Sotheby's Allows Cryptocurrency for 10 Billion Won Diamond Auction

Allowed for Banksy Works Last Month as Well

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Cho Hyun-ui] The global auction house Sotheby's will accept Bitcoin and Ethereum as payment methods at its diamond auction next month.

According to major foreign media on the 21st (local time), Sotheby's will accept cryptocurrency as a payment method at the auction of a rare boat-shaped diamond held in Hong Kong on July 9.

This diamond, named 'The Key 10138,' weighs 101.38 carats and is one of only ten in the world. The winning bid is expected to range from a minimum of 10 million USD (approximately 11.328 billion KRW) to a maximum of 15 million USD (approximately 16.992 billion KRW).

This is not the first time Sotheby's has allowed cryptocurrency payments. Last month, it accepted crypto payments at the auction of Banksy's work 'Love is in the Air.'

However, this is the first time cryptocurrency payment has been allowed for precious metals. Yoon Won-ha, Vice President in charge of jewelry at Sotheby's Asia, expressed expectations, saying, "This auction will be a very symbolic moment."

This content was produced with the assistance of AI translation services.