Sotheby’s has launched an auction of a rare black diamond known as “the enigma,” with purchasers able to bid using Bitcoin, Ethereum, or USDC.
According to Forbes, the British auction house has announced that it will sell a rare black diamond next month in February, and bidders would be able to purchase it using cryptocurrencies.
The diamond, called “the enigma,” weighs 555.55 carats and is the largest of its kind ever sold at auction. Buyers who are interested in it will be able to pay for it with one of three cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), or USD Coin (USDC).
Sotheby’s has also announced that if the winning offer is in cryptocurrency, the transaction would be handled by Coinbase Commerce. The auction has no reserve, which means that the diamond will go to the highest bidder regardless of price. According to the article, the corporation expects to receive between $4 and $6 million USD for it.
This isn’t the auction house’s first time taking cryptocurrency payments in their sales. In July of last year, the business ran a similar auction for a 101-carat diamond, accepting Bitcoin and Ethereum bids. An unidentified bidder won the auction, who spent around $12 million in cryptocurrencies.
This time, the black diamond on offer, dubbed “the enigma,” has never been seen by the general public. It will be displayed in Dubai, London, and Los Angeles before going up for auction online on February 3rd.
At the time of writing, the price of Bitcoin is hovering around $42.7k, up 3% in the last seven days. The cryptocurrency has lost 10% of its value in the last month. The chart below depicts the price trend of the cryptocurrency over the previous five days.
At the same time, the price of Ethereum is around $3.2k, up 5% in the last week. The coin’s value has declined by 17% in the last month.
Here’s a graphic that shows the price of ETH over the previous five days:
Bitcoin and Ethereum have been struggling for a few months now, as their prices have continued to fall. At present, it’s unclear when the crypto market will find its feet again.