Sotheby's Will Crypto Auction Banksy's Art

2021-11-12 18:09:57
The First Auction With Crypto Bids

Sotheby’s, one of the most famous auction houses in the world, will be the first-ever to accept crypto bids. More specifically, on the 18th of November Sotheby’s will become the first to accept real-time ethereum bids for physical art. Including the work by Banksy, an urban art legend.

According to Sotheby’s, this will be the first instance where an auction house will conduct an ethereum auction, for physical art. ‘The Now Evening Auction’ will feature pieces from various artists worldwide, including two paintings by Banksy. Love Is In The Air and Trolley Hunters.

Moreover, the auction will take place on November the 18th. The most interesting part is that the bidding will be announced in ethereum. However, Sotheby’s will allow the winning bidders to choose from several other payment options. Consequently, the options are bitcoin, ethereum and USD Coin.

However, this is not the first time for the leading auction house to ‘deal’ with crypto. In fact, back in May, Sotheby’s hosted the first-ever crypto auction, where they accepted both bitcoin and ethereum. The crypto auction in May also featured pieces by Banksy.

Furthermore, Sotheby’s has an investment in NFTs as well. In particular, they funded the NFT and blockchain platform, Mojifto, and already have their own NFT project.

Just one month prior, in October, Sotheby’s partnered with Pranksy, Paris Hilton and PleasrDAO among the most known, to create their own metaverse-based NFT platform. However, this doesn’t make Sotheby’s the sole crypto auction house.

Christie’s and Phillips

The biggest rival of Sotheby’s, Christie’s, is in fact the first ever to accept ethereum for NFTs. And more or less for the most valuable digital tokens in the world, the CryptoPunks. This auction also took place in May.

In addition to the CryptoPunks auction, Christie’s also successfully auctioned ‘The First 5000 Days’ by Beeple for a whopping $69.3 million.

And there is more. The Phillips auction house is another that accepted ethereum and bitcoin payments for art. Same as the case with Sotheby’s, Phillips also auctioned several pieces by Banksy, back in June. Specifically, the ‘Laugh Now Panel A’, consequently selling for a hefty $3m.

The crypto craze is slowly but surely becoming an inseparable part of every aspect of society. The fact that a century-old business such as Sotheby’s will accept crypto bids is definitely a milestone for blockchain technology.

It remains to see what industries can adapt and implement crypto, and what will happen to those who are not able or willing to do so.

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