Sotheby’s, one of the world’s oldest and largest auction houses, has announced that it will accept large cryptocurrencies as a new payment method in the upcoming auction.
Sotheby chief Charles Stewart said the company will offer Bitcoin (BTC) and Ether (ETH) payments as part of Banksy’s upcoming Love Is In The Air auction. The new payment method will be implemented in collaboration with Coinbase, the largest cryptocurrency exchange in the US, Stewart said in an interview with CNBC Squawk Box on Tuesday.
“This is something we’ve been thinking about for some time,” said the CEO, explaining that Sotheby’s latest move marks the next step towards exploring cryptocurrencies for physical art after the company debuted with non-financial symbols earlier this year. Or NFT.
“Love Is in the Air” is a cult work by a street artist under a pseudonym from England, Banksy, dedicated to the themes of protest. Esquire reports that the work will be auctioned at Sotheby’s Evening Contemporary Art on May 12 in New York. Bidding on the work, estimated at between $ 3 million and $ 5 million, will be conducted in US dollars with an option to pay this amount in cryptocurrency.
As Cointelegraph previously reported, the role of global auctions has moved more aggressively in the cryptocurrency industry in recent months. In February, UK-based auction house Christie’s Mike Winkelmann’s daily digital NFT auction announced: The First 5000 Days. The auction eventually led to record sales for NFT, with a gross profit of $ 70 million. Christie’s also sold Bitcoin and NFT themed coins for more than $ 130,000 in October 2020.
Sotheby’s announcement comes amid a major rally in altcoins, with Ether hitting a new full-time on Tuesday and exceeding $ 3,500.