Sotheby’s To Accept Crypto Bids For The Largest Diamond Ever Auctioned

According to Sotheby’s announcement, buyers can bid on Bitcoin, Ethereum and USDC in an auction of a rare black diamond called “the enigma.”

According to Forbes, the British auction house, Sotheby’s, has announced that it will hold the sale of a rare black diamond in February, and buyers will be able to bid on it using cryptocurrencies.

The diamond, known as “the enigma” is a 555.55 carat gem, and it is the largest ever black diamond to be put on auction.

Buyers will be able to pay for it using any of the three digital assets: Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC).

Sotheby’s has also revealed that if the winning bid is in crypto, Coinbase Commerce process the transaction. There is no reserve in the auction, meaning the diamond will go to the highest bidder, regardless of the price. The expectation is that the diamond will be sold at around 4 to 6 million USD.

Not the first time Sotheby’s is accepting crypto

In July 2021, Sotheby’s held a similar sale for a 101-carat diamond, allowing bids in Bitcoin and Ethereum. An anonymous buyer won the auction, and paid around $12 million in cryptocurrency.

The black diamond being put on sale this time, has never been displayed to the public before. It will be on display in Dubai, London, and Los Angeles exhibitions before online bidding begins on 3rd Feb.

At the time of writing, Bitcoin trades $42.4K, and Ethereum around $3.2k.