Large auction house Sotheby’s has completed a cryptocurrency auction featuring Banksy’s popular protest work “Love in the Air.”
According to the auction results, Sotheby’s artwork sold on Wednesday for $ 12.9 million, significantly more than $ 3 million to $ 5 million originally estimated. The physical works of art were featured in an evening art auction, which also included Jean-Michel Basquiat’s Against the Medici bid, which sold for approximately $ 51 million.
Sotheby’s announced on Twitter that the auction will include 14 minutes to bid between four organizations. The auction house confirmed that this sale was the first time that cryptocurrency was accepted as a payment method for a physical work of art.
According to the auction site, bidders were able to pay with two major cryptocurrencies – Bitcoin (BTC) and Ether (ETH) – thanks to Sotheby’s partnership with Coinbase Commerce.
The auction house indicated that “funds must be sent from an approved wallet or exchange, including: Coinbase, Coinbase Custody Trust, Fidelity Digital Assets Services, Gemini or Paxos.”
Sotheby’s has not decided whether the winning bid or any of the bids involved in the auction actually contained cryptocurrency. The company did not immediately respond to Cointelegraph’s request for comment.
As previously reported, Sotheby’s officially announced plans to accept cryptocurrency through Banksy’s art auction last week to continue exploring cryptocurrency payments following the introduction of immutable tokens earlier this year. On May 6, Sotheby’s announced a new NFT auction called “Natively Digital: A Curated NFT Sale.” The sale, scheduled for June 3 to 10, will include a digital item from the popular NFT CryptoPunks group.
This came shortly after Christie’s in New York sold nine CryptoPunks for almost $ 17 million in total. The company previously sold Mike Winkleman’s digital art auction “Every Day: The First 5000 Days” in March and raised about $ 70 million for the painting.