A rare pear-shaped diamond that is expected to fetch up to $15 million (USD) can be bought at auction next month using cryptocurrencies, Sotheby's announced on Monday (June 21).
Sotheby's said it would be first time a diamond of such size has been offered for public purchase with cryptocurrency. No other physical object with a pre-sale value this high has previously been available for sale with cryptocurrency, the auction house added.
The 101.38-carat pear shaped flawless diamond, dubbed The Key 10138, is one of just ten diamonds of more than 100 carats ever to come to auction, only two of which were pear-shaped.
It carries a pre-sale estimate of $10 million - $15 million and will be sold on July 9 in Hong Kong. Bitcoin or ether, along with traditional money, will be accepted as payment.
"Cryptocurrency is something that we've had a lot of clients asking us about," said Quig Bruning, the head of the Jewelry Department at Sotheby's in New York"
"We obviously have a massive pool of international, traditional auction buyers. It's our opinion that with cryptocurrency you are able to have new clients who maybe had not previously been looking at auctions for objects, works of art, diamonds, coming to us and being potential purchasers for this stone."
Cryptocurrencies have had a volatile year, with explosive growth and major tumbles. In the United States, the National Republican Congressional Committee last week said it will accept donations in cryptocurrency; El Salvador this month became the first country to adopt Bitcoin as legal tender.
Sotheby's in May sold a Banksy for $12.9 million in the first instance of a work of physical art sold by a major auction house that was bought with cryptocurrency, but that work had a lower pre-sale estimate of $3 to 5 million.
Sotheby's said that the past year has seen strong demand for white diamonds, jewels and other luxury items, particularly from younger people, including those in Asia.
The name of the colorless diamond - Key 10138 - is intended to reflect the integral role that keys occupy in the world of cryptocurrencies.
Pear-shaped diamonds are among the most sought after. The 530 carat Cullinan 1 diamond, which forms part of Britain's Crown Jewels, is the most famous example.
The top price paid for a colorless diamond at auction was a 118.28 carat oval that went for $30.8 million at Sotheby's in Hong Kong in 2013, with a record price per carat of $260,252.
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