Sotheby's Is Accepting Cryptocurrency For an Upcoming Auction of Banksy's 'Love in the Air'
For the first time, Sotheby's will be accepting cryptocurrency as payment in an upcoming auction of contemporary art. The auction house is collaborating with one of the world's largest cryptocurrency exchanges, Coinbase, to make the whole thing possible. Bitcoin and Ether will be accepted for the auction of Banksy's 'Love is in the Air.'
"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," said Stefan Pepe, Sotheby's chief technology officer.
The groundbreaking sale of the painting will be offered in Sotheby’s Contemporary Art Evening Auction on May 12 in New York. Interested? The pre-sale estimate for the Banksy artwork is between $3 million to $5 million.
The Banksy painting is one of the artist's most iconic for being a protest image. According to Sotheby's, 'Love is in the Air' is a quintessential Banksy painting as it "reminds the viewer of the injustice and inequality that exists around us, but also offers a simple message of hope."
"Coinbase is proud to provide Sotheby’s with a sophisticated payment solution, backed by our deep liquidity, and expertise with trading and hedging cryptocurrencies. This is an example of an enterprise that is evolving with their client base to cater to crypto-forward consumers," said Sanchan Saexna, Coinbase vice president of product and ecosystem.
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