• Sotheby’s completes the most significant crypto payment among diamond auctions.
• Auction agencies accept Bitcoin as a means of payment and even hold events with NFT.
A mystery diamond lover bought a rare 101 carat diamond valued at $12.3 million. This transaction was auctioned at a Sotheby’s sponsored event in Europe a few days ago. The auction agency stands out for selling its products in exchange for crypto payment using the primary tokens.
This Diamond sale marks a new record among auctions where decentralized currencies have been adopted. In June, an auction division in China announced that it would facilitate crypto payments among its most sought-after products. The diamond has a characteristic shape and is considered the most significant and strongest in the world.
The agency said it would accept Ethereum and Bitcoin, although the token was not disclosed in the recent transaction. Although he is believed to be a billionaire from the United States or Europe, the Diamond buyer was anonymous.
Sotheby’s accepts crypto payment for all their items
As its vice president points out, the auction house is proud of this sale. This old diamond stands out for its size and brilliance; however, it could not be sold until now that the financial market was renewed.
The piece called The Key 10138 is the largest diamond ever exhibited at the agency. The product came from Dinacore, one of the most important companies in the Diamonds importation.
However, 10138 is not the only pear-like diamond on the market because there are several favorites. On one side is the Cullinan and the African Star which are stored in London.
The crypto payment will continue with the auctions
Crypto payment will continue in these types of abductions. This sale caught the eye of classic collectors and new enthusiasts. However, Sotheby’s did not give an unofficial announcement about the products provided with payments in crypto.
By May, Sotheby’s sold the artwork “Love in the Air” for $12.9m, again with an anonymous buyer. The agency entered crypto payment, but it is also venturing into the NFTs world. With these decentralized means of payments, auctions can increase in value in the coming months.
Auction agencies like Christie’s will also accept cryptocurrencies as payment for their most recent works. This agency sold a Keith Haring work for $6m in June.
Cryptocurrency payments have also been used in real estate and as conventional forms of payment between companies. The crypto market is growing as auction agencies and businesses realize its potential.