Sotheby’s sold a 101 Carat Diamond for $12 Million in Cryptocurrencies

The auction house Sotheby’s announced the sale of a giant 101.38-carat diamond for a total amount of $ 12.2 million, and they were paid for it in cryptocurrencies. The auction was broadcast live, and as far as it was known, it had less than 12 bids. The buyer was a private collector who remains anonymous.

The sale was made in Hong Kong, and so far, this piece is considered the most expensive jewelry sold in crypto assets. The diamond is among the ten diamonds over 100 carats ever auctioned. About the auctioned diamond, called “The Key 10138”, Sotheby’s revealed that the piece was chemically analyzed and classified as type, i.e., which means that “chemically it is purer and its optical transparency is exceptional.”

The valuable piece was delivered with a certificate of authenticity at an event, which, attracted few bidders, was relevant due to the fact that the sale was made in a millionaire amount of digital currency. There is no information on the specific currency in which the diamond was purchased; it was only known that the auction house would be willing to accept bitcoins or ether.

Although the amount obtained by auction is quite representative of its estimated value and meant a record sale, the piece was sold for less than what was expected to be 15 million dollars.

The auction house Sotheby’s is one of the few which has accepted most transactions in cryptocurrencies this year, and in this sense, art is among the most benefited in this from auctions paid with blockchain technology. A few months ago, this auction house sold the first physical artwork paid for in cryptocurrencies. It was a Banky’s work that was sold for $ 12.9 million.

On the other hand, and following the boom in the auction of works of art paid in cryptocurrencies, another recent record was the one achieved by the auction house Christie’s when it sold for the first time a non-fungible token (NFT) for the surprising sum of 69.3 million dollars, making it the most costly digital artwork in history.

More and more cryptocurrencies are adopted by companies as a payment method; however, the volatility problem they present day by day is still highlighted. For entities like the Federal Reserve, crypto assets are nothing more than “an unfortunate and passing fad,” so they constantly warn about the risk involved in investing in these assets and the little solution they generate to financial problems.