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A 101-carat diamond just sold for $12.3 million — in crypto

A blinding diamond promoting for tens of millions at public sale is nothing new for Sotheby’s. Maybe extra shocking is the 247-year-old public sale home permitting the client to pay in cryptocurrency.

The Key 10138 diamond, a 101-carat pear-shaped diamond named to “symbolize the unlocking of a brand new period in commerce and know-how,” offered for $12.3 million to an nameless purchaser final Friday at Sotheby’s Hong Kong. It’s the most costly gem ever bought with cryptocurrency, in line with Sotheby’s.

The public sale home introduced final month that it might settle for each bitcoin
and Ether
along with conventional cost for the diamond, though it didn’t disclose which crypto was used within the buy of The Key 10138. 

“Essentially the most historical and emblematic denominator of worth can now, for the primary time, be bought utilizing humanity’s latest common foreign money,” Wenhao Yu, deputy chairman of Sotheby’s Jewellery in Asia, mentioned in a press release.

Using crypto will permit the public sale home to succeed in a brand new clientele, “a lot of whom are from the digitally savvy era,” Yu mentioned in a press launch.

Sotheby’s first accepted cryptocurrency within the sale of Banksy’s protest picture “Love is within the Air” in Could, which went for $12.9 million. Christie’s public sale home additionally dipped its toes into the world of crypto, providing Keith Haring’s “Untitled” with the choice to pay in cryptocurrency. The art work went for $5.9 million final month.
Sotheby’s has additionally supplied two NFT, or non-fungible token, collections this yr. “The Fungible”, a group by digital artist Pak, realized a complete of $16.8 million. “Natively Digital”,  which included Kevin McCoy’s “Quantum,” the primary NFT ever minted, fetched a complete of $17.1 million.

Source: Market Watch

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