Auction house Sotheby’s has contacted cryptocurrency exchange Coinbus to allow the winning bidder to pay for the bank’s iconic ‘Love in the Air’ bitcoin and / or ether work for the upcoming sale.
Fine art auction house Sotheby’s has said it will accept the cryptocurrency Bitcoin and Ether as payment for “Love in the Air” for its upcoming sale, a symbolic work by artist Banksy.
Bidding on Banksy’s work, which went up for auction on May 12, it is speculated that Sotheby’s has the option to “pay the hammer price with cryptocurrency” for the first time, the auction house wrote in a blog post on Tuesday.
“Appropriately, this pairing brings together one of the industry’s most notable disruptors, the biggest disruptors in terms of money,” Sotheby’s writes.
The cryptocurrency option has been made possible through a payment integration partnership with Coinbase, the largest cryptocurrency exchange in the United States whose Nasdaq debut Last month marked a watershed moment for the crypto industry.
Coinbase A writes, “Through a bispoke solution, Coenbase will support the payment of estimates in the eight-figure range on Sotheby’s website, as well as help manage price fluctuations,” Coinbase A wrote. Blog The post on Tuesday added that it would lay the groundwork for “adopting more cryptocurrencies throughout the Sotheby’s auction”.
This is not Sotheby’s first promotion in the crypto world. Last month, the first sale of non-fungal tokens at the auction house took place where an NFT arrived Digital artist Pak brings in ৩ 1.336 million After a deadly 90-minute bid fight.
Crypto investors have poured in millions of dollars this year for digital art that only exists in ether, thanks The explosive popularity of NFTs – Digital files verify that the appropriate owner is the owner of the same item.
In March, an NFT artwork by American artist Mike Winkelman, also known as Bipal, titled “The First 5000 Days” Christie’s was sold at auction For about $ 70m