Rare diamonds reaching astronomical prices at auction houses are not surprising news anymore. 

But what made the latest diamond at Sotheby’s special is that the winning bidder paid $12 million in cryptocurrency for it.

Years ago, this kind of payment in auction houses was never heard of, but today, it appears that this trend will slowly but surely become a norm in the near future. 

The diamond auctioned by Sotheby’s is a Type II pear-shaped diamond, which is the second largest of its kind to be sold publicly. 

Sotheby’s ready for crypto

With the rapid rise of cryptocurrencies, Sotheby’s has realized that it would not take long before cryptocurrencies make their presence felt in the auction world. 

That is why as early as June, the auction house announced it would open its doors to bitcoin and ethereum payments for the items that it will put up in auctions. 

Sotheby’s didn’t reveal the identity of the winning bidder, but it has confirmed the diamond’s total amount wasn’t paid in partial or even half crypto. It was entirely purchased using just cryptocurrency. 

A closer look at the diamond

One more special thing about Sotheby’s recent auction is that the diamond, which is formally called ‘Key 101.38’ made an astounding record of being the most expensive tangible item ever to be sold using cryptocurrency. 

On the technical side of things, the pear-shaped diamond is described as a Type IIa diamond, which means that it has achieved an “exceptional optical transparency”. Just like any diamond in auctions, it came with a certificate of authenticity as proof of its genuine crystal features. 

Image courtesy of Cointelegraph News/YouTube

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Source: https://bitcoinerx.com/bitcoin/12-million-diamond-sold-in-auction-paid-in-cryptocurrency/