Sotheby’s, one of the largest and oldest auction houses in the world, has announced that it will accept major digital currencies as a new payment method at an upcoming auction.
Sotheby’s CEO Charles Stewart said the company will debut with Bitcoin (BTC) and Ether (ETH) payments as part of its upcoming Banksy “Love is in the Air” auction. payment method will be facilitated in partnership with the largest digital currency exchange in the United States, Coinbase, Stewart noted in an interview Tuesday with CNBC’s Squawk Box.
“It’s something we’ve been thinking about for quite some time,” the CEO said, explaining that Sotheby’s latest move provides the next step in exploring cryptographic payments for physical art after l The company debuted with non-expendable tokens, or NFTs, earlier this year.
“Love is in the Air” is an iconic protest-themed work of art by English-based street artist Banksy. The work will be offered at the Sotheby’s Night Contemporary Art Auction on May 12 in New York City, Esquire reported. The tender for the work, which is estimated to be worth between $ 3 million and $ 5 million, will be made in US dollars, with the opportunity to pay the sum with encryption.
As Cointelegraph reported earlier, global auction houses have been moving towards the cryptography industry more aggressively in recent months. In February, the British auction house Christie’s announced an NFT auction of Mike Winkelmann’s digital artwork “Everyday: The First 5000 Days”. The auction eventually resulted in a record NFT sale, which raised nearly $ 70 million. In October 2020, Christie’s also sold a Bitcoin and NFT-themed artwork for more than $ 130,000.
Sotheby’s announcement comes amid a major altcoin rise, with Ether setting a new all-time high above $ 3,500 on Tuesday.