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Sotheby's accepts Banksy-Bild's cryptocurrency “kleinezeitung.at

Sotheby’s accepts Banksy-Bild’s cryptocurrency “kleinezeitung.at

Sotheby’s New York auction house will auction the painting “Love Is In The Air” by street artist Banksy on May 12th. Payments with Ether and Bitcoin are also accepted.

16.29, 04. May 2021

Sotheby’s New York © (c) imago images / Levine-Roberts (FRANCES M. ROBERTS via www.imago-images.de)

For the first time, it can also be paid for artwork in cryptocurrency at a major auction. The New York auction house accepts Sotheby’s Bitcoin or Ether as a method of paymentThe company also announced on Tuesday. The painting “Love in the Air” by British street artist Banksy is estimated to be between 3 and 5 million US dollars (2.49 to 4.16 million euros) and is due for display on May 12th.

“It’s something we’ve been thinking about for a long time,” CEO Charles Stewart told CNBC. Of course, traditional payment methods are still possible. “But what is the most appropriate combination of introducing cryptocurrencies from the famous Banksy board,” Stewart said.

Digital art

With th Increasing acceptance of digital art and NFTs In addition to our growing focus on digital innovation, we have noticed a growing appetite among collectors for smoother payment options when dealing with Sotheby’s, said Stephan Bebe, Sotheby’s chief technology officer.

The so-called NFT (non-exchangeable symbol) is a type Digital certificate of authenticity, Which is based on the blockchain technology with which cryptocurrencies operate as well. There can be any number of identical copies of the artwork, but only that copy can be considered the original. The NFT is currently experiencing a boom, which many observers view as a speculative bubble.

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