In a first, Sotheby’s will accept cryptocurrencies for rare pear-shaped diamond expected to fetch $15m
Name of the diamond is intended to reflect the integral role keys occupy in cryptocurrency world
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.For the first time in its history, Sotheby’s will accept cryptocurrencies for a rare pear-shaped diamond which is expected to fetch as much as $15m (£10.9m) at an auction next month.
The announcement was made by Sotheby’s auction house on Monday as it said it would be the first time a diamond of such size has been offered for public purchase with cryptocurrency. It said that prior to this no other physical object of such high value has been available for sale with cryptocurrency.
The pear-shaped diamond, named “The Key 10138” and weighing 101.38 carats, is described by the Sotheby’s as “exceptional and magnificent unmounted diamond.” The name of the diamond is intended to reflect the integral role that keys occupy in the world of cryptocurrencies.
The gem is claimed to be one of just ten diamonds of more than 100 carats ever to come to auction, only two of which were pear-shaped. Pear-shaped diamonds are among the most sought after in the world. The 530 carat Cullinan 1 diamond, which forms part of Britain’s Crown Jewels, is the most famous example.
The pre-sale estimate for the 9 July auction of the diamond is $10m-$15m (£7.2m - £10.9m) where payment through traditional money or cryptocurrency will be accepted.
In a statement, Patti Wong, who is the chairperson of Sotheby’s Asia, said it 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,” she said.
In May, Sotheby’s had sold a Banksy for $12.9m (£9.3m) million in the first instance of a work of physical art sold by a major auction house that was bought with cryptocurrency.
The news is certainly a relief for cryptocurrency followers and investors who are witnessing a volatile time. Over the last few days, the crypto market has dropped dramatically due to regulation fears in China. The prices of major cryptocurrencies such as Bitcoin and Dogecoin have witnessed a sharp decrease.
Since Sunday, nearly $200 billion (£144.7 billion) was wiped from the cryptocurrency market in addition to a further $200 billion in losses over the last seven days.
In April, reports about an Indian government bill for the creation of a cryptocurrency by the country’s central bank had got many investors worried.
However, there have been some positive instances as well for cryptocurrency investors. For instance, El Salvador earlier this month became the first country to adopt Bitcoin as a legal tender.
Additional reporting by agencies
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments