Sotheby's announced Tuesday it'll take bitcoin and ether at an upcoming auction of Banksy's "Love is in The Air." It represents the first time a significant auction house will take the two cryptocurrencies as payment for a physical piece of art, according to Sotheby's. The winning bidder can also still buy the artwork with U.S. dollar. Cryptocurrency exchange Coinbase will handle any cryptocurrency trades via its Coinbase Commerce service. It's currently unclear how widely Sotheby's plans to expand its usage of cryptocurrency for auction payments, although the Banksy listing includes a"Cryptocurrency Accepted" tag that signals acceptance for both Bitcoin and Ethereum.
Gallery assistants adjust “Love is in the Air” by British graffiti artist Banksy ahead of its sale in London on June 24, 2013.
Justin Tallis | AFP | Getty Images
Auction house Sotheby's estimates a sale price of $3-5 million to the painting, although Banksy's job is in an"all-time large" according to the auction house's set. In March, Sotheby's sold Banksy's"Game Changer" art for $23.1 million from a high-end estimate of just $4.8 million, together with proceeds going to benefit UK healthcare employees. In March, rival auction house Christie's became the first major auction house to sell an NFT, which can be blockchain-based assets that are distinctive by design. The work from digital artist BEEPLE sold for nearly $70 million. Christie's approved ether as payment for this BEEPLE auction.
Cryptocurrency is making quite a noise in the art market, and in many ways. Not only are artists beginning to accept cryptocurrency for their artwork, street artists are putting their crypto addresses beside their street art in the streets. This allows for an artist to accept donations securely, without the artist having to be present next to their artwork in the street. Quite a cool and innovative concept, if you ask me.
Love Is In The Air - Banksy / The original photographed in Bethlehem, Palestine
“Love is in the Air” first appeared in 2003 as street art in Bethlehem, Palestine. Although this particular rendition was painted in 2005. It depicts a protestor in position to throw an item, but rather than a rock, a weapon, or some other found object, it’s a bouquet of flowers. The piece is arguably one of Banksy’s best-known pieces. This piece represents the suppression the Palestine people are living under.
Auction houses are quickly adapting with the times as I've just stated above, artists of all kind are experimenting with NFT's on the the Ethereum network. Cryptocurrency might as well be the most innovative thing to happen to art since the computer.
Well known established artist decided to accept Bitcoin and Ethereum for his artwork not too long ago, none other than Damien Hirst. Hirst sold his artwork at HENI Leviathan accepting both Bitcoin and Ethereum for his artwork, each was sold for approximately $15,000 - $20,000.
This is NOT Investing or Financial advice, we're sharing our opinions respectfully from a speculative point of view.