Mark Weaden
101-Carat Diamond sells for $12.3 million in cryptocurrency
An unknown buyer makes a $12.3 million purchase of 101-carat diamonds using cryptocurrency.
The purchase stands as the most expensive jewel ever using solely cryptocurrency. Internationally recognized auction house Sotheby’s is steeped in history and wouldn’t be one you’d normally associate with handling cryptocurrency. However, $12.3 million is a lot of money and 101-carat diamonds are certainly the type of things this auction house is used to handling.
Early this year, Sotheby’s announced that they would be accepting payments using cryptocurrency. But, the purchase of this pear-shaped gemstone has been one of the most popular purchases at the auction house not made using traditional forms of payment. We don't know which were the exact currencies used, but one might assume it would be using Bitcoin directly to an anonymous private collector.
The auction took place at Sotheby’s in China, in a country where cryptocurrency has thrived in its early days and even up until the recent ban. While this may be the most expensive jewelry purchase ever made, we certainly don’t expect it to be the last one. In a digitally savvy world, where the younger generations are adapting to the changing financial landscape, we can expect huge financial moves using digital currencies to become part of the norm.
The purchase of this “flawless” diamond is said to be “D color”, meaning it’s one of the highest grades of white diamond around. But, it won’t just be diamonds that are bought using digital currency. We have already seen the sale of multiple artworks using blockchain-based NFTs, which could turn out to be the most sought after products in the coming years. The likes of infamous graffiti and street art mystery man Banksy, who sold his “Love is in the Air” via Bitcoin and Ethereum for $12.9 million earlier this year.
What’s certain is it’s a very interesting time for crypto as it finds its way into a growing number of industries. Art seems so far detached from crypto, but it’s fast-becoming the savior of an industry that has suffered most in recent years as the world has had to come to terms with a global pandemic.
