Banksy’s “Love Is In The Air” physical artwork is now available to buy with BTC or ETH via an auction house Sotheby’s as we can see more in our latest cryptocurrency news today.
Sotheby’s will accept BTC and ETH payments starting with next week’s auction of Banksy’s “Love Is In The Air.” Crypto exchange Coinbase enabled the arrangement with the painting estimated to sell for up to $5 million. The international auction house Sotheby’s announced they will start accepting BTC and ETH crypto payments for the physical art auction starting with the May 12 auction of Banksy’s art.
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
It is the first time that a major auction house accepts crypto payments for physical artwork via this platform. Bidding will still be handled in US dollars but the final price can be paid out in BTC or ETH. Coinbase will handle all crypto transactions via its Coinbase Commerce service but now it is unclear how widely Sotheby’s plans to expand the use of crypto for auction payments is although the Banksy Listing has crypto accepted. Sotheby’s Chief Technology Officer Stefan Pepe said:
“With the growing adoption of digital art and NFTs, along with our increased focus on digital innovation, we’ve seen an increasing appetite among collectors for more seamless payment options when doing business with Sotheby’s. Leveraging the trusted exchange Coinbase is a natural progression and is in line with our dedication to enhancing our client buying experience, and developing new ways to expand our client base by meeting them where they are.”
This particular Banksy art first appeared in 2003 as street art in Bethlehem but the rendition was painted in 2005. It shows a protestor in a position to throw an item but the item is not what you would expect like a weapon or a rock, rather it is a bouquet of flowers. This piece is one of the best-known pieces done by Banksy.
Sotheby’s estimated a sale price of $3-$5 million for the painting but the Banksy work is at an all-time high according to the auction house listing. Sotheby’s sold Banksy’s Game Changer artwork for $23 million with all proceeds going to benefit the UK Healthcare workers. While this is the platform’s first time accepting crypto for physical artwork, is not its first entry into the crypto world. Sotheby’s held a three-day sale of NFTs art from Pak via Nifty Gateway that generated $16.8 million worth of sales.
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