Mystery shopper spends $ 12.3 million on 101-carat diamond, pays in cryptocurrency

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Written by Megan C. Hills, CNN

A 101-carat diamond has become the most expensive piece of jewelry ever purchased with cryptocurrency, according to Sotheby’s, the auction house behind the sale.

The pear-shaped gemstone sold for the equivalent of $ 12.3 million on Friday, after the auctioneer said he was accepting bids in bitcoin and ethereum, in addition to payment methods traditional. Sotheby’s did not want to reveal which of the two cryptocurrencies was used to make the purchase.

The diamond, nicknamed “The Key 10138”, went to an “anonymous private collector”, according to a press release.

The gem is one of 10 diamonds of its size and quality to appear at auction.

The gem is one of 10 diamonds of its size and quality to appear at auction. Credit: Courtesy of Sotheby’s

In a press release, Sotheby’s vice president for jewelry in Asia, Wenhao Yu, said the sale had attracted “new clients far beyond the traditional pool of collectors,” adding that crypto purchases money appealed to a “digitally savvy generation”.

Remarkably rare in itself, the stone is the second largest pear-shaped diamond to ever hit the market, according to Sotheby’s.

It is classified as a “D color” diamond, the highest grade assigned to white diamonds, meaning it appears colorless to the naked eye. It is also verified to be “flawless” inside and out, meaning it is completely clear with no visible flaws. It is one of 10 diamonds of this quality weighing over 100 carats to have been auctioned.

A number of auction houses began welcoming cryptocurrencies for big-ticket items, which included paintings and NFTs – the blockchain-backed tokens increasingly used to transfer ownership of works of art. art and digital collectibles.
The sale took place at Sotheby's Hong Kong, although offers were accepted from around the world.

The sale took place at Sotheby’s Hong Kong, although offers were accepted from around the world. Credit: Courtesy of Sotheby’s

Earlier this year, Sotheby’s opened the sale of Banksy’s “Love is in the Air” for payment via bitcoin and ethereum. The famous piece of art, which features a masked man throwing a bouquet of flowers like a Molotov cocktail, ultimately sold for $ 12.9 million, although the auction house did not disclose whether the buyer had eventually used a cryptocurrency.
In June, Christie’s also announced that it was accepting bitcoin and ethereum for an untitled work by Keith Haring. The painting, which depicts a figure with a computer in his head, sold for £ 4.3million (nearly $ 6million), although, again, the auctioneer did not disclose payment method.

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