Major cryptocurrencies will now be accepted by one of the world’s oldest and biggest auction houses, Sotheby’s and which will start with the upcoming auction.
Bitcoin and Ethereum to be launched by Sotheby’s as a means of payment in its upcoming auction of Banksy;s ‘Love in the Air’, according to Sotheby’s CEO, Charles Stewart. It is partnership with the United States largest cryptocurrency exchange,Coinbase that the payment will be made, also said by Stewart in an interview on Squawk Box.
Sotheby’s CEO Charles Stewart said that the company will debut Bitcoin (BTC) and Ether (ETH) payments as part of its upcoming auction of Banksy’s “Love is in the Air.“ The new payment method will be facilitated in partnership with United States’ largest cryptocurrency exchange, Coinbase, noted Stewart in a Tuesday interview with CNBC’s Squawk Box.
“It’s something we have been thinking about for quite some time,” the CEO said, elaborating that Sotheby’s latest move brings the next step to exploring crypto payments for physical art after the firm debuted nonfungible tokens, or NFTs, earlier this year.
“Love is in the Air” is an iconic protest-themed artwork by pseudonymous England-based street artist Banksy. The work will be offered in Sotheby’s Contemporary Art Evening Auction on May 12 in New York, Esquire reported. Bidding for the work, which is estimated to be worth between $3 million and $5 million, will be conducted in the U.S. dollar, featuring an opportunity to pay the amount with crypto.
Sotheby’s announcement comes amid a major altcoin rally, with Ether setting a new all-time high above $3,500 on Tuesday.