The exceptionally rare pear-shaped D colour flawless diamond is one of the largest of its kind to have appeared at auction
Over the last few months, cryptocurrency has taken off in the world of physical art and objects. Taking its biggest stride yet, Sotheby's announces that cryptocurrency will be accepted as payment for an exceptional 101.38-carat pear-shaped D flawless diamond. Diamonds of this importance are rare, with fewer than 100+ carat examples ever having come to auction and only two of them pear-shaped—making the appearance of this flawless piece a landmark event in itself.
Accepting cryptocurrency as payment also marks a significant moment in the evolution of the market as no other physical object with an estimate of HK$78–118 million has never been publically offered for purchase with cryptocurrency.
"This is a truly symbolic moment. The most ancient and emblematic denominator of value can now, for the first time, be purchased using humanity’s newest universal currency. Never was there a better moment to bring a world-class diamond such as this to the market," said Wenhao Yu, deputy chairman of Sotheby's jewellery in Asia.
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"Diamonds are keys to understanding the history of the Earth, reminding us of our human condition and the transcendental power of beauty. With the name ‘The Key 10138’, we wanted to celebrate this enlightening virtue, while also alluding to the crucial function of digital keys in the world of NFTs and cryptocurrency," he added.
Exceeding rare, 100-carat diamonds have achieved mythical status and those of pear shape has particular resonance as their cut echoes that of Cullinan I, which is perhaps the most famous diamond in the world and is currently housed in the Tower of London, mounted in the Imperial Sceptre of Great Britain. Pear-shaped diamonds of this stature are of a great rarity on the market, with only two having appeared at auction to date. The one Sotheby's is offering is recently christened as "The Ky 10138", the second-largest pear-shaped diamond ever to appear on the public market.
The diamond will be offered in a single-lot live sale at Sotheby's Hong Kong on July 9, with bidding open online from June 25. Payment in either Ether or Bitcoin is possible, facilitated through Coinbase Commerce, one of the world's largest cryptocurrency exchanges. The diamond will also be displayed at Sotheby's Hong Kong Gallery from July 3–8.