Founded in 1744, the auction house Sotheby’s will put up for auction a work by Banksy entitled “Love Is in the Air” [Love is in the Air]… They plan to accept bets in US dollars, bitcoin and Ethereum.
News! Banksy’s iconic protest painting ‘Love Is In The Air’ will be available for purchase with cryptocurrency via @coinbase in our Contemporary Art Evening Sale on 12 May in New York – an auction first. Learn more about the painting: https://t.co/20TTRSJsIa https://t.co/T6Z0ry1zWW
– Sotheby’s (@Sothebys) May 4, 2021
The work was tentatively estimated at $ 3- $ 5 million. The auction will take place on May 12 and will be the first experience for Sotheby’s in the sale of a physical work of art for cryptocurrency.
The partner of the house is the Bitcoin exchange Coinbase.
In another step bringing the utility of cryptocurrency mainstream, @Sothebys announced their collaboration with Coinbase Commerce to allow bitcoin and ethereum as payment for the purchase of a Banksy image at their May 12th evening auction. https://t.co/qpUMybBa6L
– Coinbase News (@CoinbaseNews) May 4, 2021
“We are seeing a growing appetite among collectors for smoother payment options when collaborating with Sotheby’s,” CoinDesk quotes the house’s technical director, Stefan Pepe.
Previously, a copy of Banksy’s painting “Morons” in the form of NFT was sold for 228.69 ETH. Before the auction, unknown persons burned the original live.
Recall that in April 2021, the work “The Pixel” by artist Murat Pak, which is part of the collection “The Fungible”, jointly with Sotheby’s, went under the hammer for $ 1.36 million.
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