Home News Winner spends a fortune in crypto on Sotheby’s diamond auction

Winner spends a fortune in crypto on Sotheby’s diamond auction

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Sotheby’s, one of the most famous auction houses in the world, announced the sale of the second largest pear-shaped diamond ever sold publicly, and the buyer paid for it in cryptocurrency.

The previously renowned auction house Sotheby’s announced its intention to accept a new type of payment for the lots on display. It is ready to take into account both Bitcoin and Ethereum currencies. For the first time, a rare pear-shaped diamond presented for sale for virtual money. The cost of which supposedly estimated at $ 15 million.

Nothing like this has been done before. Sotheby’s has never accepted cryptocurrencies for traditional sales like this, and that’s what makes it so interesting. And with the price of a diamond, Sotheby’s actually set a new world record.

A pear-shaped diamond called The Key 10138 weighs 101.38 carats. It received a name that symbolizes the opening of a new era in commerce and technology. And this is the key to history.

Trades were held in the traditional offline format in Hong Kong, and bids, including cryptocurrencies, were accepted before and during the event.

The diamond sold at Sotheby’s for $ 12.25 million.

How did the bidding take place? And who is the winner?

Bidding began with a rate of $ 6.44 million. After some time, it grew to $ 10.43 million – no one dared to raise it further. Ultimately, taking all fees and commissions into account, the price of the diamond rose another $ 1.82 million.

There is no information about who became the winner of the auction. It is also unknown which of the two cryptocurrencies allowed by Sotheby’s (Ethereum or Bitcoin) the payment was made.

Earlier, the media, including Robb Report, citing Sotheby’s, wrote that the auction house had failed to sell the gem for cryptocurrency. Initially, it was reported that the winner of the auction paid for the diamond using ordinary money.

However, according to updated information shared on its official website, the secret claimant paid for the diamond in cryptocurrency.

Cryptocurrencies have become a significant means of payment

Cryptocurrencies have become a significant means of payment during the boom in the digital currency market over the past year and a half. Previously, electronic money mainly sold for artwork or digital collectible assets such as NFT tokens.

There is a historic moment in the cryptosphere for the sale of an NFT created by digital artist Biplom. His work, The First 5000 Days, sold for over $ 69 million, making it the most expensive digital work in history.

The sale of a very real diamond for virtual currency marks a change in the outlook of a significant number of owners of big money, who are ready to part with them in exchange for ephemeral values. In a tweet, Sotheby’s called the sale “a landmark moment in the evolution of the market”.

The adoption of the cryptocurrency at the Sotheby’s auction testifies to the company’s desire to attract the attention of a new generation of collectors. More and more millennials are choosing cryptocurrency over traditional payment methods.

By opening its doors to cryptocurrency, Sotheby’s is leveraging this to enter the emerging collector market. Young people who want to be able to buy and sell things with cryptocurrency. And so they want to be able to buy collectibles.

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