Gallery assistants adjust “Love is in the Air” by British graffiti artist Banksy ahead of its sale in London.
Sotheby's said on Tuesday it would accept bitcoin and ethereum as payment for Banksy's iconic artwork "Love is in the Air", a first for a physical art auction and the latest sign of growing mainstream acceptance of cryptocurrencies.
Bidding for the work is estimated at $3 million to $5 million, Sotheby's said, with the buyer having the option to pay with cryptocurrency.
The auction house has tied up with cryptocurrency exchange Coinbase Global Inc for the sale.
Coinbase said in a blog https://bit.ly/3vGLwbz it would help manage price fluctuations during the auction in New York next week.
Bitcoin hit a record high just shy of $65,000 last month, the latest landmark on the emerging asset's march to wider acceptance.
Its gains have been fueled by growing acceptance among major U.S. companies and financial firms.
Cryptocurrencies have already made a mark in the world of digital art.
A digital artwork - "Everydays - The First 5000 Days" by American artist Mike Winkelmann who is better known as Beeple - sold for nearly $70 million at Christie's in March, in the first ever sale by a major auction house of a piece of art that does not exist in physical form.
Coinbase said its partnership with Sotheby's could pave the way for further adoption of cryptocurrency across the bidding house's auctions.
The painting by the elusive artist, titled "Game Changer", first appeared at Southampton General Hospital on England's south coast, during the first wave of the global health crisis last May.
A trio of paintings by British street artist Banksy will be auctioned in London on Tuesday, with the expected proceeds of more than $1 million to be donated to a Palestinian hospital.
An oil painting by British street artist Banksy parodying a Claude Monet masterpiece sold in London on Wednesday for £7.6 million, the second highest price at auction for the mysterious artist.
The news of the live shows comes as Adele prepares to release her fourth studio album 30.
"Friends would not have been the same without you," Aniston wrote, alongside a post that featured a scene from an episode of 'Friends.'
The 5th edition of the El Gouna Film Festival (GFF), which ran for nine days in the Egyptian Red Sea resort town from October 14, confirmed the event’s growing eminence as a showcase of the best of world and Arab cinema in the MENA region.