Sotheby’s To Accept Crypto For 101-Carat D-Flawless Diamond

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WINR/USD $ 0.00003100

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Sotheby’s To Accept Crypto For 101-Carat D-Flawless Diamond

Forbes 22 Jun, 2021 https://www.forbes.com/ Views: 338

The rarity of a D-color, flawless diamond of more than 100 carats is being surpassed in the way Sotheby’s auction house will accept payment for such a gem.

The gem in question is “The Key 101.38,” a pear-shaped diamond of 101.38 carats with flawless clarity and D-color, the highest color and clarity grades for a colorless diamond. Along with fiat, the auction house will also accept bitcoin and ethereum as payment for the gem.

Its estimate is $10 million - $15 million. It’s the first time cryptocurrency will be accepted as payment in a public auction of a diamond weighing more than 100 carats. In addition, no other physical object with an estimate even approaching this amount has ever been publicly offered for purchase with cryptocurrency, according to the auction house.

The live single-lot auction for the diamond will be held in Hong Kong on July 9. However, Sotheby’s is again using its hybrid online and live bidding process. Online bidding will open on June 25 culminating with the live sale.

SOTHEBY'S

“This 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,” Patti Wong, chairman of Sotheby’s Asia, said in a statement. “Never was there a better moment to bring a world-class diamond such as this to the market.”

The name of the diamond was chosen to capture both the past, the present, and future, Sotheby’s said, adding that historically, keys, like diamonds, have been a symbol of power and of the freedom that comes with it. This sale represents keys of a digital kind that are critical to the functioning of cryptocurrency.

“Diamonds are keys to understanding the history of the Earth, reminding us of our human condition and the transcendental power of beauty," said Wenhao Yu, deputy chairman of Sotheby’s Jewellery in Asia. “With the name ‘The Key 10138,’ we wanted to celebrate this enlightening virtue, while also alluding to the crucial function of digital keys in the world of NFTs and cryptocurrency.”

D-Flawless diamonds of more than 100 carats are exceptionally rare, with fewer than ten examples ever having come to auction, according to Sotheby’s. Out of this elite group, only two have been pear-shaped.

The sale of the diamond comes at a time when demand for white diamonds, particularly of this quality, is strong, according to Sotheby’s. Approximately 80% of white diamonds offered at Sotheby’s Magnificent Jewels auctions this year have been sold, with 30% of buyers new to the auction house.

“Over the past year, we’ve seen a voracious appetite for jewels and other luxury items from collectors across the globe. Increasingly that demand is coming from a younger, digitally native generation; many of whom are in Asia,” said Josh Pullan, managing director, Global Luxury Division.

The diamond is the star lot of Sotheby’s inaugural “Luxury Edit” sale series in Asia, July 3 - 9, bringing together a variety of luxury items that include jewels, watches, wine, handbags, and rare sneakers.

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Sotheby’s To Accept Crypto For 101-Carat D-Flawless Diamond

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