Sotheby's is auctioning a 555 carat black gem, the Enigma

Sotheby's, the broker for fine and decorative art, is auctioning the 555.55-carat black diamond, the Enigma. The gem was listed in the Guinness Book of World Records for the largest cut diamond in the world. The bid for the diamond is taking place under a special sale and is allowing the cryptocurrency holders to bid for the diamond using crypto.

Sotheby’s is accepting bitcoin, ethereum and the stablecoin USDC in addition to conventional currencies in the auction. This will be the second time when Sotheby’s is accepting cryptocurrency bids for auctions on gems. In July, 2021 the auction house sold a gemstone for $12.3 million for 101.38 carat diamond in cryptocurrency.

The Deputy Chairman of Sotheby’s, Wenhao Yu has said that taking crypto payments is a way to attract the young generation to the auctions. The new and innovative ways of payment options open up possibilities and expand its reach.

The Enigma will be exhibited in Dubai till January 20 and in Los Angeles and London later. The bid will start on February 3 through an online only auction.