You can bid on the 101-carat diamond with crypto | Business and Economic News


This flawless diamond can earn up to 15 million U.S. dollars, making it the most expensive physical item ever purchased with cryptocurrency.

The international auction house Sotheby’s will accept payment in Bitcoin or Ether when it sells a 101.38 carat diamond this Friday, marking another milestone in the adoption of cryptocurrency.

According to Sotheby’s auction house, this pear-shaped flawless diamond can be sold for up to 15 million US dollars in a single auction in Hong Kong, which is the most expensive physical object of cryptocurrency that has ever been publicly sold.

Josh Pullan, managing director of Sotheby’s global luxury goods division, said that the demand for precious stones is growing and more and more people come from “young digital natives, many of whom are in Asia.” There are less than 10 diamonds weighing more than 100 carats, and only two of them are pear-shaped diamonds.

Auction houses are increasingly accepting cryptocurrency payments, and Phillips offered a work by street artist Banksy last month for ether or bitcoin. Christie’s also allowed ether to pay for a set of digital artworks in February.

George Bak, art consultant and curator of the Swiss Museum of Contemporary Digital Art who specializes in blockchain technology, said that many auction house executives are surprised by the strong interest of collectors who want to pay in cryptocurrency.

Bak said: “In the past year, many people have become rich quickly due to the volatility of the cryptocurrency market, so they are in a consumer mood.” “If you want to be competitive in the art world as an art dealer or auction house, allow collectors Using cryptocurrency to pay will make you more attractive and innovative.”

According to Buck, although cryptocurrency prices often rise and fall, auction houses are rarely affected by any volatility, and he said sellers bear most of the risk. Despite the growing interest, he does not expect encryption to replace traditional currencies anytime soon.

“With this kind of mixed reality, you can make your digital wallet and physical artwork coexist. This is a lot of potential I see,” he said. “But since it is still in the early stages, this may be a learning curve for everyone.”





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