    and cryptocurrency exchange Coinbase Commerce will facilitate the payment.

    “The most ancient and emblematic denominator of value can now, for the first time, be purchased using humanity’s newest universal currency,” said Wenhao Yu, deputy chair of Sotheby’s jewellery in Asia, in a statement.

    “Never was there a better moment to bring a world-class diamond such as this to the market.”

    The diamond, which is being auctioned as part of Sotheby’s “luxury edit” sale series in Asia, is on display at its Hong Kong gallery from 3 to 8 July. It is the second-largest pear-shaped diamond ever to appear on the public market, the auction house said. Bidding online started on 25 June.

    “The fact that cryptocurrency is to be accepted as payment also marks a significant moment in the evolution of the market: no other physical object with an estimate even approaching the US$10-15m (HK$78-118 million) estimate this diamond carries, has ever been publicly offered for purchase with cryptocurrency,” the auction house’s statement said.

    Digital high-net-worth individuals have diversified their investments during the pandemic, with many buying rare editions of trainers, vintage sports cards and jewellery.

    As of 07:46am on 7 July, bitcoin was trading at $34,790 and ether at $2,386.

    This originally appeared at FNLondon.com

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Atlantis Exchange Received 30,000,000 Advanced Bitcoin as Liquidity

    SEATTLE, WA, May 20, 2022 /24-7PressRelease/ — Atlantis Exchange is pleased to announce that a deposit of 30,000,000 Advanced Bitcoin (“aBTC”), a green cryptocurrency...

    These indicators show how the equities sell-off is influencing crypto prices to fall down

    Cryptocurrencies experienced on May 10 a large market crash, losing over 10% in a single day of most of the coins. This is the...

    Xendit Raises $300M to Grow Payments Platform

    Southeast Asia payments platform Xendit closed a $300 million Series D funding round that brings its total investment capital since 2015 to $538 million,...

    Top Cryptocurrency Prices Today, May 20: After crypto crash, Bitcoin, ETH, Solana, ADA, Polkadot, Matic rise upto 6%

    Top Cryptocurrencies of the World Prices Today in India (May 20, 2022): The global crypto market cap recovered 2.87% in the last 24 hours...

    Ethereum to Merge in August as Final Testing Begins

    The Merge is a milestone upgrade that transitions the Ethereum network consensus mechanism from proof-of-work mining to proof-of-stake (PoS). It is a significant step...

    Newsletter

    Subscribe to stay updated.